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
- 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
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
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
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.