The global E-Sourcing Software market size is projected to reach USD 4.67 billion by 2029

E-Sourcing Software Market Summary

E-sourcing software, also known as electronic sourcing software, is a type of technology that facilitates and streamlines the procurement and sourcing processes within an organization through online platforms. It is designed to automate and improve various aspects of strategic sourcing, procurement, and supply chain management.

According to the new market research report “Global E-Sourcing Software Market Report 2023-2029”, published by GlobalInfoResearch, the global E-Sourcing Software market size is projected to reach USD 4.67 billion by 2029, at a CAGR of 8.5% during the forecast period.

• Global E-Sourcing Software MarketSize(US$ Million), 2018-2029

Source: GlobalInfoResearch, “Global E-Sourcing Software Market 2024 by Company, Regions, Type and Application, Forecast to 2030”(published in 2023). If you need the latest data, plaese contact GlobalInfoResearch.

• Global E-Sourcing Software Top10Players Ranking and Market Share (Ranking is based on the revenue of 2022, continually updated)

Source: GlobalInfoResearch, “Global E-Sourcing Software Market 2024 by Company, Regions, Type and Application, Forecast to 2030”(published in 2023). If you need the latest data, plaese contact GlobalInfoResearch.

According to GlobalInfoResearch Top Players Research Center, the global key manufacturers of E-Sourcing Software include Procol, Zycus, SAP Ariba, Workday, Strategic Sourcing, etc. In 2022, the global top four players had a share approximately 24% in terms of revenue.

Market Drivers:

Cost Savings: E-sourcing software enables organizations to conduct online auctions and competitive bidding, fostering a more transparent and competitive procurement environment. This can result in cost savings as suppliers compete to offer the best prices.

Globalization of Supply Chains: As businesses operate on a global scale, the need for efficient and centralized procurement solutions becomes crucial. E-sourcing software provides a platform for managing procurement activities across different geographic locations.

Restraint:

Data Security Concerns: As e-sourcing software involves the handling of sensitive procurement data, organizations may have concerns about data security. Ensuring the protection of confidential information and compliance with data privacy regulations is crucial for software providers.

Opportunity:

Mid-Market and SME Adoption: While larger enterprises have been early adopters of e-sourcing solutions, there is a growing opportunity to target mid-sized businesses and small and medium enterprises (SMEs). Developing solutions that cater to the specific needs and budgets of smaller organizations can tap into this market segment.

Sustainability and CSR Focus: Organizations are increasingly prioritizing sustainability and corporate social responsibility (CSR). E-sourcing software can play a role in facilitating sustainable sourcing practices, enabling organizations to make environmentally conscious procurement decisions.

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