Vendor Management Software Market Size (2021 to 2030)

The global vendor management software market is expected to have a growth rate of 5.2% CAGR from 2021 to 2030, reaching a total market value of USD 7.5 billion by 2030.

Market Share Insights:

In 2021, the vendor management software market was dominated by large enterprises, accounting for approximately 60% of the market share. Small and medium enterprises (SMEs) held the remaining 40% of the market share.

COVID-19 Impact on the Vendor Management Software Market

The COVID-19 pandemic had a significant impact on the vendor management software market in 2020. With organizations shifting to remote work and virtual collaboration, there was a surge in demand for vendor management software to streamline operations and manage vendor relationships efficiently.

Vendor Management Software Dynamics

The vendor management software market is driven by the increasing need for organizations to effectively manage vendor relationships, minimize risks, and ensure compliance with regulatory requirements. Technological advancements, such as artificial intelligence and machine learning, are revolutionizing vendor management processes, leading to market growth.

Segments and Related Analysis

The vendor management software market can be segmented based on deployment type, organization size, vertical, and region. Cloud-based deployment is the most preferred option due to its scalability and cost-effectiveness. Large enterprises are the primary users of vendor management software, followed by SMEs.

By Region Analysis

North America dominates the vendor management software market, followed by Europe and Asia Pacific. The presence of key market players, technological advancements, and early adoption of vendor management solutions drive the market in these regions.

Key Market Players and Competitive Landscape

Major players in the vendor management software market include SAP Fieldglass, Coupa Software, IBM Emptoris, Oracle, and GEP Worldwide. These companies focus on product innovation, strategic partnerships, and mergers and acquisitions to gain a competitive edge in the market.

Recent Happenings in the Vendor Management Software Market

In 2021, SAP Fieldglass launched a new version of its vendor management software with enhanced features for performance tracking and risk management. Coupa Software acquired a smaller vendor management software company to expand its product offerings. IBM Emptoris partnered with a leading cybersecurity firm to strengthen data security in its vendor management software.