Vendor Management Software Market 12.63% CAGR to 2021 Driven by Increased Adoption of Cloud-Based Applications
PUNE, India, Aug. 8, 2017 /PRNewswire-iReach/ -- According to the vendor management software market report, one driver in the market is increased adoption of cloud-based vendor management software. Cloud computing enable enterprises to use the software on a pay-per-use basis, which makes it cost-effective. Some of the factors responsible for the adoption of cloud-based vendor management software are easier and faster implementation of IT solutions, less dependency on in-house IT personnel, limited requirements for hardware infrastructure, low maintenance costs, and no licensing costs. These solutions enable businesses to focus on developing their core competencies.
Complete report on Vendor Management Software market spread across 83 pages, analyzing 27 major companies with table of content is now available at http://www.reportsnreports.com/reports/1150479-global-vendor-management-software-market-2017-2021.html .
The following companies as the key players in the global vendor management software market: IBM Emptoris, Intelex Technologies, MasterControl, MetricStream, and SAP Ariba. Other prominent vendors in the market are: Adjuno, ConnXus, Coupa Software, Determine, Deskera, eBid Systems, eSellerHub, 360factors, Freshdesk, GEP, HICX Solutions, Ivalua, JAGGAER, LogicManager, PROACTIS, Quantivate, SalesWarp, SUPERNAL SOFTWARE, TraceGains, Wax Digital, Wise Retail, and Zycus.
Vendor management software market analyst says one trend in the market is rise in demand for integrated vendor management solutions. End-users prefer vendors that provide integrated and converged software suites as opting for different software may lead to integration issues. Integrated products and software suites from the same vendor have better integration ability and support other functions. As increased complexity of network infrastructure has made integration an important buying criterion, solutions with better integration are finding higher adoption.
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Global Vendor Management Software Market 2017-2021, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market. The report covers the present scenario and the growth prospects of the global vendor management software market for 2017-2021. To calculate the market size, the report considers revenue generated from the sale of vendor management software license, maintenance and support, installation, customization, and training.
Further, the report states that one challenge in the market is high implementation and maintenance costs. The high cost of deploying the on-premises vendor management software is one of the major challenges in the market for the SMEs. The price of the vendor management software includes the system design and customization cost, implementation cost, training, and maintenance cost. The implementation of the software in an organization requires IT staff with the relevant skill set. The implementation of the vendor management software requires planning, adequate funding, self-assessment, cooperation, and clear vision at all managerial levels.
The vendor management software market study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.
Key questions answered in this report
What will the market size be in 2021 and what will the growth rate be?
What are the key market trends?
What is driving this Industry?
What are the challenges to Vendor Management Software market growth?
Who are the key vendors in this Industry space?
What are the market opportunities and threats faced by the key vendors?
What are the strengths and weaknesses of the key vendors?
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