How Is The Global Supplier Relationship Management Software Market Defined?
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 provides data on the global supplier relationship management software market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The supplier relationship management software market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
What Are The Projections Exist For The Global Supplier Relationship Management Software Market Size And Annual Growth Rates?
The supplier relationship management software market has expanded significantly, growing from $10.99 billion in 2023 to $12.12 billion in 2024, with a CAGR of 10.2%. This growth was driven by factors such as globalization, technological advancements, increasing efficiency demands, regulatory compliance, complex supply chains, and the rise of e-commerce. The market is projected to grow to $17.99 billion in 2028 at a CAGR of 10.4%. Factors contributing to this forecasted growth include the integration of AI, blockchain adoption, a focus on sustainability, demand for real-time data analytics, and the rise of cloud-based solutions. Emerging trends include predictive analytics, collaborative supplier networks, transparency initiatives, agile procurement processes, and mobile procurement advancements.
Which Key Drivers Are Propelling The Supplier Relationship Management Software Market's Growth?
The increasing focus on electrifying the transportation sector is expected to boost the superconducting magnetic energy storage market. Electrification of transportation refers to the shift from internal combustion engine vehicles to electric vehicles. The demand for superconducting magnetic energy storage arises from its ability to store and discharge energy rapidly and efficiently. SMES systems play a key role in supporting the electrification of transport by stabilizing grids and providing energy storage to meet the rising electricity demands of electric vehicles, all while minimizing energy losses. For instance, in September 2023, the UK government announced a delay in the ban on new petrol and diesel cars, setting a target of 80% zero-emission cars and 70% zero-emission vans by 2030, with a goal of 100% by 2035. Therefore, the increasing electrification of transportation is driving the growth of the superconducting magnetic energy storage market.
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What Are The Key Segments Within The Global Supplier Relationship Management Software Market?
The supplier relationship management software market covered in this report is segmented –
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
How Are New Trends Impacting The Size Of The Supplier Relationship Management Software Market?
In the supplier relationship management software industry, leading companies are investing in advanced technologies such as generative AI platforms to optimize supplier collaboration and decision-making. These platforms use machine learning to enhance supplier interactions by automating processes. For example, in March 2024, Apexanalytix, a US software company, launched the Apex Neural Engine, a generative AI platform for supplier management. This platform leverages large language models and machine learning to improve communication, automate risk mitigation, and create a more agile and responsive supplier management process, ultimately helping clients enhance their supply chain risk management.
Which Region Drives The Highest Growth In The Supplier Relationship Management Software 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.
