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 observed in the historical period can be attributed to several factors, including the transition towards digitalization, heightened levels of outsourcing, a growing demand for transparency, compliance requirements with regulatory standards, and the complexity of 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 anticipated growth in the forecast period can be attributed to several factors, including the increasing complexity within vendor ecosystems, heightened emphasis on compliance and risk management, a focus on cost optimization and efficiency measures, the expansion of the gig economy and contingent workforce, and a growing demand for real-time data and analytics capabilities. Major trends expected during this period include the widespread adoption of cloud-based solutions, increased utilization of artificial intelligence technologies, ongoing product innovations, collaborative partnerships, and strategic investments.
The burgeoning retail industry is poised to drive the expansion of the vendor management software market in the foreseeable future. The retail sector, comprising businesses that directly sell goods and services to consumers for personal or household use, is experiencing growth fueled by various factors including increased consumer spending, the proliferation of e-commerce channels, shifting consumer preferences, and the globalization of markets. Vendor management software plays a crucial role in helping retailers optimize supplier relationships, enhance inventory management, control costs, ensure compliance, and streamline product lifecycle management. These functionalities ultimately contribute to bolstering operational efficiency and gaining a competitive edge in the retail landscape. For example, as reported by the Census Bureau of the Department of Commerce in February 2024, total retail sales for the fourth quarter of 2023 amounted to$1.83 trillion, marking a 0.4% increase from the third quarter of 2023. This uptrend underscores how the flourishing retail industry is catalyzing the growth of the vendor management software market.
Leading companies in the vendor management software market are innovating by introducing new products such as automated vendor management software to drive efficiency, streamline processes, and cater to the evolving needs of businesses. Automated vendor management software simplifies vendor onboarding, facilitates performance tracking, and streamlines contract management processes through advanced automation and workflow capabilities. For instance, in March 2022, PayMyTuition, a Canada-based company specializing in automated vendor management software, unveiled an automated vendor management solution tailored for colleges and universities. This solution empowers educational institutions to optimize payment processing methods, manage invoices, and seamlessly integrate with their existing student information systems. Notably, the software features an innovative vendor payments module and automated vendor management capabilities, revolutionizing how educational institutions handle international business payments.
In August 2022, Walmart Inc., a prominent US-based retail corporation, acquired Volt Systems for an undisclosed sum. This strategic acquisition underscores Walmart's commitment to advancing its omnichannel capabilities and enhancing the shopping experience for its customers. By leveraging Volt Systems' expertise in vendor management and product tracking, Walmart aims to bolster its ability to plan, forecast, and optimize product assortment effectively. Volt Systems, headquartered in the US, specializes in providing software solutions for vendor management and product tracking, aligning with Walmart's strategic vision to drive innovation and efficiency in the retail sector.
Major companies operating in the vendor management software market are 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.
North America was the largest region in the vendor management software market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the vendor management software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the vendor management software market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Vendor management software is a digital solution aimed at optimizing and automating the management of vendor relationships, covering aspects such as vendor onboarding, performance assessment, contract administration, and procurement processes. It facilitates the creation, negotiation, and monitoring of vendor contracts and agreements, offering tools for drafting contract templates and tracking contract milestones and deliverables.
The primary types of vendor management software include procurement and sourcing software, vendor analytics and reporting software, vendor contract management software, vendor information management software, vendor onboarding and compliance software, vendor performance management software, and vendor relationship management software. Procurement and sourcing software streamline the sourcing process by assisting in vendor selection, negotiation, and purchase order management. These solutions are available through cloud-based or on-premises deployment models, catering to enterprises of varying sizes including large corporations, small and medium enterprises (SMEs), and serving diverse end-users such as banking, financial services and insurance, energy and utilities, government, healthcare, IT and telecommunications, manufacturing, retail, and consumer goods industries.
The vendor management software market research report is one of a series of new reports that provides Vendor management software market statistics, including Vendor management software industry global market size, regional shares, competitors with a Vendor management software market share, detailed Vendor management software market segments, market trends and opportunities, and any further data you may need to thrive in the Vendor management software industry. This Vendor management software 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 vendor management software market consists of revenues earned by entities by providing services such as performance tracking, contract management, compliance monitoring, invoice processing, and communication facilitation. The market value includes the value of related goods sold by the service provider or included within the service offering. The vendor management software market also includes sales of backup systems, storage devices, mobile devices, network equipment, and security equipment. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
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.
This product will be delivered within 3-5 business days.
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 anticipated growth in the forecast period can be attributed to several factors, including the increasing complexity within vendor ecosystems, heightened emphasis on compliance and risk management, a focus on cost optimization and efficiency measures, the expansion of the gig economy and contingent workforce, and a growing demand for real-time data and analytics capabilities. Major trends expected during this period include the widespread adoption of cloud-based solutions, increased utilization of artificial intelligence technologies, ongoing product innovations, collaborative partnerships, and strategic investments.
The burgeoning retail industry is poised to drive the expansion of the vendor management software market in the foreseeable future. The retail sector, comprising businesses that directly sell goods and services to consumers for personal or household use, is experiencing growth fueled by various factors including increased consumer spending, the proliferation of e-commerce channels, shifting consumer preferences, and the globalization of markets. Vendor management software plays a crucial role in helping retailers optimize supplier relationships, enhance inventory management, control costs, ensure compliance, and streamline product lifecycle management. These functionalities ultimately contribute to bolstering operational efficiency and gaining a competitive edge in the retail landscape. For example, as reported by the Census Bureau of the Department of Commerce in February 2024, total retail sales for the fourth quarter of 2023 amounted to$1.83 trillion, marking a 0.4% increase from the third quarter of 2023. This uptrend underscores how the flourishing retail industry is catalyzing the growth of the vendor management software market.
Leading companies in the vendor management software market are innovating by introducing new products such as automated vendor management software to drive efficiency, streamline processes, and cater to the evolving needs of businesses. Automated vendor management software simplifies vendor onboarding, facilitates performance tracking, and streamlines contract management processes through advanced automation and workflow capabilities. For instance, in March 2022, PayMyTuition, a Canada-based company specializing in automated vendor management software, unveiled an automated vendor management solution tailored for colleges and universities. This solution empowers educational institutions to optimize payment processing methods, manage invoices, and seamlessly integrate with their existing student information systems. Notably, the software features an innovative vendor payments module and automated vendor management capabilities, revolutionizing how educational institutions handle international business payments.
In August 2022, Walmart Inc., a prominent US-based retail corporation, acquired Volt Systems for an undisclosed sum. This strategic acquisition underscores Walmart's commitment to advancing its omnichannel capabilities and enhancing the shopping experience for its customers. By leveraging Volt Systems' expertise in vendor management and product tracking, Walmart aims to bolster its ability to plan, forecast, and optimize product assortment effectively. Volt Systems, headquartered in the US, specializes in providing software solutions for vendor management and product tracking, aligning with Walmart's strategic vision to drive innovation and efficiency in the retail sector.
Major companies operating in the vendor management software market are 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.
North America was the largest region in the vendor management software market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the vendor management software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the vendor management software market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Vendor management software is a digital solution aimed at optimizing and automating the management of vendor relationships, covering aspects such as vendor onboarding, performance assessment, contract administration, and procurement processes. It facilitates the creation, negotiation, and monitoring of vendor contracts and agreements, offering tools for drafting contract templates and tracking contract milestones and deliverables.
The primary types of vendor management software include procurement and sourcing software, vendor analytics and reporting software, vendor contract management software, vendor information management software, vendor onboarding and compliance software, vendor performance management software, and vendor relationship management software. Procurement and sourcing software streamline the sourcing process by assisting in vendor selection, negotiation, and purchase order management. These solutions are available through cloud-based or on-premises deployment models, catering to enterprises of varying sizes including large corporations, small and medium enterprises (SMEs), and serving diverse end-users such as banking, financial services and insurance, energy and utilities, government, healthcare, IT and telecommunications, manufacturing, retail, and consumer goods industries.
The vendor management software market research report is one of a series of new reports that provides Vendor management software market statistics, including Vendor management software industry global market size, regional shares, competitors with a Vendor management software market share, detailed Vendor management software market segments, market trends and opportunities, and any further data you may need to thrive in the Vendor management software industry. This Vendor management software 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 vendor management software market consists of revenues earned by entities by providing services such as performance tracking, contract management, compliance monitoring, invoice processing, and communication facilitation. The market value includes the value of related goods sold by the service provider or included within the service offering. The vendor management software market also includes sales of backup systems, storage devices, mobile devices, network equipment, and security equipment. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
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.
This product will be delivered within 3-5 business days.
Table of Contents
1. Executive Summary2. Vendor Management Software Market Characteristics3. Vendor Management Software Market Trends and Strategies32. Global Vendor Management Software Market Competitive Benchmarking33. Global Vendor Management Software Market Competitive Dashboard34. Key Mergers and Acquisitions in the Vendor Management Software Market
4. Vendor Management Software Market - Macro Economic Scenario
5. Global Vendor Management Software Market Size and Growth
6. Vendor Management Software Market Segmentation
7. Vendor Management Software Market Regional and Country Analysis
8. Asia-Pacific Vendor Management Software Market
9. China Vendor Management Software Market
10. India Vendor Management Software Market
11. Japan Vendor Management Software Market
12. Australia Vendor Management Software Market
13. Indonesia Vendor Management Software Market
14. South Korea Vendor Management Software Market
15. Western Europe Vendor Management Software Market
16. UK Vendor Management Software Market
17. Germany Vendor Management Software Market
18. France Vendor Management Software Market
19. Italy Vendor Management Software Market
20. Spain Vendor Management Software Market
21. Eastern Europe Vendor Management Software Market
22. Russia Vendor Management Software Market
23. North America Vendor Management Software Market
24. USA Vendor Management Software Market
25. Canada Vendor Management Software Market
26. South America Vendor Management Software Market
27. Brazil Vendor Management Software Market
28. Middle East Vendor Management Software Market
29. Africa Vendor Management Software Market
30. Vendor Management Software Market Competitive Landscape and Company Profiles
31. Vendor Management Software Market Other Major and Innovative Companies
35. Vendor Management Software Market Future Outlook and Potential Analysis
36. Appendix
Executive Summary
Vendor Management Software Global Market Report 2024 provides strategists, marketers and senior management with the critical information they need to assess the market.This report focuses on vendor management software market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Reasons to Purchase:
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- Measure the impact of high global inflation on market growth.
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- Understand customers based on the latest market shares.
- Benchmark performance against key competitors.
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- Report will be updated with the latest data and delivered to you along with an Excel data sheet for easy data extraction and analysis.
- All data from the report will also be delivered in an excel dashboard format.
Description
Where is the largest and fastest growing market for vendor management software ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The vendor management software market global report answers all these questions and many more.The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.
- The market characteristics section of the report defines and explains the market.
- The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
- The forecasts are made after considering the major factors currently impacting the market. These include:
- The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
- The impact of higher inflation in many countries and the resulting spike in interest rates.
- The continued but declining impact of COVID-19 on supply chains and consumption patterns.
- Market segmentations break down the market into sub markets.
- The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
- The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
- The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.
Scope
Markets Covered:
1) by Software: Procurement and Sourcing Software; Vendor Analytics and Reporting Software; Vendor Contract Management Software; Vendor Information Management Software; Vendor Onboarding and Compliance Software; Vendor Performance Management Software; Vendor Relationship Management Software2) by Deployment Type: Cloud-Based; on-Premises
3) by Enterprise Size: Large Enterprise; Small and Medium Enterprise
4) by End-User: Banking, Financial Services and Insurance; Energy and Utilities; Government; Healthcare; IT and Telecommunications; Manufacturing; Retail and Consumer Goods
Key Companies Mentioned: Workday Inc.; GEP SMART; SAP Ariba; PRO Unlimited; Upwork Global Inc.
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time Series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita.
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
Delivery Format: PDF, Word and Excel Data Dashboard.
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- 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
Methodology
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Table Information
Report Attribute | Details |
---|---|
No. of Pages | 175 |
Published | July 2024 |
Forecast Period | 2024 - 2028 |
Estimated Market Value ( USD | $ 10.32 Billion |
Forecasted Market Value ( USD | $ 18.25 Billion |
Compound Annual Growth Rate | 15.3% |
Regions Covered | Global |