The 2023 report on the “Supplier Relationship Management Software Market” presents a thorough and accurate examination of different factors pertaining to business expansion prospects, challenges, risk elements, and trends in all geographical regions. This report delivers current information on the most recent technological developments, along with SWOT and PESTLE analysis, and valuable insights on market size.
Global Supplier Relationship Management Software Market is valued at approximately USD $ billion in 2021 and is anticipated to grow with a healthy growth rate of more than $ over the forecast period 2022-2029. Supplier Relationship Management Software provides real-time data about different aspects of Supply chain management within an organization including contacts allocated to a certain supplier, and vendor requests for quote processing. This software facilitates organizations in maintaining long-term partnerships with their suppliers. Supplier relationship management software also helps in supplier evaluation and onboarding, as well as in tracking and assessment of supplier performance. The rising expansion of global supply chain management market and growing digitization across different industries as well as strategic initiatives from leading market players are key factors accelerating the market growth.
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According to data from the U.S. Bureau of Economic Analysis and the U.S. Census Bureau, the goods and services deficit increased by $1.9 billion from $68.7 billion in January 2023 to $70.5 billion in February. The increase in the goods and services deficit in February was due to a $2.7 billion increase in the goods deficit to $93.0 billion and a $0.8 billion increase in the services surplus to $22.4 billion. Compared to the same period in 2022, the goods and services deficit has dropped this year by $35.5 billion, or 20.3%. $49.5 billion or 10.8% more was exported. 2.2% or $14.0 billion more was spent on imports.
According to Statista – in 2019, the global Enterprise Resource Planning (ERP) software market was valued at USD 94 billion, and the market is projected to grow to USD 100.68 billion by 2025.
Moreover, as per Statista – in 2020, the global supply chain management market was estimated at USD 15.85 billion, and the market is projected to reach USD 31 billion by 2026. Also, the rising advancements in ERP Solutions and increasing demand for SaaS based solutions would create lucrative opportunities for the market over the forecast period. However, high deployment costs associated with SRM Software and presence of open-source vendors impede the market growth throughout the forecast period of 2022-2029.
The key regions considered for the Global Supplier Relationship Management Software Market study include Asia Pacific, North America, Europe, Latin America, and Rest of the World. North America is the leading region in terms of revenue owing to factors such as presence of leading market players as well as growing digitization across different industries in the region. Whereas Asia Pacific is expected to grow significantly during the forecast period, owing to factors such as rising logistics and transportation sector coupled with growing IT infrastructure in the region.
Major market players included in this report are:
Ariba Inc.
JDA Software Group, Inc.
Intelex Technologies Inc.
Oracle
Epicor Software Corporation
Zycus Inc.
NEOCASE SOFTWARE
Determine, Inc.
DXC Technology Company
Biznet Solutions
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Recent Developments in the Market:
In June 2022, Zycus entered in a multiyear agreement with Swissport International Ltd. a global leader in airport ground services and air cargo handling. Under this partnership, Zycus would offer its AI-powered Source-to-Pay technology solution to improve complete S2P cycle time of the company.
This agreement would enable the company to expand its presence in European market.
In June 2022, Texas, USA based Epicor, a global leader of industry-specific enterprise software acquired Data Interchange, a UK-based provider of Electronic Data Interchange (EDI) cloud technologies and managed services. This acquisition would enable Epicor to expand its reach in the European market.
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.
The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Deployment Mode:
On-premises
Cloud
By Enterprise Size:
Large Enterprise
Small and Medium-sized Enterprises
By End-Use Industry:
Manufacturing
Retail
Automotive
Transportation and Logistics
Telecom
BFSI
Others
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By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Rest of the World
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