E-Procurement Tools Market: Introduction

  • E-Procurement tools are an electronic data interchange system used to support tactical, operational, and strategic procurement. Internet-based resources and tools, such as e-ordering, e-sourcing, e-auctioning, e-tendering, and e-catalogue, are utilized in the process of procurement.  Moreover, eProcurement tools can help companies achieve procurement transformation through smart analytics and automation in order to take decisions across source-to-pay (S2P) operations.
  • The COVID-19 outbreak has been a major challenge for the post-pandemic business environment. Governments of various countries across the world have imposed lockdowns to curb the spread of the disease; hence, organizations are adopting e-procurement or electronic procurement to stay agile and digitize their processes and become data-driven powerhouses. This, in turn, is expected to boost the global e-procurement tools market. Moreover, e-procurement tools are helping enterprises and different departments to manage tasks easily and effectively. This, in turn, is expected to create significant opportunity for the global e-procurement tools market during the forecast period.

Global E-Procurement Tools Market: Market Dynamics

  • Expansion of internet e-commerce and procurement done through websites and email are expected to boost the e-procurement tools market
  • Rise in demand for e-procurement tools with artificial intelligence to conduct transactions between awarding authorities and suppliers is expected to propel the e-procurement tools market
  • Penetration of support software and digital logistics by establishing network infrastructure across the industries is a major factor that is estimated to drive the e-procurement tools market during the forecast period
  • Improper selection and lack of skilled professionals handling e-procurement tools and rising threats to data security are major factors that are projected to restrain the e-procurement tools market

North America to Account for Major Share of Global E-Procurement Tools Market

  • In terms of region, the global e-procurement tools market can be divided into North America, South America, Europe, Asia Pacific, and Middle East & Africa
  • The e-procurement tools market in Europe is anticipated to expand, due to the adoption of digitization for saving expenses and restructuring of the procurement process across large enterprises in the region  
  • Asia Pacific is expected to hold a significant share of the global e-procurement tools market in the near future due to an increase in awareness about e-procurement tools among logistic companies to manage prices of raw materials, which provides a cost-benefit analysis during the production cycle. This, in turn, is projected to fuel the e-procurement tools market in Asia Pacific.

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e procurement tools market region analysis

Global E-Procurement Tools Market: Competitive Landscape

Key Players Operating in Global E-Procurement Tools Market

Companies operating in the global e-procurement tools market are increasingly investing in research and development activities to develop new and innovative techniques to provide e-procurement tools. The global e-procurement tools market is highly fragmented, with the presence of numerous providers in developed and developing regions. Key players operating in the global e-procurement tools market include:

  • Bechtle AG
  • Coupa Software Inc.
  • Delta eSourcing
  • GEP
  • IBM Corpoartion
  • INSIGHT
  • JAGGAER
  • Kissflow Inc.
  • Medius Software Limited.
  • Oracle Corporation
  • Procurify Technologies Inc.
  • Quintagroup
  • SAP SE
  • Virto Solutions LTD

Global E-Procurement Tools Market: Research Scope

Global E-Procurement Tools Market Segmentation, by Component

  • Solution/ Software
  • Services
    • Professional Services
      • Training & Consulting
      • Support & Maintenance
      • Integration & Implementation
    • Managed Service

Global E-Procurement Tools Market Segmentation, by Procurement Model

  • Activity Based Model
    • Indirect Procurement System (IPS)
    • Direct Procurement System (DPS)
  • Organization Based Model
    • Centralized Model
    • Decentralized Model

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