Supplier relationship management (SRM) software refers to a system designed to streamline interactions between a company and its suppliers. It typically includes features for managing supplier contracts, performance evaluation, and collaboration, aiming to enhance efficiency and strengthen partnerships throughout the supply chain.
Sizing and Forecast
The supplier relationship management software market size has grown rapidly in recent years. It will grow from $10.99 billion in 2023 to $12.12 billion in 2024 at a compound annual growth rate (CAGR) of 10.2%. The growth in the historic period can be attributed to globalization, technological advancements, increasing demand for efficiency, regulatory compliance, growing complexity in supply chains, and the emergence of e-commerce.
The supplier relationship management software market size is expected to see rapid growth in the next few years. It will grow to $17.99 billion in 2028 at a compound annual growth rate (CAGR) of 10.4%. The growth in the forecast period can be attributed to AI integration, blockchain adoption, sustainability focus, demand for real-time data analytics, and cloud-based solutions. Major trends in the forecast period include artificial intelligence and machine learning integration, predictive analytics, collaborative supplier networks, emphasis on transparency, agile procurement processes, and growth in mobile procurement solutions.
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Segmentation & Regional Insights
The supplier relationship management software market covered in this report is segmented –
1) By Type: On-Premise, Cloud Based
2) By Enterprise Size: Large Enterprise, Small And Medium-Sized Enterprises
3) By Industry Vertical: Manufacturing, Retail, Automotive, Transportation And Logistics, Telecom, Banking, Financial Services, And Insurance, Other Industry Verticals
North America was the largest region in the supplier relationship management software market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the supplier relationship management software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The growing adoption of cloud-based solutions is expected to propel the growth of the supplier relationship management software market going forward. Cloud-based solutions refer to services, applications, and resources delivered over the internet rather than being hosted locally on a personal computer or an on-premises server. The surge in the adoption of cloud-based solutions is driven by their scalability, cost-effectiveness, and ability to support remote work and digital transformation. Cloud-based solutions for supplier relationship management software facilitate remote access, scalability, and real-time data sharing, enhancing collaboration and agility in supplier management processes. For instance, in December 2023, according to Eurostat, a Luxembourg-based intergovernmental organization, 45.2% of enterprises within the European Union procured cloud computing services, primarily for hosting email systems, storing electronic files, and performing various tasks. Compared to 2021, purchases of cloud computing services among EU enterprises rose by 4% in 2023. Therefore, the growing adoption of cloud-based solutions is driving the growth of the supplier relationship management software market.
Key Industry Players
Major companies operating in the supplier relationship management software market are Oracle Corporation, GEP LLC, Epicor Software Corporation, Coupa Software Incorporated, Icertis Inc., Basware Corporation, Zycus Inc., Jaggaer Inc, SAP Ariba Inc., Esker Inc., Tradeshift Inc, Ivalua Inc, Plex Systems Inc, Exostar LLC, SynerTrade SA, Determine (Corcentric) Inc, Vroozi Inc, BirchStreet Systems Inc, Proactis Holdings Plc, LevaData Inc. , Claritum Ltd., EC Sourcing Group Inc, Sourcing Force SAS, BuyerQuest Inc.
The supplier relationship management software market report table of contents includes:
- Executive Summary
- Supplier Relationship Management Software Market Characteristics
- Supplier Relationship Management Software Market Trends And Strategies
- Supplier Relationship Management Software Market – Macro Economic Scenario
- Global Supplier Relationship Management Software Market Size and Growth
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- Global Supplier Relationship Management Software Market Competitive Dashboard
- Key Mergers And Acquisitions In The Supplier Relationship Management Software Market
- Supplier Relationship Management Software Market Future Outlook and Potential Analysis
- Appendix
List Of Tables:
Table 1: Global Historic Market Growth, 2018-2023, $ Billion
Table 2: Global Forecast Market Growth, 2023-2028F, 2033F, $ Billion
Table 3: Global Supplier Relationship Management Software Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 4: Global Supplier Relationship Management Software Market, Segmentation By Enterprise Size, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 5: Global Supplier Relationship Management Software Market, Segmentation By Industry Vertical, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
………..
Table 74: Oracle Corporation Financial Performance
Table 75: GEP LLC Financial Performance
Table 76: Epicor Software Corporation Financial Performance
Table 77: Coupa Software Incorporated Financial Performance
Table 78: Icertis Inc. Financial Performance
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