Supplier Relationship Management Software Market Size
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What Will the Supplier Relationship Management Software Industry Market Size Be by 2025?
The market size of supplier relationship management software has seen substantial growth recently. From $12.12 billion in 2024, it is expected to amplify to $13.41 billion in 2025, with a compound annual growth rate (CAGR) of 10.6%. This growth during the historic period is tied to factors like globalization, advancements in technology, increased calls for efficiency and regulatory compliance, an added complexity in supply chains, and the advent of e-commerce.
What’s the Long-Term Growth Forecast for the Supplier Relationship Management Software Market Size Through 2029?
It is predicted that the supplier relationship management software market will experience a significant expansion in the coming years, escalating to $19.82 billion by 2029, with a compound annual growth rate (CAGR) of 10.3%. Factors contributing to this anticipated growth during the forecast period encompass the incorporation of AI, the adoption of blockchain, a focus on sustainability, the need for real-time data analysis, and cloud-based solutions. Foreseen trends during this period include the integration of artificial intelligence and machine learning, predictive analytics, the establishment of collaborative supplier networks, a stress on transparency, the implementation of agile procurement processes, and advancement in mobile procurement solutions.
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What Are the Key Growth Drivers Fueling the Supplier Relationship Management Software Market Expansion?
The supplier relationship management software market is predicted to experience significant growth fueled by the escalating use of cloud-based applications and services. Rather than utilizing a personal computer or on-site server, cloud-based solutions provide resources and applications via the internet. Their broad adoption is primarily due to their ability to scale seamlessly, deliver cost efficiency, and support activities like digital transformation and remote work. Cloud-based applications for supplier relationship management deliver real-time data sharing, remote capabilities, and scalability, which boost efficient collaboration and flexibility in managing supplier processes. For example, Eurostat, a Luxembourg intergovernmental organization, reported in December 2023 that 45.2% of companies in the European Union had adopted cloud computing services. These are predominantly used for handling tasks such as hosting email systems and storing electronic documents. This represented a 4% increase from 2021 levels in the purchase of cloud computing services by EU businesses. Hence, the accelerated adoption of cloud-based solutions is significantly contributing to the growth of the supplier relationship management software market.
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What Are the Key Trends Driving Supplier Relationship Management Software Market Growth?
Leading businesses active in the supplier relationship management software market are concentrating on creating innovative solutions like generative artificial intelligence (AI) platforms. These are designed to amplify supplier collaboration, refine procurement procedures, and boost decision-making using predictive analytics. Generative AI platforms are essentially advanced AI systems that use machine learning to automate and improve various facets of supplier interactions. For example, Apexanalytix, an American software firm, introduced Apex Neural Engine, a generative AI platform in March 2024. This platform seeks to transform supplier management using wide language models and machine learning, simplifying supplier interactions, improving communication, and facilitating more thorough risk management strategies. This solution offers customers a learnable risk-detection assistant to mechanize the reduction of supply chain risks. The broader objective of this platform is to diminish friction and promote successful outcomes for their clients by making supplier management more automatic, adaptable, and reactive.
How Is the Supplier Relationship Management Software Market Segmented?
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
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Which Companies Are Leading the Charge in Supplier Relationship Management Software Market Innovation?
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.
Which Regions Are Leading the Global Supplier Relationship Management Software Market in Revenue?
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.
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