The "Vendor Management Software Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
The Vendor Management Software Market is expected to grow at a CAGR of 14% over the forecast period (2021 - 2026). Vendor management involves initiating and grooming the relationships the suppliers of the goods and services a buyer needs for day to day operations.
Intelex Technologies Inc.
Coupa Software Inc.
Key Market Trends
Retail Sector is Expected to Hold the Largest Share
The retail industry depends on many third-party vendors and suppliers for their inventory. This makes retailers prone to many risks. Therefore it becomes imperative for these retailers to look for the solutions that help them mitigate such risks. This is expected to boost the demand for the vendor management software market over the forecast period.
Quantivate's supplier and vendor management for retail allow the retailers to identify potential supplier risks, verify that suppliers are compliant, and continue to monitor changes that can create new risks.
The increasing trend in retail sales activities has made vendors to better serve not only their customers but has made maintaining healthy relationships with their suppliers equally important. A vendor management software allows the vendor in satisfying both the parties thereby fueling the demand for the VMS over the forecast period
The fluctuating market conditions and consumer trends are responsible for the varying Product pricing and promotion which makes it important for the retailers to adjust and adapt to such changes quickly. The VMS helps the retailers in achieving this need thereby boosting the growth of the market over the forecast period.
North America to Enjoy the Highest share
The region has a well-established distribution channel for all types of retail companies which makes it imperative for the vendors to effectively and efficiently manage the entire distribution channel and VMS provides a perfect solution to the question.
The US retail industry is undergoing two significant transitions one being the technological and the other being the result of the changes in consumer behavior. This is expected to boost the demand for the VMS in the region over the forecast period.
According to The U.S. Census Bureau, the retail trade sales were up 0.5 percent (±0.5 percent)* from April 2019, and 3.1 percent (±0.7 percent) as compared to 2018. This increase is expected to fuel the growth for the VMS in the region throughout the forecast period.
With the banking and the financial institutions also relying on the third party vendors for many of its operations it becomes very important for these institutions to embrace a robust-third party vendor management program that helps them in assessing, measuring, monitoring, and controlling such risks.
Some of the prominent players in the region are providing such software solutions that help these institutions mitigate or terminate such risks thereby boosting the market in the region.
For instance, Ncontracts LLC's Nvendor enables financial institutions to achieve and maintain regulatory compliance with third-party vendor regulations and guidance.
Key Topics Covered:
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Introduction to Market Drivers and Restraints
4.3 Market Drivers
4.3.1 Increasing Need to Minimize the Administrative Costs
4.3.2 Increased Adoption of Cloud Based Computing
4.4 Market Restraints
4.4.1 High Implementation and Maintenance Cost
4.5 Industry Attractiveness - Porter's Five Force Analysis
5 MARKET SEGMENTATION
5.1 By Deployment
5.2 BY End-user Industry
5.2.4 IT & Telecommunications
5.2.5 Other End-user Industries
5.3.1 North America
5.3.4 Latin America
5.3.5 Middle East and Africa
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
7 INVESTMENT ANALYSIS
8 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/eyl3am
View source version on businesswire.com: https://www.businesswire.com/news/home/20210414005591/en/
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