- 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
- North America is expected to lead the global e-procurement tools market during the forecast period, due to the presence of well-established players that offer e-procurement tools in the U.S. and Canada. This, in turn, is expected to boost the e-procurement tools market in North America.
- 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.
Global E-Procurement Tools Market: Competitive Landscape
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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
- IBM Corpoartion
- Kissflow Inc.
- Medius Software Limited.
- Oracle Corporation
- Procurify Technologies Inc.
- SAP SE
- Virto Solutions LTD
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