The Business Research Company’s Supplier Relationship Management Software Global Market Report 2024 – Market Size, Trends, And Market Forecast 2024-2033

LONDON, GREATER LONDON, UK, July 31, 2024 /EINPresswire.com/ -- The supplier relationship management software market has experienced robust growth in recent years, expanding 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.

Strong Future Growth Anticipated
The supplier relationship management software market is projected to continue its strong growth, reaching $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.

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Growth Driver Of The Supplier Relationship Management Software Market
The growing adoption of cloud-based solutions is expected to propel the growth of the supplier relationship management software market going forward. Cloud-based solutions refer to services, applications, and resources delivered over the internet rather than being hosted locally on a personal computer or an on-premises server. The surge in the adoption of cloud-based solutions is driven by their scalability, cost-effectiveness, and ability to support remote work and digital transformation. Cloud-based solutions for supplier relationship management software facilitate remote access, scalability, and real-time data sharing, enhancing collaboration and agility in supplier management processes.

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Major Players And Market Trends
Key players in the supplier relationship management software market include Oracle Corporation, GEP LLC, Epicor Software Corporation, Coupa Software Incorporated, Icertis Inc., Basware Corporation, Zycus Inc.
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.

Segments:
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

Geographical Insights: North America Leading The Market
North America was the largest region in the supplier relationship management software market in 2023. 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.

Supplier Relationship Management Software Market Definition
Supplier relationship management (SRM) software refers to a system designed to streamline interactions between a company and its suppliers. It typically includes features for managing supplier contracts, performance evaluation, and collaboration, aiming to enhance efficiency and strengthen partnerships throughout the supply chain.

Supplier Relationship Management Software Global Market Report 2024 from The Business Research Company covers the following information:
• Market size data for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Trends, opportunities, strategies and so much more.
The Supplier Relationship Management Software Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on supplier relationship management software market size, supplier relationship management software market drivers and trends, supplier relationship management software market major players, supplier relationship management software competitors' revenues, supplier relationship management software market positioning, and supplier relationship management software market growth across geographies. The supplier relationship management software market report helps you gain in-depth insights into opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.

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