June 02, 2020
According to the research report titled ‘Global Vendor Management Software Market Size study, by Deployment Type (On-premises, Cloud) Industry Vertical (BFSI, Retail, IT & Telecom, Government, Others) and Regional Forecasts 2020-2026’, available with Market Study Report LLC, global vendor management software market was worth USD 5.21 billion in the year 2019 and is expected to grow with a CAGR of 13% during 2020-2026.
For the record, vendor management is also referred to as supplier management and is used to deploying corrective or preventive actions, tracking results, recording non-conformance, prevailing performance evaluation, and initial registration. These tools allow organizations to offer better services, regulate costs, and avoid risks to attain better outcomes from vendors. Moreover, vendor management software solutions also enable enterprises to manage vendor relationships.
Rising adoption of cloud computing systems coupled with growing demand to minimize administrative costs are major factors driving the growth of the vendor management software market. These tools are widely adopted in small & medium sized organizations.
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The report cites that increasing utilization of compliance management solutions is stimulating the industry outlook. Development of mobile vendor management applications has allowed organizations not only to enhance relationships with vendors, but also improve supply chain as well as customer service, which further helps in boosting productivity. In addition to this, rising penetration of smartphones is stimulating the industry outlook. However, although high deployment costs may act as a restraining factor to the growth of the vendor management software industry, flourishing service sector and growing demand from SMEs will create lucrative growth avenues for this business sphere.
As per deployment type, the vendor management software industry is split into cloud and on-premises segments. On the other hand, in terms of industry vertical, the market is divided into government, IT & Telecom, Retail, BFSI and others.
Citing the regional scope, North America vendor management software industry is expected to register substantial growth during the analysis timeframe, primarily due to shifting preferences towards cloud-based computing technologies, and high concentration of market majors. Parallelly, the Asia-Pacific market is anticipated to showcase a robust CAGR through 2026. Rising per capita income in tandem with increasing number of vendors are swaying the business dynamics in Asia-Pacific.
The key companies operating in global vendor management software industry are Wax Digital, Coupa Software, ConnXus, Zycus, SAP Ariba, MetricStream, MasterControl Inc., Intelex Technologies ULC and IBM Emptoris among others.