Vendor Management Software Market by End-user, Deployment, and Geography - Forecast and Analysis 2020-2024
- Published: Apr 2020
- Pages: 120
- SKU: IRTNTR40982
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The vendor management software market size has the potential to grow by USD 3.96 billion during 2020-2024, and the market’s growth momentum will accelerate during the forecast period.
This report provides a detailed analysis of the market by end-user (BFSI, retail, manufacturing, and others), deployment (on-premises, and cloud-based), and geography (APAC, Europe, MEA, North America, and South America). Also, the report analyzes the market’s competitive landscape and offers information on several market vendors, including Corcentric LLC, Coupa Software Inc., Intelex Technologies ULC, International Business Machines Corp., LogicGate Inc., MasterControl Inc., MetricStream Inc., Proactis Holdings Plc, SAP SE, and Zycus Inc.
What will be the Vendor Management Software Market Size in 2020?
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Who are the Major Vendor Management Software Vendors?
The market is fragmented with the presence of many small regional vendors and large multinational vendors. The established vendors are likely to acquire smaller vendors to expand their product portfolio and increase their market share. MasterControl Inc., MetricStream Inc., Proactis Holdings Plc, SAP SE, and Zycus Inc are some of the major market participants. Although the increased adoption of cloud-based software will offer immense growth opportunities, the threat from open-source vendor management software will challenge the growth of the market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
To help clients improve their market position, this vendor management software market forecast report provides a detailed analysis of the market leaders and offers information on the competencies and capacities of these companies. The report also covers details on the market’s competitive landscape and offers information on the products offered by various companies. Moreover, this vendor management software market analysis report also provides information on the upcoming trends and challenges that will influence market growth. This will help companies create strategies to make the most of future growth opportunities.
This report provides information on the production, sustainability, and prospects of several leading companies, including:
- Corcentric LLC
- Coupa Software Inc.
- Intelex Technologies ULC
- International Business Machines Corp.
- LogicGate Inc.
- MasterControl Inc.
- MetricStream Inc.
- Proactis Holdings Plc
- SAP SE
- Zycus Inc
Which are the Key Markets for Vendor Management Software?
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North America was the largest vendor management software market in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. The need for business processes to enhance customer satisfaction, the growth of e-commerce, and the shift toward omnichannel retail will significantly influence vendor management software market growth in this region.
Over 42% of the market’s growth will originate from North America during the forecast period. The US is the key market for vendor management software in North America. Market growth in this region will be slower than the growth of the market in Europe and APAC.
What are the Major End-user Segments in the Vendor Management Software Market?
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In the BFSI sector, traditional banking methods are not enough to meet increasing customer expectations and improve profitability. Organizations in this sector are focusing on cost-effectiveness and boost savings from operations. Therefore, the adoption of vendor management software is rising in the BFSI sector, which is contributing to the vendor management software market share growth. Vendor management software helps reduce risks with third parties, ensures the integrity of data, lends clarity to supplier processes and practices, helps avoid unnecessary fines, and mitigates reputation losses in the BFSI sector.
The vendor management software market growth by the BFSI segment will be slower than the growth of the market by the retail and others segments. This report provides an accurate prediction of the contribution of all the segments to the growth of the vendor management software market size.
How will Cloud-based Software Influence Vendor Management Software Market Growth?
The vendor management software market forecast research study has identified the increased adoption of cloud-based software as one of the primary vendor management software market growth factors. Enterprises are increasingly adopting cloud-based software owing to its advantages, such as the easier and faster implementation of IT solutions, less dependency on in-house IT personnel, limited requirements for hardware infrastructure, low maintenance costs, and no licensing costs. The use of the software enables end-user companies to focus on their core competencies and provides flexibility to scale up and down depending on the end-user requirements.
The introduction of vendor management mobile apps is one of the key vendor management software market trends. Enterprises are increasingly using mobile technology to eliminate redundant data entry on delivery receipts, perform physical inventory checks, and retail evaluations. The use of technology also helps enterprises in obtaining accurate data and save time. The mobile vendor management app further improves vendor relationships, enhances supply chain and customer service, and increase productivity. In addition, it helps in providing a single source for vendor records and dashboards which helps in efficiently tracking vendor relationships. As a result of these factors, the vendor management software market will register a CAGR of over 12% by 2024.
What are the Key Factors Covered in this Vendor Management Software Market Report?
- CAGR of the market during the forecast period 2020-2024
- Detailed information on factors that will drive vendor management software market growth during the next five years
- Precise estimation of the vendor management software market size and its contribution to the parent market
- Accurate predictions on upcoming trends and changes in consumer behavior
- The growth of the vendor management software industry across APAC, Europe, MEA, North America, and South America
- A thorough analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of vendor management software market vendors
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Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
- Market size and forecast
- Market segmentation
- Geographical insights
- Competitive landscape
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- Increased adoption of cloud-based vendor management software
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