The vendor management software global market report 2024from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Vendor Management Software Market, 2024report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
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 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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Scope Of Vendor Management Software MarketThe Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Vendor Management Software Market Overview
Market Drivers –
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.
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.
Market Trends –
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.
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
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Regional Insights –
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.
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.
Key Companies –
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
Table of Contents
1. Executive Summary2. Vendor Management Software Market Report Structure3. Vendor Management Software Market Trends And Strategies4. Vendor Management Software Market – Macro Economic Scenario5. Vendor Management Software Market Size And Growth…..27. Vendor Management Software Market Competitor Landscape And Company Profiles28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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