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Responsible Sourcing Software Market Size to Grow at a CAGR of 7.25% During 2020–2025

Responsible Sourcing Software Market size was valued at $285.6 million in 2019, and it is estimated to grow at a CAGR of 7.25 % during 2020-2025. Increasing adoption of responsible sourcing software solutions in industries for effectively addressing the supply chain labor risks is set to drive the market. Furthermore, advancements in digital technologies and integration of data analytics to assist the market growth owing to its feature of enhancing end-to-end transparency.

Responsible Sourcing Software Market Segment Analysis – By Deployment

Cloud Segment held the major share of around 56% of global responsible sourcing software market in 2019. There has been high adoption and high growth of cloud deployment mode compared to on-premise owing to its greater flexibility, increased availability, and high scalability. Furthermore, its ease of deployment and pay-per-use model, predictable costs, affordability, regular back up of data have increased the adoption of cloud-based deployment.

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Responsible Sourcing Software Market Segment Analysis – By Industry Vertical

Healthcare is the fastest growing segment in Responsible Sourcing Software market and estimated to grow at around CAGR 8% during forecast period 2020-2025 owing to stringent regulatory compliance guidelines such as Global Human Rights and Labor Standards Policy. Evolution of global pandemic disease and increase in investments for adoption of advanced technology and software solutions has provided opportunities for responsible sourcing software in healthcare sector. Adoption of sourcing software assists healthcare industry in mitigating supply chain risks, thereby propelling the market growth. In 2018, Medtronic, a global medical device manufacturer based in U.S., started integrating responsible sourcing into its supply chain processes for adopting responsible sourcing best practices, and meeting customer and shareholder expectations.

Responsible Sourcing Software Market Segment Analysis – By Geography

North America dominated the Responsible Sourcing Software market in 2019 with a share close to 36%, followed by Europe and APAC owing to the advancements in digital technologies that assists in assessing supply chain risks and enhancing the supply chain management. North America is one of the major hubs for manufacturing industry and supply chain management plays a crucial role in the same. Adoption of responsible sourcing software in manufacturing industry for assessing and mitigating supply chain risks is analyzed to drive the market. Furthermore, presence of large number of players such as IBM, Coupa Software Inc, Microsoft Corporation, Oracle Corporation and many others in the region, catering to the growing demand of responsible sourcing software from manufacturing industries is analyzed to be one of the major factors assisting the market growth. Additionally, early adoption of advanced technological tools for supply chain management in various industries and integration of advanced technologies such as data analytics and machine learning to propel the North America responsible sourcing software market during 2020-2025

Responsible Sourcing Software Market Drivers

Increasing adoption of advanced tools for supply chain risks

Responsible sourcing software solutions play a crucial role in assisting companies manage ethical supply chains. As many companies continue to employ social compliance audits for reporting purposes, both buyer and supplier companies have started seeking supplemental tools that enable greater visibility and accountability into supply chain operations, to better focus audit efforts, inform decision-making, and help improve conditions for workers and this has created demand for responsible sourcing software solutions.

Integration of blockchain technology with responsible sourcing software

Blockchain technology has a potential of tracking products in supply chain of various industries. It enables to digitally verify the origins, business practices, and specific processes for every asset in the supply chain, with a high level of security. Many companies are focusing on adopting blockchain technology for enhancing supply chain management. In 2019, Walmart had launched a pilot program with IBM for end to end traceability of exports from farmers to retailers using blockchain. Integration of blockchain technology with responsible sourcing software is poised to open up new growth avenues for the market.

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Responsible Sourcing Software Market Challenges

Lack of awareness and lack of technical expertise

Lack of technical expertise in managing the responsible sourcing software is analyzed to be one of the major factors challenging the current adoption. Additionally, implementation of responsible sourcing software solution require change in the behavior, roles, and responsibilities of the workforce using the solution, which further adds up to the complexities involved in the operating the solutions. The software also offers an approach to supplier relationship management that is often more data-driven and fact-based, which requires supplier managers or category managers to start interpreting new types of data and engage with retailers to communicate about the data with suppliers. Implementation of responsible sourcing software requires technical expertise in enterprises opting for this across various stakeholders in individual industries, and this is one of the major challenges which is set to hamper the market growth during the forecast period as well.

Market Landscape

Technology launches, Acquisitions, Collaboration, and R&D activities are key strategies adopted by players in the Responsible Sourcing Software market. Responsible Sourcing Software top 10 companies include Gensuite, IBM, Jaggaer Inc, Coupa Software Incorporated, Oracle Corporation, Microsoft Corporation, Zycus Inc, Capgemini SE, Ariba Inc, eBid Systems, SAP and others.

Acquisitions/Technology Launches

In November 2019, IBM had launched responsible blockchain network in order to strengthen human rights and environmental protection in mineral supply chain. Introduction of new software solutions is poised to increase the company’s responsible sourcing software market share.

In June 2019, Jaggaer and ConnXus had collaborated with ConnXus in order to provide strategies for responsible and sustainable supply chain sourcing practices which drives the demand for responsible sourcing software.

Key Takeaways

North America dominated the Responsible Sourcing Software market in terms of value in 2019 owing to the early adoption of advanced software solutions and increase in investment towards connected supply chain.

Adoption of advanced technologies such as data analytics, cloud computing in industries is poised to propel the market growth. Integration of data analytics with the responsible sourcing software, procurement in supply chain can constantly check real-time pricing and availability of suppliers including history of order accuracy, transportation and logistics costs, and many other variables.

Increasing adoption of Responsible Sourcing Software in healthcare sector with growing investments for mitigating supply chain risks is set to open-up new growth avenues.

Implementing responsible sourcing software solution may require a change in the behavior, roles, and responsibilities of the workforce which is the major challenge that hampers the market growth.

Related Reports :

A. Retail Sourcing & Procurement Market

https://www.industryarc.com/Report/16217/retail-sourcing-procurement-market.html

B. Sourcing Software Market

https://www.industryarc.com/Research/Sourcing-Software-Market-Research-510033

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Contact Information:

Venkat Reddy
Sales Director
Email: [email protected]
Website: https://www.industryarc.com
Phone: (+1) 970-236-3677