Global Vendor Management Software Market 2020-2024 | Increased Adoption of Cloud-Based Software to Boost Market Growth | Technavio
LONDON--(BUSINESS WIRE)--Feb 25, 2020--
The vendor management software market is expected to grow by USD 3.96 billion during 2020-2024, according to the latest market research report by Technavio. Request a free sample report
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Technavio has announced its latest market research report titled Global Vendor Management Software Market 2020-2024 (Graphic: Business Wire)
Over the years, the adoption of cloud-based vendor management software has increased significantly, as it enables enterprises to use the software on a pay-per-use basis, which makes it cost-effective. Some other factors responsible for the growing adoption of cloud-based vendor management software are easier and faster implementation of IT solutions, less dependency on in-house IT personnel, limited requirements for hardware infrastructure, low maintenance costs, and no licensing costs. Some of the vendors that provide cloud-based vendor management software are LogicManager, ConnXus GEP, and Determine. Thus, the increasing adoption of cloud-based software will drive the growth of the market during the forecast period.
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As per Technavio, the introduction of vendor management mobile apps will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Vendor Management Software Market: Introduction of Vendor Management Mobile Apps
Enterprises are increasingly focusing on using mobile vendor management apps to improve vendor relationships, enhance supply chain and customer service, increase productivity, and reduce costs. The mobile apps provide a single source for vendor records and dashboards for tracking vendor relationships. The mobile app provides real-time visibility to sales information that leads to increased user efficiency and shorter sales cycles with improved customer experience. Thus, the introduction of vendor management mobile apps is expected to drive the growth of the market during the forecast period.
“Factors such as the rise in demand for integrated vendor management solutions, and increasing need to comply with regulatory requirements will have a positive impact on the growth of the vendor management software market value during the forecast period,” says a senior analyst at Technavio.
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Vendor Management Software Market: Segmentation Analysis
This market research report segments the vendor management software market by end-user (BFSI, retail, manufacturing and others), deployment (on-premises and cloud-based), and geography (APAC, Europe, MEA, North America and South America).
The North American region led the vendor management software market in 2019, followed by Europe, APAC, South America, and MEA. During the forecast period, the North America region is expected to register the highest incremental growth due to factors such as the need for business processes to enhance customer satisfaction and the growth of e-commerce and the shift toward omnichannel retail.
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Some of the key topics covered in the report include:
- North America
- South America
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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SOURCE: Technavio Research
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PUB: 02/25/2020 04:30 AM/DISC: 02/25/2020 04:30 AM