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.
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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.
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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
- IBM Corpoartion
- Kissflow Inc.
- Medius Software Limited.
- Oracle Corporation
- Procurify Technologies Inc.
- SAP SE
- Virto Solutions LTD
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Global E-Procurement Tools Market: Research Scope
Global E-Procurement Tools Market Segmentation, by Component
- Solution/ Software
- Professional Services
- Training & Consulting
- Support & Maintenance
- Integration & Implementation
- Managed Service
- Professional Services
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
Global E-Procurement Tools Market Segmentation, by Deployment
- On- Premise
Global E-Procurement Tools Market Segmentation, by Enterprise Size
- Small & medium enterprise
- Large enterprise
Global E-Procurement Tools Market Segmentation, by Industry
- Food & Beverages
- Energy & Utilities
- IT & Telecom
Global E-Procurement Tools Market Segmentation, by Region
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- South America
- Rest of South America
- e-Procurement Software Solutions
- E Procurement Software
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers’ or customers’ journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
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