Procurement tech market set to triple by 2034 as AI and PaaS reshape enterprise spend

The global Procurement Technologies and Services market is projected to surge from $7.93 billion in 2025 to $21.23 billion by 2034, growing at a CAGR of 11.5%, according to a new forecast. This rapid expansion is being driven by a sharp rise in AI-powered sourcing platforms, modular procurement-as-a-service models, and real-time ESG integration.

Enterprise buyers are backing platforms that reduce friction in procurement workflows while enhancing visibility and compliance. Mid-sized firms are leaning into low-barrier, cloud-based solutions to cut costs and drive faster returns. The competitive landscape is heating up, with both incumbents (like SAP Ariba and Coupa) and agile startups (like Simfoni and EcoVadis) innovating on analytics, supplier collaboration, and ERP integration.

The next 24 months will be defined by platform consolidation, vertical specialisation and the race to productise AI for procurement.

Curious where procurement tech is heading next? Explore the full market analysis here.