This paper presents a critical analysis of the adoption of e-market in Australian Small and Medium Sized Enterprises (SMEs) within the technology-organization-environment framework. Through surveying nine hundreds SMEs in Australia and the consequent analysis of the survey data, the paper shows that the level of adoption of e-market in Australian SMEs is still low with the dominant trend of adoption focusing on building their own e-markets. It reveals that there is a positive relationship between top management support, organization readiness, external pressure and perceived indirect benefits and adoption of e-market in SMEs. The study further finds out that top management support, trading partner trust and organization readiness are the critical factors for SMEs who are ready to adopt e-market for their e-business.