North America Vendor Management Software Market Size, Share, and Analysis by 2027

North America vendor management software market is expected to grow from US$ 1.58 Bn in 2018 to US$ 3.55 Bn by the year 2027. This represents a CAGR of 9.6% from the year 2018 to 2027.

The IT industries are focusing strongly on their investments in digital technologies through new digital business investments to upgrade the production phase with the integration of artificial intelligence (AI) and real-time analytics. The organizations are adopting vendor management software to manage the critical link among the organization's internal capabilities as well as the external digital business ecosystem. This software collects all the vendor and contract details available in the cloud. The recent 2017 Leadership Vision mainly aims at IT sourcing and vendor management tools, which ensure corporate and personal success, thus, helping the organizations to get practical advice as well as best practices to overcome their challenges and enabling them to gain the expected business outcomes. Such systems provide proficient to focus on sourcing and vendor management, applications, data and analytics, enterprise architecture and technology innovation, infrastructure and operations, program and portfolio management, and security and risk. All these factors are positively impacting the revenue generation of both SMEs and large enterprises by handling the overall vendor management process efficiently at a reduced cost, which is likely to continue to drive the vendor management software market during the forecast period.

Currently, the US is dominating the vendor management software market in terms of adoption, which in turn boost the demand for vendor management software market. The US is a technologically developed country; hence, the adoption of advanced technology is high across various sectors of the country. The country has the presence of diverse industries and is one of the world's leading high-technology innovators. The presence of a large number of well-established players from various sectors is a significant factor that is driving the growth of vendor management software in the country. The US holds the dominant share in the vendor management software market, and it is expected to continue its dominance during the forecast period due to the wide adoption of advanced technologies and the presence of a wide array of companies. The figure given below highlights the revenue share of Mexico in the North America vendor management software market in the forecast period:

Mexico in North America Vendor management software Market Revenue and Forecasts to 2027 (US$ Mn)

NORTH AMERICA VENDOR MANAGEMENT SOFTWARE MARKET - SEGMENTATION

North America Vendor management software Market by Deployment Mode

• On-Premise
• Cloud

North America Vendor management software Market by Organization Size

• SMEs
• Large Enterprise

North America Vendor management software Market by Industry Vertical

• Retail
• Manufacturing
• BFSI
• IT and Telecom
• Others

North America Vendor management software Market by Country

• US
• Canada
• Mexico

North America Vendor management software Companies Mentioned

• Coupa Software Inc.
• Gatekeeper (Cinergy Technology Limited)
• HICX Solutions Ltd.
• IBM Corporation
• Intelex Technologies Inc.
• LogicManager, Inc.
• MasterControl Inc.
• Ncontracts
• SalesWarp
• SAP SE

North America Vendor Management Software Report Scope