Press release
SRM Software Market Poised for Rapid Growth, Expected to Reach USD 15.6 Billion by 2031
SRM Software Market
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According to HTF Market Intelligence, the global SRM Software market is valued at USD 2.8 Billion in 2024 and is estimated to reach a revenue of USD 6.2 Billion by 2031, with a CAGR of 15.6% from 2024 to 2031.
Definition:
Supplier Relationship Management (SRM) software refers to a category of business software designed to streamline and optimize the procurement process, improve supplier relationships, and enhance supply chain visibility. SRM software provides a centralized platform for managing supplier interactions, tracking supplier performance, and analyzing supplier data. This type of software enables organizations to develop strategic relationships with suppliers, negotiate better prices, and reduce the risk of supply chain disruptions. SRM software typically includes features such as supplier profiling, performance metrics, contract management, and analytics. By implementing SRM software, organizations can improve supplier collaboration, reduce procurement costs, and enhance overall supply chain efficiency.
Market Trends:
Growing focus on supplier relationship management, increasing demand for cloud-based SRM solutions, and rising interest in AI-powered procurement tools
Market Drivers:
Increasing adoption of digital procurement solutions, growing demand for supply chain visibility, and rising complexity of global supply chains
Market Opportunities:
Growing demand for digital procurement solutions, increasing adoption of cloud-based SRM software
Market Challenges:
Limited awareness of SRM benefits, high implementation costs, and concerns about data security
Fastest-Growing Region:
Asia-Pacific
Dominating Region:
North America
Global SRM Software Market Competitive Analysis
Know your current market situation! Not just new products but ongoing products are also essential to analyse due to ever-changing market dynamics. The study allows marketers to understand consumer trends and segment analysis where they can face a rapid market share drop. Figure out who really the competition is in the marketplace, get to know market share analysis, market position, % Market Share, and segmented revenue.
Players Included in Research Coverage: Intelex Technologies Inc. (Canada), Determine, Inc. (United States), Biznet Solutions (Indonesia), Neocase Software (France), Oracle (United States), JDA Software Group Inc. (United States), DXC Technology Company (United States), Epicor Software Corporation (United States), Zycus Inc. (United States), Ariba Inc. (United States)
Additionally, Past Global SRM Software Market data breakdown, Market Entropy to understand development activity and Patent Analysis*, Competitors Swot Analysis, Product Specifications, and Peer Group Analysis including financial metrics are covered.
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Segmentation and Targeting
Essential demographic, geographic, psychographic, and behavioural information about business segments in the SRM Software market is targeted to aid in determining the features the company should encompass in order to fit into the business's requirements. For the Consumer-based market - the study is also classified with Market Maker information in order to understand better who the clients are, their buying behaviour, and patterns.
SRM Software Product Types In-Depth: On-premises, Cloud
SRM Software Major Applications/End users: Large Enterprise, Small & Medium-sized Large Enterprises
SRM Software Major Geographical First Level Segmentation:
• APAC (Japan, China, South Korea, Australia, India, and the Rest of APAC; the Rest of APAC is further segmented into Malaysia, Singapore, Indonesia, Thailand, New Zealand, Vietnam, and Sri Lanka)
• Europe (Germany, UK, France, Spain, Italy, Russia, Rest of Europe; Rest of Europe is further segmented into Belgium, Denmark, Austria, Norway, Sweden, The Netherlands, Poland, Czech Republic, Slovakia, Hungary, and Romania)
• North America (U.S., Canada, and Mexico)
• South America (Brazil, Chile, Argentina, Rest of South America)
• MEA (Saudi Arabia, UAE, South Africa)
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Research Objectives:
- Focuses on the key manufacturers, to define, pronounce and examine the value, sales volume, market share, market competition landscape, SWOT analysis, and development plans in the next few years.
- To share comprehensive information about the key factors influencing the growth of the market (opportunities, drivers, growth potential, industry-specific challenges and risks).
- To analyse the with respect to individual future prospects, growth trends and their involvement to the total market.
- To analyse reasonable developments such as agreements, expansions new product launches, and acquisitions in the market.
- To deliberately profile the key players and systematically examine their growth strategies.
FIVE FORCES & PESTLE ANALYSIS:
In order to better understand market conditions five forces analysis is conducted that includes the Bargaining power of buyers, Bargaining power of suppliers, Threat of new entrants, Threat of substitutes, and Threat of rivalry.
• Political (Political policy and stability as well as trade, fiscal, and taxation policies)
• Economical (Interest rates, employment or unemployment rates, raw material costs, and foreign exchange rates)
• Social (Changing family demographics, education levels, cultural trends, attitude changes, and changes in lifestyles)
• Technological (Changes in digital or mobile technology, automation, research, and development)
• Legal (Employment legislation, consumer law, health, and safety, international as well as trade regulation and restrictions)
• Environmental (Climate, recycling procedures, carbon footprint, waste disposal, and sustainability)
Get Detailed TOC and Overview of Report @ https://www.htfmarketintelligence.com/report/global-srm-software-market
Thanks for reading this article, you can also make sectional purchase or opt-in for regional report by limiting the scope to only North America, ANZ, Europe or MENA Countries, Eastern Europe or European Union.
Nidhi Bhawsar (PR & Marketing Manager)
HTF Market Intelligence Consulting Private Limited
Phone: +15075562445
sales@htfmarketintelligence.com
About Us:
HTF Market Intelligence is a leading market research company providing end-to-end syndicated and custom market reports, consulting services, and insightful information across the globe. HTF MI integrates History, Trends, and Forecasts to identify the highest value opportunities, cope with the most critical business challenges and transform the businesses. Analysts at HTF MI focuses on comprehending the unique needs of each client to deliver insights that are most suited to his particular requirements
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