Overview and Scope
Vendor management software is a digital solution designed to streamline and automate the processes associated with managing vendor relationships, including vendor onboarding, performance evaluation, contract management, and procurement. It facilitates the creation, negotiation, and management of vendor contracts and agreements. It provides tools for drafting contract templates, tracking contract milestones and deliverables,
Sizing and Forecast
The vendor management software market size has grown rapidly in recent years. It will grow from $8.99 billion in 2023 to $10.32 billion in 2024 at a compound annual growth rate (CAGR) of 14.9%. The growth in the historic period can be attributed to shift to digitalization, increased outsourcing, demand for transparency, regulatory compliance demands, complex supply chains.
The vendor management software market size is expected to see rapid growth in the next few years. It will grow to $18.25 billion in 2028 at a compound annual growth rate (CAGR) of 15.3%. The growth in the forecast period can be attributed to rising complexity in vendor ecosystems, emphasis on compliance and risk management, focus on cost optimization and efficiency, growth of the gig economy and contingent workforce, demand for real-time data and analytics. Major trends in the forecast period include expansion of cloud-based solutions, increased adoption of artificial intelligence, product innovations, parterships, and investments.
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Segmentation & Regional Insights
The vendor management software market covered in this report is segmented –
1) By Software : Procurement And Sourcing Software, Vendor Analytics And Reporting Software, Vendor Contract Management Software, Vendor Information Management Software, Vendor Onboarding And Compliance Software, Vendor Performance Management Software, Vendor Relationship Management Software
2) By Deployment Type : Cloud-Based, On-Premises
3) By Enterprise Size: Large Enterprise, Small and Medium Enterprise
4) By End-User: Banking, Financial Services And Insurance, Energy And Utilities, Government, Healthcare, IT And Telecommunications, Manufacturing, Retail And Consumer Goods
North America was the largest region in the vendor management software market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the vendor 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 retail industry is expected to propel the growth of the vendor management software market going forward. The retail industry encompasses businesses selling goods and services directly to consumers for personal or household use. The retail sector’s development is due to increasing consumer spending, expanding e-commerce channels, evolving consumer preferences, and globalization of markets. Vendor management software helps retailers optimize supplier relationships, improve inventory management, control costs, ensure compliance, and streamline product lifecycle management, ultimately driving operational efficiency and competitive advantage in the retail industry. For instance, in February 2024, according to the Census Bureau of the Department of Commerce, a US-based government department, total retail sales for the fourth quarter of 2023 were estimated at $1,831.4 billion, an increase of 0.4% from the third quarter of 2023. Therefore, the growing retail industry is driving the growth of the vendor management software market.
Key Industry Players
Major companies operating in the vendor management software market are Workday Inc., GEP SMART, SAP Ariba, PRO Unlimited, Upwork Global Inc., Field Nation, Zycus Inc., Jaggaer, Tipalti, Esker, Coupa Software Inc., WorkMarket, Beeline, BirchStreet Systems, UpGuard Inc., Vroozi, ProcurePort, EC Sourcing Group, Intelex Technologies, Rosslyn Data Technologies
The vendor management software market report table of contents includes:
1. Executive Summary
2. Vendor Management Software Market Characteristics
3. Vendor Management Software Market Trends And Strategies
4. Vendor Management Software Market – Macro Economic Scenario
5. Global Vendor Management Software Market Size and Growth
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32. Global Vendor Management Software Market Competitive Benchmarking
33. Global Vendor Management Software Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Vendor Management Software Market
35. Vendor Management Software Market Future Outlook and Potential Analysis
36. Appendix
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