Supplier Relationship Management Software Market Trends
“The Business Research Company recently released a comprehensive report on the Global Supplier Relationship Management Software Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.
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According to The Business Research Company’s, The supplier relationship management software market size has grown rapidly in recent years. It will grow from $10.99 billion in 2023 to $12.12 billion in 2024 at a compound annual growth rate (CAGR) of 10.2%. The growth in the historic period can be attributed to globalization, technological advancements, increasing demand for efficiency, regulatory compliance, growing complexity in supply chains, and the emergence of e-commerce.
The supplier relationship management software market size is expected to see rapid growth in the next few years. It will grow to $17.99 billion in 2028 at a compound annual growth rate (CAGR) of 10.4%. The growth in the forecast period can be attributed to AI integration, blockchain adoption, sustainability focus, demand for real-time data analytics, and cloud-based solutions. Major trends in the forecast period include artificial intelligence and machine learning integration, predictive analytics, collaborative supplier networks, emphasis on transparency, agile procurement processes, and growth in mobile procurement solutions.
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Market Drivers and Trends:
The escalating prevalence of respiratory disorders is expected to propel the growth of the pulmonary drug delivery devices market going forward. Respiratory disorders refer to diseases or conditions that affect the lungs and airways, impacting human respiration. There is an increasing prevalence of respiratory disorders due to several factors such as rising levels of air pollution, increased smoking rates, urbanization, climate change, and the aging population. Pulmonary drug delivery devices play an important role in the treatment of respiratory disorders by allowing direct delivery of medications to the lungs. For instance, in May 2024, according to the Centers for Disease Control And Prevention (CDC), a US-based national public health agency, the prevalence of current asthma among adults aged 18 and over, increased from 8.0 % in 2021 to 8.7% in 2022. Therefore, the escalating prevalence of respiratory disorders is expected to propel the growth of the pulmonary drug delivery devices market.
Major companies operating in the supplier relationship management software market are focused on developing advanced solutions, such as generative artificial intelligence (AI) platforms, to enhance supplier collaboration, optimize procurement processes, and improve decision-making through predictive analytics. Generative AI platforms refer to advanced AI systems that leverage machine learning techniques to automate and enhance various aspects of supplier interactions. For instance, in March 2024, Apexanalytix, a US-based software company, launched a generative AI platform called Apex Neural Engine, designed to revolutionize supplier management. This platform utilizes large language models and machine learning to streamline supplier interactions, enhance communication, and contribute to more robust risk management strategies. It provides clients with a trainable risk-sensing assistant to automate the mitigation of supply chain risks. The platform’s goal is to reduce friction and drive successful outcomes for clients by making supplier management more automated, adjustable, and responsive.
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Major Key Players of the Market:
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.
Supplier Relationship Management Software Market 2024 Key Insights:
• The supplier relationship management software market size is expected to see rapid growth in the next few years. It will grow to $17.99 billion in 2028 at a compound annual growth rate (CAGR) of 10.4%.
• Adoption Of Cloud-Based Solutions Propel Growth Of The Supplier Relationship Management Software Market
• Generative AI Platforms Transforming The Market
• North America was the largest region in the supplier relationship management software market in 2023
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