Ever wondered how big the tender market in Europe is?
Tendering already is a significant part of many large organizations’ business activity. This comes naturally as a result of the growing need of the public sector for transparency in regard to spending tax-payers money as well as reducing overall cost and expenditure. Also, many large companies of the private sector follow this trend, seeking better prices and a more structured way to negotiate with potential suppliers.
The growing interest in tenders is evident all around Europe and beyond. Especially in the EU, tendering is to a large extent regulated and large public tenders, over approximately €150K, have to be officially published on TED (Tenders Electronic Daily), the online version of the “Supplement to the Official Journal” of the EU, dedicated to European public procurement.
According to TED*, the annual size of the tender-driven business in the EU exceeds €800bn with more than two hundred thousand tenders published every year. Add the rest of Europe, smaller public tenders, and tenders from the private sector and you have a big and vibrant market! And it is growing fast: More than 10% in terms of new tenders released every year and even more in terms of budget value.
Most industries are represented in this market, with some, like the Life Sciences and Construction being particularly big and active.
Overall, tendering is already a very significant and attractive market for most countries and industries around Europe and many other regions as well. But it is also a very demanding market encompassing strict rules and deadlines and it needs the coordination of big and diverse teams working together, especially for larger tenders. In this context, we will continue to see a growing interest from many organizations in different industries to organize their tender-driven business in the most efficient and effective way, and this will be a major challenge for a lot of companies in the following years.
* Based on data (average values 2016-2018) from TED (Tenders Electronic Daily), ©European Union, http://ted.europa.eu, 1998–2018
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