The global vendor management software market to grow at a CAGR of 12.63% during the period 2017-2021
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.
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.
According to the 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.