2024 Insights into the Vendor Management Software Global Market Landscape

"The Business Research Company recently released a comprehensive report on the Global Vendor Management Software Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

According to The Business Research Company's, The vendor management software market size has grown rapidly in recent years. It will grow from $8.99 billion in 2023 to $10.32 billion in 2024 at a compound annual growth rate (CAGR) of 14.9%. The growth in the historic period can be attributed to shift to digitalization, increased outsourcing, demand for transparency, regulatory compliance demands, complex supply chains.

The vendor management software market size is expected to see rapid growth in the next few years. It will grow to $18.25 billion in 2028 at a compound annual growth rate (CAGR) of 15.3%. The growth in the forecast period can be attributed to rising complexity in vendor ecosystems, emphasis on compliance and risk management, focus on cost optimization and efficiency, growth of the gig economy and contingent workforce, demand for real-time data and analytics. Major trends in the forecast period include expansion of cloud-based solutions, increased adoption of artificial intelligence, product innovations, parterships, and investments.

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Market Drivers and Trends:

The growing retail industry is expected to propel the growth of the vendor management software market going forward. The retail industry encompasses businesses selling goods and services directly to consumers for personal or household use. The retail sector's development is due to increasing consumer spending, expanding e-commerce channels, evolving consumer preferences, and globalization of markets. Vendor management software helps retailers optimize supplier relationships, improve inventory management, control costs, ensure compliance, and streamline product lifecycle management, ultimately driving operational efficiency and competitive advantage in the retail industry. For instance, in February 2024, according to the Census Bureau of the Department of Commerce, a US-based government department, total retail sales for the fourth quarter of 2023 were estimated at $1,831.4 billion, an increase of 0.4% from the third quarter of 2023. Therefore, the growing retail industry is driving the growth of the vendor management software market.

Major companies operating in the vendor management software market are developing new products such as automated vendor management software to enhance efficiency, streamline processes, and meet the evolving needs of businesses. Automated vendor management software streamlines vendor onboarding, performance tracking, and contract management processes through advanced automation and workflow capabilities. For instance, in March 2022, PayMyTuition, a Canada-based company engaged in automated vendor management software, launched automated vendor management software for colleges and universities. The PayMyTuition vendor management solution allows educational institutions to optimize payment processing methods, invoice, and pay vendors, and integrate with their existing student information systems. The software has an innovative vendor payments module and automated vendor management software designed to transform how educational institutions manage international business payments.

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Major Key Players of the Market:

Workday Inc., GEP SMART, SAP Ariba, PRO Unlimited, Upwork Global Inc., Field Nation, Zycus Inc., Jaggaer, Tipalti, Esker, Coupa Software Inc., WorkMarket, Beeline, BirchStreet Systems, UpGuard Inc., Vroozi, ProcurePort, EC Sourcing Group, Intelex Technologies, Rosslyn Data Technologies

Vendor Management Software Market 2024 Key Insights:

• The vendor management software market size is expected to see rapid growth in the next few years. It will grow to $18.25 billion in 2028 at a compound annual growth rate (CAGR) of 15.3%.
• Intersection of Retail Industry Growth and Vendor Management Software Market Expansion
• Advancements In Automated Vendor Management Software
• North America was the largest region in the vendor management software market in 2023

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