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)
The global vendor management software market accounted for US$ 4,389.2 Mn in 2018 and is expected to grow at a CAGR of 12.4% over the forecast period 2019-2027, to account for US$ 12,295.8 Mn in 2027. During the forecast period of 2019 to 2027, the positive growth outlook towards the continuous growth in the IT development is expected to drive the vendor management software worldwide. However, the challenges related to data privacy of vendor management solutions may restrain the future growth of the vendor management software market. Despite these limitations, the growing adoption of vendor management software across SMEs is projected to offer ample growth opportunities for the players operating in the vendor management software market during the forecast period Some of the leading players in vendor management software market are highly focusing on strategic market initiatives to enrich their production capabilities as well as to expand their geographical presence across the globe. Also, the players are focusing on receiving numerous strategies to focus strongly on the vendor management software market. This, in turn, is contributing to the growth of the vendor management software market.
The vendor management software market has been segmented on the basis of deployment mode, enterprise size, industry vertical, and geography. Based on deployment mode, the market has been segmented into cloud, and on- premise. The cloud segment represented the largest share of the overall market throughout the forecast period and is expected to be the fastest-growing. Based on industry vertical, the vendor management software market has been segmented into Retail, Manufacturing, BFSI, IT and Telecom, and Others. In 2018, retail segment contributed a substantial share in the global vendor management software market. Geographically, the vendor management software market is categorized as North America, Europe, Asia Pacific, Middle East & Africa, and South America.
North America held the largest share of the vendor management software market in 2018, and it is expected to continue its dominance during the forecast period of 2019-2027. It has contributed more than 36% to the overall revenue of the vendor management software market in the year 2018. The APAC and Europe held the second and third position in the global vendor management software market in 2018 with market shares of 26% and 24%, respectively. The market in APAC is anticipated to grow at the highest growth rate from 2019 to 2027. Other developing regions such as the Middle East and Africa and South America are also anticipated to offer ample growth opportunities to the vendor management software market players during 2019-2027.
The overall vendor management software market size has been derived using both primary and secondary source. The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the vendor management software market. It also provides the overview and forecast for the global vendor management software market based on all the segmentation provided with respect to five major reasons such as North America, Europe, Asia-Pacific, the Middle East and Africa, and South America. Also, primary interviews were conducted with industry participants and commentators in order to validate data and analysis. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultant such as valuation experts, research analysts and key opinion leaders specializing in the vendor management software market. Some of the players present in vendor management software market are 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.
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