Fort Collins, Colorado, May 10, 2024 (GLOBE NEWSWIRE) --
The use of cloud-based software services has motivated industry developments in the past.
The imperative for businesses to enhance their supply chain operations is a pivotal driver for the supplier relationship management (SRM) software market. SRM software empowers organizations to streamline processes, curtail costs, and bolster supplier collaboration. As per a report by the World Economic Forum, digital transformation within the supply chain sector has the potential to unlock USD 1.5 trillion in value by 2025. A study by the MIT Center for Transportation and Logistics revealed that companies equipped with advanced supply chain capabilities attain 50% higher revenue growth and 20% higher profitability than their counterparts.
Furthermore, the growing adoption of cloud-based SRM solutions is another significant market growth catalyst. Cloud-based SRM software offers scalability, flexibility, and cost-effectiveness, rendering it an appealing choice for businesses across diverse scales. The global cloud computing market is poised for substantial expansion, as outlined in a report by The International Trade Administration. The mounting adoption of cloud technology across various industries is anticipated to stoke the growth of the SRM software market.
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Segmentation Overview:
The supplier relationship management software market has been segmented into deployment, organization size, end-use, and region.
The manufacturing sector registered a significant market share in 2023.
- Based on the market segmentation by end-use industry, the manufacturing sector was the largest end-use industry segment in the supplier relationship management (SRM) software market in 2023. Manufacturing companies rely on efficient supply chain management to ensure timely delivery of raw materials, components, and finished goods.
Cloud-based deployment witnessed substantial growth in 2023.
- Based on market segmentation by deployment, the cloud-based deployment segment held the largest market share in the supplier relationship management (SRM) software market in 2023. The increasing adoption of cloud technology across industries, driven by its scalability, cost-effectiveness, and flexibility, has contributed to this segment's dominance.
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Supplier Relationship Management Software Market Report Highlights:
- The supplier relationship management market growth is anticipated at a CAGR of 10.7% by 2032.
- The rise in digitalization and the use of cloud-based software services encourage industry developments.
- The Asia-Pacific region is expected to be the fastest-growing market for SRM software during the forecast period.
- Some prominent players in the supplier relationship management market report include SAP, Oracle, Determine (Corcentric), Synertrade, and Scout RFP, JDA Software, IBM, Zycus, GEP, Coupa Software, Ivalua, Jaggaer, Kinaxis, and Infor.
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