Electronic data exchange (EDI) solutions are used to assist tactical, operational, and strategic buying. In the procurement process, internet-based resources, and methods such as e-ordering, e-sourcing, e-auctioning, e-tendering, and e-catalogue are used. Furthermore, eProcurement solutions can assist firms in achieving procurement transformation through smart analytics and automation, allowing them to make decisions across the source-to-pay (S2P) process.
The e-procurement tools industry is predicted to grow as internet e-commerce and procurement via websites and email expand. The e-procurement tools market is predicted to grow as demand for artificial intelligence-based e-procurement tools to execute transactions between awarding authorities and suppliers rises. A significant factor expected to drive the e-procurement tools market during the projected period is the penetration of support software and digital logistics by creating network infrastructure across sectors.
The "Global E-Procurement Tools Market Analysis To 2028" is a specialized and in-depth study of the technology, media, and telecommunications industry with a special focus on global market trend analysis. The e-procurement tools market report aims to provide an overview of the e-procurement tools market with detailed market segmentation by component, procurement model, deployment, enterprise size, industry vertical, and geography. The global e-procurement tools market is expected to witness high growth during the forecast period. The report provides key statistics on the market status of the leading e-procurement tools market player and offers key trends and opportunities in the market.
The global e-procurement tools market is segmented based on component, procurement model, deployment, enterprise size, industry vertical. Based on the component, the e-procurement tools market is segmented into software, services. Based on procurement model, the e-procurement tools market is segmented into Activity Based Model, Organization Based Model. Based on deployment, the e-procurement tools market is segmented into on-premise, cloud. Based on enterprise size, the e-procurement tools market is segmented into SMEs, large enterprises. Based on industry vertical, the e-procurement tools market is segmented into BFSI, IT and telecom, education, manufacturing, food and beverages, healthcare, energy and utilities, others.
The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global e-procurement tools market based on various segments. It also provides market size and forecast estimates from the year 2018 to 2028 with respect to five major regions, namely, North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South & Central America. The e-procurement tools market by each region is later sub-segmented by respective countries and segments. The e-procurement tools market report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.
The report analyzes factors affecting the e-procurement tools market from both demand and supply side and further evaluates market dynamics affecting the market during the forecast period i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive PEST analysis highlighting factors affecting the e-procurement tools market in these regions.
IMPACT OF COVID-19 ON AI FOR E-PROCUREMENT TOOLS MARKET
The impact of the COVID-19 pandemic on the market is covered throughout the report. The pandemic has had a positive impact on the e-procurement tools market. Many companies now operate their businesses on online platforms due to the lockdown conditions; more companies are adopting video as a service. Therefore, the demand for e-procurement tools is increasing during COVID-19 and is also set to increase during the forecast period.
The reports cover key developments in the e-procurement tools market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals and others such as patents and events. Inorganic growth strategies activities witnessed in the market were acquisitions, and partnership & collaborations. These activities have paved way for the expansion of business and customer base of market players. The market players from e-procurement tools market are anticipated to lucrative growth opportunities in the future with the rising demand for filter products in the global market. Below mentioned is the list of few companies engaged in the e-procurement tools market.
The report also includes the profiles of key companies along with their SWOT analysis and market strategies in the e-procurement tools market. In addition, the report focuses on leading industry players with information such as company profiles, components, and services offered, financial information of the last 3 years, the key development in the past five years.
- Bechtle AG
- Coupa Software Inc.
- Delta eSourcing
- IBM Corporation
- Kissflow Inc.
- Medius Software Limited.
- Procurify Technologies Inc.
The Insight Partner's dedicated research and analysis team consist of experienced professionals with advanced statistical expertise and offer various customization options in the existing study.
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
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to segments covered.
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
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to country scope.
2.Coupa Software Inc.
8.Medius Software Limited.
10.Procurify Technologies Inc.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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