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The global vendor management software market accounted to US$ 4,389.2 Mn in 2018 and is expected to grow at a CAGR of 12.4% during the forecast period 2019 – 2027, to account to US$ 12,295.8 Mn by 2027.
Vendor Management Software market is led by the North American region in 2018. North America led the landing global vendor management software market with more than 36% share, followed by APAC and Europe region. The presence of well developed countries such as the US and Canada and presence of large IT companies are two of the major factors responsible for the growth of vendor management software market in this region. 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 industries 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. Consequently, presenting tremendous opportunities for the rise in the business of vendor management software market players.
Lucrative Regional Vendor Management Software Markets
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Market Insights
High Inclination Toward Adoption of Solutions to Enhance Operational and Supply Chain Efficiencies
The increasing trend of the adoption of hi-tech solutions across various enterprises to streamline business process is boosting the implementation of the vendor management systems. The organizations are focusing more on automating their business process to attain increased efficiencies at reduced costs. A vendor management system is a web-based tool used for managing vendor-related information and organization activities by ensuring amended efficiency, to attain long-term growth in a cost-effective manner. The implementation of vendor management solutions enables the organizations to take appropriate measures for reducing potential risks related to vendors, controlling cost, deriving value from vendors, and ensuring excellent service deliverability in the long run, this increased demand is expected to fuel the growth of global vendor management software market.
Concerns pertaining to data privacy and security
The world is witnessing rising number of cyber-attacks with the constantly upgrading connectivity technologies. Ever-increasing threats as well as evolving industry and government compliances and regulations are imposing organizations to spend heavily on their security infrastructure. Organizations are becoming progressively alert to cyber-threats. Cybersecurity has already become a severe issue across several businesses due to proliferation of the online world becomes an underlying component of the physical world. In the recent years, cyber-attacks have hampered the ease of doing businesses for the BFSI, media and entertainment, healthcare, and government organizations may hinder the growth of the vendor management software market.
Deployment Mode Segment Insights
The vendor management software market on the basis of deployment mode is segmented into on-premise and cloud. . The on-premise vendor management software is installed and runs on the organization’s premises. However, cloud-based solutions can be remotely accessed online and are installed on the online server. The on-premise deployment solution costs more and is generally adopted by companies that do not intend to share data with other organizations. However, cloud deployment is gaining popularity as it offers cost-efficient solutions with various benefits such as greater flexibility, on-demand scalability, and low cost of implementation. Thus, anticipated to create significant market space for vendor management software market players operation worldwide.
Enterprise Size Segment Insights
The vendor management software market on the basis of enterprise size is segmented into SMEs and large enterprises. The dependence of large enterprises on various, high complexity of systems that large businesses control, and increasing demand for efficiently managing solutions from the centralized dashboard are the major factors that are expected to drive the revenue generation of vendor management solutions across large enterprises are the major factor driving the revenue generation of the solution segment in the vendor management solution market.
Rest of APAC Vendor Management Software Market by Industry Vertical
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
- Request discounts available for Start-Ups & Universities
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
- Request discounts available for Start-Ups & Universities
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Vendor Management Software Market: Strategic Insights
Market Size Value in US$ 4,389.2 Million in 2018 Market Size Value by US$ 12,295.8 Million by 2027 Growth rate CAGR of 12.4% from 2019-2027 Forecast Period 2019-2027 Base Year 2019
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Customize Research To Suit Your Requirement
We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
Vendor Management Software Market: Strategic Insights
Market Size Value in | US$ 4,389.2 Million in 2018 |
Market Size Value by | US$ 12,295.8 Million by 2027 |
Growth rate | CAGR of 12.4% from 2019-2027 |
Forecast Period | 2019-2027 |
Base Year | 2019 |
Naveen
Have a question?
Naveen will walk you through a 15-minute call to present the report’s content and answer all queries if you have any.
Speak to AnalystMarket Initiatives was observed as the most adopted strategy in global vendor management software market. Few of the recent market initiatives are listed below:
2019:Coupa announced the expansion of its relationship with Amazon Web Services (AWS) to focus more on controlling over their IT spend.
2019:Ncontracts signed a joint venture with The Community Bankers Association of Illinois (CBAI), for assuring the CBAI member banks to rely on Ncontracts teammate with risk and vendor management, cybersecurity assessments, business continuity planning, contract management as well as findings management.
2018:Intelex Technologies announced its partnership with Liderança Group, to fill the essential gaps present in ESHQ training, by removing compliance-paralysis for companies for better processes as well as more profitable outcomes.
2017:SalesWarp’s Omnichannel Order Management and Warehouse solution selected by Active Ride Shop, for improving efficiency and providing a better experience for its Active Ride Shop customers.
GLOBAL VENDOR MANAGEMENT SOFTWARE MARKET SEGMENTATION
Global Vendor Management Software Market – By Deployment Mode
- On-Premise
- Cloud
Global Vendor Management Software Market – By Enterprise Size
- SMEs
- Large Enterprises
Global Vendor Management Software Market – By Industry Vertical
- Retail
- Manufacturing
- BFSI
- IT and Telecom
- Others
Global Vendor Management Software Market - By Geography
North America
- U.S.
- Canada
- Mexico
Europe
- France
- Germany
- Russia
- UK
- Rest of Europe
Asia Pacific (APAC)
- Australia
- China
- India
- Japan
- Rest of APAC
Middle East & Africa (MEA)
- South Africa
- UAE
- Saudi Arabia
- Rest of MEA
South America (SAM)
- Brazil
- Argentina
- Rest of SAM
Global Vendor Management Software Market - Company Profiles
- Coupa Software Inc.
- Gatekeeper (Cinergy Technology Limited)
- HICX Solutions Ltd.
- IBM Corporation
- Intelex Technologies Inc.
- LogicManager, Inc.
- MasterControl Inc.
- Ncontracts
- SalesWarp
- SAP SE
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Deployment Mode ; Enterprise Size ; Industry Vertical
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina
The List of Companies
- Coupa Software Inc.
- Gatekeeper (Cinergy Technology Limited)
- HICX Solutions Ltd.
- IBM Corporation
- Intelex Technologies Inc.
- LogicManager, Inc.
- MasterControl Inc.
- Ncontracts
- SalesWarp
- SAP SE
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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