Supplier Relationship Management Software Global Market Report 2024

The supplier relationship management software market size has grown rapidly in recent years. It will grow from $10.99 billion in 2023 to $12.12 billion in 2024 at a compound annual growth rate (CAGR) of 10.2%. The growth during the historic period can be attributed to several factors, including globalization, technological advancements, the increasing demand for efficiency, regulatory compliance requirements, the growing complexity of supply chains, and the emergence of e-commerce.

The supplier relationship management software market size is expected to see rapid growth in the next few years. It will grow to $17.99 billion in 2028 at a compound annual growth rate (CAGR) of 10.4%. The growth in the forecast period can be attributed to the integration of AI, adoption of blockchain technology, a focus on sustainability, increasing demand for real-time data analytics, and the implementation of cloud-based solutions. Major trends expected during this period include the integration of artificial intelligence and machine learning, predictive analytics, the development of collaborative supplier networks, an emphasis on transparency, adoption of agile procurement processes, and the growth of mobile procurement solutions.

The anticipated rise in the adoption of cloud-based solutions is poised to propel the growth of the supplier relationship management software market in the foreseeable future. Cloud-based solutions, characterized by services, applications, and resources delivered over the internet, offer scalability, cost-effectiveness, and support for remote work and digital transformation. This surge in adoption is driven by the inherent benefits of cloud-based solutions, which include enhanced scalability, cost-effectiveness, and support for remote work and digital transformation initiatives. Cloud-based supplier relationship management software enables remote access, scalability, and real-time data sharing, thereby fostering collaboration and agility in supplier management processes. For example, Eurostat reported that 45.2% of enterprises within the European Union procured cloud computing services in December 2023, with purchases increasing by 4% compared to 2021. This trend underscores the growing adoption of cloud-based solutions and their impact on driving growth in the supplier relationship management software market.

Leading companies in the supplier relationship management software market are concentrating on the development of advanced solutions, such as generative artificial intelligence (AI) platforms, to enhance supplier collaboration, streamline procurement processes, and improve decision-making through predictive analytics. Generative AI platforms leverage machine learning techniques to automate and enhance various aspects of supplier interactions. For instance, Apexanalytix launched the Apex Neural Engine in March 2024, a generative AI platform designed to revolutionize supplier management by utilizing large language models and machine learning to streamline interactions and communication with suppliers. This platform offers clients a trainable risk-sensing assistant to automate the mitigation of supply chain risks, ultimately aiming to make supplier management more automated, adaptable, and responsive to client needs.

In January 2024, Sphera Solutions Inc. bolstered its supply chain offering by acquiring SupplyShift for an undisclosed sum. This strategic move enhances Sphera's capabilities in supply chain management by integrating SupplyShift's expertise in supplier mapping, scoring, and traceability. SupplyShift, a US-based software company, specializes in providing supplier relationship management software, aligning with Sphera's commitment to empowering customers to create sustainable supply chains.

Major companies operating in the supplier relationship management software market are Oracle Corporation, GEP LLC, Epicor Software Corporation, Coupa Software Incorporated, Icertis Inc., Basware Corporation, Zycus Inc., Jaggaer Inc, SAP Ariba Inc., Esker Inc., Tradeshift Inc, Ivalua Inc, Plex Systems Inc, Exostar LLC, SynerTrade SA, Determine (Corcentric) Inc, Vroozi Inc, BirchStreet Systems Inc, Proactis Holdings Plc, LevaData Inc., Claritum Ltd., EC Sourcing Group Inc, Sourcing Force SAS, BuyerQuest Inc.

North America was the largest region in the supplier relationship management software market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the supplier relationship management software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the supplier relationship management software market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Supplier relationship management (SRM) software is a system designed to streamline interactions between a company and its suppliers. It typically includes features for managing supplier contracts, evaluating performance, and facilitating collaboration, with the goal of improving efficiency and strengthening partnerships across the supply chain.

The main types of supplier relationship management software are on-premise and cloud-based solutions. On-premise SRM software is installed and operated on the company's servers and infrastructure, rather than being hosted in the cloud. This software is utilized by enterprises of various sizes, including large corporations and small to medium-sized businesses (SMEs), across a range of industries such as manufacturing, retail, automotive, transportation and logistics, telecommunications, banking, financial services, insurance, and others.

The supplier relationship management software research report is one of a series of new reports that provides supplier relationship management software market statistics, including the supplier relationship management software industry's global market size, regional shares, competitors with a supplier relationship management software market share, detailed supplier relationship management software market segments, market trends and opportunities, and any further data you may need to thrive in the supplier relationship management software industry. This supplier relationship management software market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The supplier relationship management software market includes revenues earned by entities by providing services such as vendor risk management, procurement analytics, and supplier relationship analysis. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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