May 28, 2020 2:05 AM ET
iCrowd Newswire – May 28, 2020
Latest market study on “Vendor Management Software Market to 2027 by Deployment Mode (Cloud, On- premise); Enterprise Size (Large Enterprises, SMEs); Industry Vertical (Retail, Manufacturing, BFSI, IT and Telecom, Others) – Global Analysis and Forecast”, the vendor management software market is estimated to reach US$ 12,295.8 Mn by 2027 from US$ 4,389.2 Mn in 2018. The report includes a key understanding of the driving factors of this growth and also highlights the prominent players in the market and their developments.
Growing Number of SMEs is one of the prominent factor for the growth of vendor management software market
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The technological innovative solutions are helping technology companies across the world to accelerate their digital transformation adoption. From the past few years, the technology industry observed high growth and a dramatic increase worldwide. Factors such as technological innovations, economic growth, and IT spending influence technology industry dynamics considerably. With the advancement in technology and growing access to cost-effective, qualified human resources globally, various industries are focusing on development as well as the adoption of highly technological products for better performance. Enterprises and new developing markets are expected to invest in the technology market to build IT infrastructure that would help reduce costs and enhance business productivity. The growing adoption of vendor management software across SMEs is expected to create new opportunities for the global vendor management software market during the forecasted period.
Market Initiatives was observed as the most adopted strategy in global vendor management software market. Few of the recent market initiatives are listed below:
2019: Coupa announced the expansion of its relationship with Amazon Web Services (AWS) to focus more on controlling over their IT spend.
2019: Ncontracts signed a joint venture with The Community Bankers Association of Illinois (CBAI), for assuring the CBAI member banks to rely on Ncontracts teammate with risk and vendor management, cybersecurity assessments, business continuity planning, contract management as well as findings management.
2018: Intelex Technologies announced its partnership with Liderança Group, to fill the essential gaps present in ESHQ training, by removing compliance-paralysis for companies for better processes as well as more profitable outcomes.
2017: SalesWarp’s Omnichannel Order Management and Warehouse solution selected by Active Ride Shop, for improving efficiency and providing a better experience for its Active Ride Shop customers.
The world is witnessing rising number of cyber-attacks with the constantly upgrading connectivity technologies. Ever-increasing threats as well as evolving industry and government compliances and regulations are imposing organizations to spend heavily on their security infrastructure. Organizations are becoming progressively alert to cyber-threats. Cybersecurity has already become a severe issue across several businesses due to proliferation of the online world becomes an underlying component of the physical world. In the recent years, cyber-attacks have hampered the ease of doing businesses for the BFSI, media and entertainment, healthcare, and government organizations may hinder the growth of the vendor management software market.
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Keywords: Vendor Management Software Market, Vendor Management Software, Vendor Management Software Market 2020, Vendor Management Software Market 2027