Supplier Relationship Management Software Growth Forecast 2025-2034: Trends, Opportunities, and Key Insights You Need to Know
Updated 2025 Market Reports Released: Trends, Forecasts to 2034 – Early Purchase Your Competitive Edge Today!
What is the Predicted CAGR for the Supplier Relationship Management Software Market Over the Forecast Period of 2025 to 2034?
In the past few years, the size of the supplier relationship management software market has seen rapid growth. From $12.12 billion in 2024, it’s set to rise to $13.41 billion in 2025, with a compound annual growth rate (CAGR) of 10.6%. Factors contributing to its growth during the historic period include globalisation, advances in technology, a rising need for efficiency and regulatory compliance, increasing complexity in supply chains and the advent of e-commerce.
The market size for supplier relationship management software is set to experience a significant surge in the coming years, reaching a value of $19.82 billion in 2029 with a compound annual growth rate (CAGR) of 10.3%. Factors contributing to this increase during the projected period include the incorporation of AI, the adaptation of blockchain, focus on sustainability, the need for real-time data analytics, and the shift towards cloud-based solutions. Key trends expected during this period encompass the integration of artificial intelligence and machine learning, predictive analytics, supplier networks that stress cooperation, emphasis on transparency, flexible procurement processes, and an expansion of mobile procurement solutions.
What Factors Are Propelling the Growth of the Supplier Relationship Management Software Market from 2025 to 2034?
The expansion of the supplier relationship management software market is likely to be fueled by the increasing uptake of cloud-based solutions. These solutions encompass all applications, services, and resources that are provided via the internet instead of being locally hosted on a personal computer or an on-premises server. The rising popularity of cloud-based solutions can be attributed to their scalability, cost efficiency, and the support they provide for remote working and digital transformation. These solutions enhance supplier management processes by promoting remote access, real-time data sharing, and scalability, thereby improving collaboration and agility. For example, Eurostat, an intergovernmental organization based in Luxembourg, reported in December 2023 that 45.2% of businesses in the European Union procured cloud computing services primarily for hosting email systems, electronic file storage, and various tasks. Compared to 2021, cloud service procurement among EU enterprises saw an increase of 4% in 2023. As a result, the surge in cloud-based solutions uptake stimulates the growth of the supplier relationship management software market.
Get Your Free Sample of the Global Supplier Relationship Management Software Market Report Now!
https://www.thebusinessresearchcompany.com/sample.aspx?id=15937&type=smp
Who Are the Top Companies Driving Innovation and Growth in the Supplier Relationship Management Software Market?
Major companies operating in the supplier relationship management software market are:
• Oracle Corporation_x000D_
• GEP LLC_x000D_
• Epicor Software Corporation_x000D_
• Coupa Software Incorporated_x000D_
• Icertis Inc._x000D_
What Key Trends Are Currently Impacting the Supplier Relationship Management Software Market’s Development?
Key players in the supplier relationship management software market are focusing on the construction of innovative solutions such as artificial intelligence (AI) platforms based on generative models to boost supplier engagement, streamline purchasing processes, and improve decision-making via predictive analysis. Generative AI systems refer to sophisticated AI models that leverage machine learning to automate and improve multiple facets of supplier interaction. For example, in March 2024, Apexanalytix, an American software firm, introduced a generative AI platform known as Apex Neural Engine, aimed at transforming supplier management. This platform uses large language models and machine learning to expedite supplier interactions, heighten communication, and add to more solid risk management strategies. It offers customers a risk-sensing assistant that can be trained to automate supply chain risk mitigation. The primary objective of this platform is to lessen friction and promote successful results for customers by automating supplier management, making it more adaptable and responsive.
Get Instant Access to the Global Supplier Relationship Management Software Market Report with Swift Delivery!
Which Key Market Segments Comprise the Supplier Relationship Management Software Market and Drive Its Revenue Growth?
The supplier relationship management software market covered in this report is segmented –
1) By Type: On-Premise, Cloud Based
2) By Enterprise Size: Large Enterprise, Small And Medium-Sized Enterprises
3) By Industry Vertical: Manufacturing, Retail, Automotive, Transportation And Logistics, Telecom, Banking, Financial Services, And Insurance, Other Industry Verticals
Subsegments:
1) By On-Premise: Customizable On-Premise Solutions, Standard On-Premise Solutions
2) By Cloud Based: Public Cloud-Based Solutions, Private Cloud-Based Solutions, Hybrid Cloud-Based Solutions
Which Geographical Regions Are Pioneering Growth in the Supplier Relationship Management Software Market?
North America was the largest region in the supplier relationship management software market in 2024. 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.
What Are the Key Characteristics That Define the Supplier Relationship Management Software Market?
Supplier relationship management (SRM) software refers to a system designed to streamline interactions between a company and its suppliers. It typically includes features for managing supplier contracts, performance evaluation, and collaboration, aiming to enhance efficiency and strengthen partnerships throughout the supply chain.
Browse Through More Similar Reports By The Business Research Company:
3D Eye Tracking Software Global Market Report 2024
https://www.thebusinessresearchcompany.com/report/3d-eye-tracking-software-global-market-report
Healthcare Compliance Software Global Market Report 2024
Healthcare Quality Management Software Global Market Report 2024
About The Business Research Company:
With over 15000+ reports from 27 industries covering 60+ geographies, The Business Research Company has built a reputation for offering comprehensive, data-rich research and insights. Armed with 1,500,000 datasets, the optimistic contribution of in-depth secondary research, and unique insights from industry leaders, you can get the information you need to stay ahead in the game.
Contact us at:
The Business Research Company: https://www.thebusinessresearchcompany.com/
Americas +1 3156230293
Asia +44 2071930708
Europe +44 2071930708
Email us at [email protected]
Follow us on:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Global Market Model: https://www.thebusinessresearchcompany.com/global-market-model
Found this article helpful? Share it on:
