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How large is the vendor management software market, and what is its growth trajectory?
The vendor management software market size has grown rapidly in recent years. It will grow from $10.32 billion in 2024 to $11.93 billion in 2025 at a compound annual growth rate (CAGR) of 15.6%. 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 $21.02 billion in 2029 at a compound annual growth rate (CAGR) of 15.2%. 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, partnerships, and investments.
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What are the key forces behind the vendor management software market’s growth in recent years?
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.
What are the major segments of the vendor management software market?
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
Subsegments:
1) By Procurement And Sourcing Software: E-Sourcing Software, Purchase Order Management Software, Supplier Management Software, Spend Analysis Software, Contract Lifecycle Management (CLM) Software
2) By Vendor Analytics And Reporting Software: Data Visualization Tools: Supplier Performance Dashboards, Predictive Analytics Tools, Reporting Automation Tools, Risk And Compliance Analytics
3) By Vendor Contract Management Software: Contract Creation And Authoring Tools, Contract Negotiation And Approval Tools, Contract Compliance Management, Digital Signature And E-Signature Tools, Contract Renewal And Termination Tracking
4) By Vendor Information Management Software: Supplier Database Management, Vendor Profile Management, Supplier Self-Service Portals, Data Cleansing And Enrichment Tools, Document Management For Vendors
5) By Vendor Onboarding And Compliance Software: Supplier Onboarding Portals, KYC (Know Your Customer) Compliance Tools, Vendor Verification And Authentication, Supplier Risk Assessment And Compliance, Integration With ERP And CRM Systems
6) By Vendor Performance Management Software: Supplier Performance Evaluation Tools, KPI Tracking And Metrics Analysis, Scorecards And Performance Dashboards, Risk Management And Issue Tracking, Vendor Auditing Tools
7) By Vendor Relationship Management Software: Communication And Collaboration Tools, Vendor Engagement Platforms, Contract Negotiation Tools, Vendor Collaboration Portals, Relationship Analytics And Sentiment Analysis
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Which companies dominate the vendor management software market?
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
What major trends will shape the vendor management software market during the forecast period?
Major companies operating in the vendor management software market are developing new products such as automated vendor management software to enhance efficiency, streamline processes, and meet the evolving needs of businesses. Automated vendor management software streamlines vendor onboarding, performance tracking, and contract management processes through advanced automation and workflow capabilities. For instance, in March 2022, PayMyTuition, a Canada-based company engaged in automated vendor management software, launched automated vendor management software for colleges and universities. The PayMyTuition vendor management solution allows educational institutions to optimize payment processing methods, invoice, and pay vendors, and integrate with their existing student information systems. The software has an innovative vendor payments module and automated vendor management software designed to transform how educational institutions manage international business payments.
What are the key regional dynamics of the vendor management software market, and which region leads in market share?
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.
What Does The Vendor Management Software Market Report 2025 Offer?
The vendor management software market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
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,
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