This Week's Top Five Stories in Procurement
1. Will the Procurement Software Market Hit US$17.87bn by 2033?
The procurement software market is on an upward trajectory, with global revenue expected to climb from US$7.96bn in 2024 to US$17.87bn by 2033, according to global analytics and advisory company Astute Analytica.
This represents a compound annual growth rate (CAGR) of 9.4%, highlighting the sector’s rapid expansion.
The surge is fuelled by the growing complexity of supply chains, an increased focus on digital transformation and the adoption of advanced technologies such as AI and blockchain.
In its report, Astute Analytica describes digital transformation as one of the key drivers behind this growth.
According to recent data, 78% of procurement leaders now prioritise digital transformation, while 85% of procurement teams rely on cloud-based platforms to streamline operations.
The shift to digital tools is not just about efficiency—it’s also about accuracy. Companies using procurement software report a 30% reduction in manual errors, a significant benefit in high-stakes supply chain environments.
2. Supply Chain Cyber Risks Surge Amid Rising Global Threats
Cybersecurity is no longer just an IT issueāitās now deeply intertwined with supply chain resilience.
As geopolitical tensions intensify and technology evolves rapidly, the complexity of managing cyber risks escalates.
Organisations are grappling with sophisticated threats, expanding regulatory demands and fragile supply networks, all while facing a widening cyber skills gap.
According to the World Economic Forumās (WEF) latest report with Accenture, 'Global Cybersecurity Outlook 2025,' a striking 54% of large organisations identify supply chain challenges as the biggest barrier to achieving cyber resilience.
This highlights a shift in focus from traditional security concerns to the vulnerabilities embedded within global supply chains.
The increasing complexity of these supply chains, combined with limited visibility into suppliersā security measures, has made them prime targets for cyberattacks.
The risks arenāt confined to direct partnersāthey extend to third-party software vulnerabilities and the potential for attacks to ripple across entire ecosystems.
3. How Procurement can Navigate Through Trumpās Tariffs
With both the threats of impending tariffs, as well as the installation of new ones – procurement teams must adapt to the shifting trading landscape.
The topic of tariffs has long been discussed since US President, Donald Trump, took office for a second time – given he implemented them during his first term and his discussions on the campaign trail.
But the 't' word has dominated conversations over the past few weeks, with potential tariffs being threatened against Colombia, Mexico and Canada – as well as tariffs being implemented for good from China.
Canada and Mexico's potential tariffs saw a delay of a month following last-minute talks on Monday between President Trump and Canadian Prime Minister Justin Trudeau and Mexican President Claudia Sheinbaum.
In January, President Trump threatened to place tariffs on Colombian exports to the US – with the country threatening to hit back with tariffs on US goods. This was avoided after the Colombian government agreed to allow US military flights carrying deported migrants to land in the country.
However, China has installed a set of tariffs on imports from the US, hitting back against the 10% tariff placed on Chinese exports. China has implemented tariffs, ranging from 10% to 15% on liquefied natural gas, coal, crude oil and farm equipment, set to come into effect from February 10 – as well as some car exports from the US facing tariffs.
It is expected that China's President Xi and President Trump will talk in the coming days to avoid the potential trade war between the world's two biggest economies.
4. How is Oracle NetSuite Upgrading Automated Procurement?
Oracle NetSuite is introducing a series of AI-powered innovations, aimed at enhancing efficiency and supporting business growth.
Its latest update focuses on procurement, third-party integrations and billing, meaning companies will be able to automate and optimise their operations.
For more than 25 years, Oracle NetSuite has helped organisations expand, adjust to market changes and manage business processes with a fully integrated system.
Its suite of tools covers financials, enterprise resource planning (ERP), inventory management, HR, professional services automation and omnichannel commerce.
With more than 41,000 customers in 219 countries and territories, NetSuite continues to evolve to meet business needs.
5. Coupa & Amazon Business: Helping Find Saving Opportunities
Coupa, the margin multiplier company, has welcomed Amazon Business to the Coupa Advantage Program to deliver significant cost savings on thousands of highly used products as part of Coupa Advantage.
The programme offers streamlined access to millions of goods from Coupa's trusted suppliers at pre-negotiated rates, helping finance and procurement leaders quickly identify savings opportunities, improve spend visibility and efficiency and eliminate maverick spending.
Coupa Advantage brings the scale and buying power of the Coupa Community together to provide a turnkey marketplace that delivers greater savings to all.
With the addition of Amazon Business, Coupa Advantage customers in the US now have access to discounts on a selection of thousands of Amazon Business' products, plus a 50% discount on Business Prime plans for a 12-month period.
Coupa Advantage customers in the US, Canada, France, Italy, Germany, Spain and the UK will also receive a 50% discount on one year of Amazon Business Prime as part of this collaboration.
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