Growing Number of SMEs is one of the prominent factor for the growth of vendor management software market
Latest market study on “Vendor Management Software Market to 2027 by Deployment Mode (Cloud, On- premise); Enterprise Size (Large Enterprises, SMEs); Industry Vertical (Retail, Manufacturing, BFSI, IT and Telecom, Others) - Global Analysis and Forecast”, the vendor management software market is estimated to reach US$ 12,295.8 Mn by 2027 from US$ 4,389.2 Mn in 2018. The report includes a key understanding of the driving factors of this growth and also highlights the prominent players in the market and their developments.
The technological innovative solutions are helping technology companies across the world to accelerate their digital transformation adoption. From the past few years, the technology industry observed high growth and a dramatic increase worldwide. Factors such as technological innovations, economic growth, and IT spending influence technology industry dynamics considerably. With the advancement in technology and growing access to cost-effective, qualified human resources globally, various industries are focusing on development as well as the adoption of highly technological products for better performance. Enterprises and new developing markets are expected to invest in the technology market to build IT infrastructure that would help reduce costs and enhance business productivity. The growing adoption of vendor management software across SMEs is expected to create new opportunities for the global vendor management software market during the forecasted period.
In APAC, SMEs play a significant role in APAC and are the backbone of economies in the region. According to the Asian Development Bank Institute, SMEs makeup to 96% of businesses and provide two of every three private-sector jobs in the area. SMEs strongly emphasize on optimizing the operations and maximizing the profitability. These companies are adopting vendor management software to monitor the vendors efficiently and mitigate vendor risks. The demand for vendor management is expected to grow during the forecast period; a strong presence of SMEs in the region is expected to fuel the vendor management software market in the coming years. Such above mentioned factors is expected to fuel the growth of vendor management software market in APAC.
North America is accounted for the major market share in the global vendor management software market during the forecast period. North America is a technologically advanced region and consists of developed economies such as the US and Canada. The demand for vendor management software in the US is high, owing to the robust IT and Telecom sector and high IT spending. Europe has a strong BFSI industry, and countries such as Germany and France have a strong manufacturing sector, which is driving the growth of the vendor management software market in the region.
The global market for vendor management software market is segmented based on the parameters such as deployment mode, enterprise size, industry vertical, and geography. Based on deployment mode, the cloud segment dominates the vendor management software market heavily and is expected to dominate the market in the forecast period from 2019 - 2027. On the basis of enterprise size, large enterprise segment led the market in 2018 with a maximum market share and is expected to continue its dominance during the forecast period. Furthermore, on the basis of industry vertical, retail segment led the market with highest market share. Key players operating in the market are partnering with the small as well as large and other companies which are helping them to gain customer traction. The major companies offering vendor management software market include Coupa Software Inc., Gatekeeper (Cinergy Technology Limited), HICX Solutions Ltd., IBM Corporation, Intelex Technologies Inc., LogicManager, Inc., MasterControl Inc., Ncontracts, SalesWarp, and SAP SE among others. Several other companies are also offering these vendor management software for various provider, which is facilitating the market to propel over the years.
Vendor Management Software Market - Region Breakdown, 2018 Vendor Management Software Market to 2027 - Global Analysis and Forecasts By Deployment Mode (Cloud, On- premise); Enterprise Size (Large Enterprises, SMEs); Industry Vertical (Retail, Manufacturing, BFSI, IT and Telecom, Others)
Global Vendor Management Software Market Size, Share Analysis by 2027
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The report segments the global vendor management software market as follows:
Global Vendor Management Software Market - By Deployment Mode
- On-Premise
- Cloud
Global Vendor Management Software Market - By Enterprise Size
- SMEs
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