FRAMINGHAM, Mass. - Spending on worldwide electronic marketplaces will increase from $5.2 billion in 2000 to $17 billion in 2005, according to International Data Corp., a research and consulting company.

It also predicted that sales of procurement services will rise to $9.7 billion in 2004, compared with $37 million in 1997, and that the number of vendors offering procurement software will rise as new players come to market with the next generation of products.

"As corporations continue to roll out their B-to-B strategies with a quick-to-market mentality, opting for off-the-shelf e-procurement applications, demand will get even stronger," said Albert Pang, research manager of IDC's eCommerce Applications program, in a press release.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.