vendor management software market accounted to US$ 4,389.2 Mn in 2018 and is expected to grow at a CAGR of 12.4% during the forecast period 2019 – 2027, to account to US$ 12,295.8 Mn by 2027.
Vendor Management Software market is led by the North American region in 2018. North America led the landing global vendor management software market with more than 36% share, followed by APAC and Europe region. The presence of well-developed countries such as the US and Canada and presence of large IT companies are two of the major factors responsible for the growth of vendor management software market in this region.
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Top Key Player:
Coupa Software Inc.,Gatekeeper (Cinergy Technology Limited),HICX Solutions Ltd.,IBM Corporation,Intelex Technologies Inc.,LogicManager, Inc.,MasterControl Inc.,Ncontracts,SalesWarp,SAP SE
US is dominating the vendor management software market in terms of adoption, which in turn boost the demand for vendor management software market. The US is a technologically developed country; hence, the adoption of advanced technology is high across various sectors of the country. The country has the presence of diverse industries and is one of the world’s leading high-technology innovators. The presence of a large number of well-established players from various sectors is a significant factor that is driving the growth of vendor management software in the country. The US holds the dominant share in the vendor management software market, and it is expected to continue its dominance during the forecast period due to the wide adoption of advanced technologies and the presence of a wide array of companies.
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