North America vendor management software market is expected to grow from US$ 1.58 Bn in 2018 to US$ 3.55 Bn by the year 2027. This represents a CAGR of 9.6% from the year 2018 to 2027.
The increasing trend of the adoption of hi-tech solutions across various enterprises to streamline the business process is boosting the implementation of the Vendor Management Software. The organizations are focusing more on automating their business processes to attain increased efficiencies at reduced costs. Vendor Management Software is a web-based tool used for managing vendor-related information and organization activities by ensuring amended efficiency to achieve long-term growth cost-effectively. The implementation of vendor management solutions enables the organizations to take appropriate measures for reducing potential risks related to vendors, controlling cost, deriving value from vendors, and ensuring excellent service deliverability in the long run. It also assists the organizations through better vendor selections, improved performance management, and good vendor relationships, among others. Moreover, the cost is the primary concern for organizations while choosing their vendors; the businesses are focusing on making wise choices regarding the vendors to meet their requirements at the lowest price with the highest value. Thus, all these features are driving the growth of the vendor management software market.
The North America vendor management software market by deployment is segmented into the on-premise and cloud. The cloud vendor management allows quick deployment and quick ROI. All the clients on the cloud share the same infrastructure pool through security protections, flexible configuration, and accessibility variances. However, the cloud is more extensive when compared to on-premise deployment, due to which enterprise associated with cloud are benefitted with seamless, on-demand scalability. Cloud service is used for providing high service availability at minimum costs, and several organizations are leveraging cloud service to offers services and storing critical data, which is creating a demand for vendor management software across different sectors. The growing demand for cloud solutions is creating opportunities for companies operating in the vendor management software market to gain a strong customer base.
The overall vendor management software market size has been derived using both primary and secondary sources. The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the North America vendor management software market. It also provides an overview and forecast for the North America vendor management software market based on all the segmentation provided with respect to the North America region. Also, primary interviews were conducted with industry participants and commentators to validate data and analysis. The participants who typically take part in such a process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the North America vendor management software industry. Some of the players present in North America vendor management software market are Coupa Software Inc., Gatekeeper (Cinergy Technology Limited), HICX Solutions Ltd., IBM Corporation, Intelex Technologies Inc., LogicManager, Inc., MasterControl Inc., Ncontracts, SalesWarp, SAP SE.