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Short Take: Procurement software sales to reach $5.3 billion by 2003

The worldwide market for software that enables companies to buy goods and services from their suppliers online reached $147 million in 1998 and is expected to grow to $5.3 billion by 2003, according to International Data Corporation (IDC). IDC surveyed the top 40 procurement software companies and more than 75 software users. IDC also estimates the number of users of Internet commerce procurement applications will rise from 600,000 next year to 250 million by 2003.

The worldwide market for software that enables companies to buy goods and services from their suppliers online reached $147 million in 1998 and is expected to grow to $5.3 billion by 2003, according to International Data Corporation (IDC). IDC surveyed the top 40 procurement software companies and more than 75 software users. IDC also estimates the number of users of Internet commerce procurement applications will rise from 600,000 next year to 250 million by 2003.