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How Has the Vendor Management Software Market Grown from 2024 to 2025?

The size of the vendor management software market has experienced swift growth in recent years, expanding from $10.32 billion in 2024 to an expected $11.93 billion in 2025 at a compound annual growth rate (CAGR) of 15.6%. The previous growth in this sector is linked to the shift towards digitalization, increased reliance on outsourcing, a requirement for transparency, demands for regulatory compliance, and the complexity of supply chains.

What Growth Rate Is Anticipated for the Vendor Management Software Market in the Coming Years?

The market for vendor management software is set to experience a significant increase in the coming years, expected to reach $21.02 billion by 2029, with a CAGR of 15.2%. The forecasted growth can be credited to several factors such as the increasing intricacy in vendor ecosystems, a growing importance on compliance and risk management, a pursuit of cost optimization and efficiency, the expansion of the gig economy and contingent workforce, and the need for real-time data and analytics. Key trends that will be seen during this forecast period are the proliferation of cloud-based solutions, a rising use of artificial intelligence, product innovations, partnerships, and investments.

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Who Are the Leading Companies in the Vendor Management Software Market?

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

What Are the Key Drivers of the Vendor Management Software Market?

The vendor management software market’s expansion is anticipated to be fueled by the thriving retail industry. The retail field includes companies that directly sell goods and services to customers for personal or domestic consumption. The evolution of this sector is attributed to rising consumer expenditure, growth of e-commerce platforms, changing consumer tastes, and internationalization of markets. Vendor management software assists retailers in enhancing supplier relationships, refining inventory administration, reducing expenses, ensuring regulation compliance, and simplifying product lifecycle management. All these culminate in an improved operational proficiency and competitive edge in the retail sector. For instance, records from the United States’ Census Bureau of the Department of Commerce in February 2024 showed that the total retail sales for the last quarter of 2023 summed up to $1,831.4 billion, marking a 0.4% increase from the third quarter. Consequently, the surging retail industry fuels the advancement of the vendor management software market.

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What Are the Key Market Segments in the Vendor Management Software Industry?

The vendor management software market covered in this report is segmented –

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 Software

2) 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

Subsegments:

1) By Procurement And Sourcing Software: E-Sourcing Software, Purchase Order Management Software, Supplier Management Software, Spend Analysis Software, Contract Lifecycle Management (CLM) Software

2) By Vendor Analytics And Reporting Software: Data Visualization Tools: Supplier Performance Dashboards, Predictive Analytics Tools, Reporting Automation Tools, Risk And Compliance Analytics

3) By Vendor Contract Management Software: Contract Creation And Authoring Tools, Contract Negotiation And Approval Tools, Contract Compliance Management, Digital Signature And E-Signature Tools, Contract Renewal And Termination Tracking

4) By Vendor Information Management Software: Supplier Database Management, Vendor Profile Management, Supplier Self-Service Portals, Data Cleansing And Enrichment Tools, Document Management For Vendors

5) By Vendor Onboarding And Compliance Software: Supplier Onboarding Portals, KYC (Know Your Customer) Compliance Tools, Vendor Verification And Authentication, Supplier Risk Assessment And Compliance, Integration With ERP And CRM Systems

6) By Vendor Performance Management Software: Supplier Performance Evaluation Tools, KPI Tracking And Metrics Analysis, Scorecards And Performance Dashboards, Risk Management And Issue Tracking, Vendor Auditing Tools

7) By Vendor Relationship Management Software: Communication And Collaboration Tools, Vendor Engagement Platforms, Contract Negotiation Tools, Vendor Collaboration Portals, Relationship Analytics And Sentiment Analysis

What Are the Latest Trends in the Vendor Management Software Market?

Key players in the vendor management software market are advancing their offerings by creating innovative products like automated vendor management software. These tools help increase effectiveness, simplify operations, and meet the shifting needs of modern businesses. Automated vendor management software improves vendor onboarding, tracks performance, and manages contracts via cutting-edge automation and workflow features. For example, PayMyTuition, a company based in Canada that specializes in automated vendor management software, introduced an automated solution specifically designed for colleges and universities in March 2022. The PayMyTuition vendor management software equips educational entities with the ability to refine payment processes, bill and pay vendors, and combine with their existing student information systems. With an inventive vendor payments function and automated software, this solution revolutionizes the way educational institutions manage their international business payments.

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What Are the Key Regional Markets in the Vendor Management Software Industry?

North Americawas the largest region in the vendor management software market in 2023. Asia-Pacificis 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.

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This Report Delivers Insight On:

1. How big is the vendor management software market, and how is it changing globally?

2. Who are the major companies in the vendor management software market, and how are they performing?

3. What are the key opportunities and risks in the vendor management software market right now?

4. Which products or customer segments are growing the most in the vendor management software market?

5. What factors are helping or slowing down the growth of the vendor management software market?

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