The global supplier relationship management (SRM) software market is expected to witness significant growth over the forecast period. Supplier relationship management software helps organizations reduce risk, increase speed to market, and improve delivery. Companies who indulge in a long-term partnership with their suppliers have observed significant improvements in quality, innovation, the cost of services, and delivery. Supplier relationship management software industry is projected to grow significantly over the forecast period. The growth is due to factors including improving organizations' speed to market, greater return on procurement investment, and high quality of output through a supply chain.
Chief driving factors contributing to the supplier relationship management software market growth is the increasing demand for real-time interaction with suppliers and need to reduce supply chain deficiencies. The industry has also been witnessing vendors focus shifting towards strategic sourcing and supplier management from procurement services.
The software also offers supplier contact management functionality to display real-time data about some contacts assigned to a particular supplier, vendor request for quote processing, and approved & potential suppliers by individual facility and product. It also provides ordering business by vendor comparative analysis and responses from each provider. The solution also offers suppliers pricing history, request for quote responses by the supplier, including vendor rebates by-product and customers, and volume discounts offered. It also continually monitors and analyze a vendor’s ongoing performance against a series of key defined performance metrics.
Lack of cross-functional collaboration and integrated procurement and ERP capability solutions could pose a challenge to the growth of this market. In spite of the demand for SRM software, the growing presence of open source vendors is also hindering the growth of this market.
The global SRM software market has also been witnessing increasing demand for SaaS-based solutions. SaaS-based software improves operational efficiencies and reduces costs. In depot repair centers while also improving inventory and parts management, handles all types of service requests and uses robust assignment logic to route requests quickly and to the right person with all the necessary customer and service related information.
The SRM software industry can be segmented by vertical as manufacturing, retail, wholesale/distribution, transportation & logistics, telecom services, financial, and government.
North America is considered as the key market for this industry owing to the presence of a vast number of key vendors, adoption of cloud computing in various sectors, and increasing the popularity of this software among small and medium enterprises. Asia Pacific is expected to have substantial growth over the forecast period owing to industries requirement to optimize the cost of services and delivery process. Industries in developing countries such as India, China, and Singapore are using this software to generate a greater return on procurement investment and improve their supply chain. The Middle East & Africa regional segment is anticipated to grow at a slow pace owing to lack of awareness about the software and its effectiveness.
Key players in the supplier relationship management software market are Ariba Inc., JDA Software Group Inc., Intelex Technologies, Oracle Corp., SAP AG, Epicor Software Corp., Iasta Inc., Zycus Inc., Neocase Software, Computer Sciences Corp. (CSC) CloudSRM, Biznet Solutions Ltd., and Whiztec Software.
Companies in the supplier relationship management software market have adopted various strategic initiatives such as new product development, merger and acquisition, and partnerships and collaboration in order to have a competitive advantage and strong market share.
In October 2015, Intelex Technologies launched new supplier relationship management software; it offers the solution to improve supply chain network at the subsidiaries and parent levels. Organizations can manage critical supplier certifications and documentation, conduct recurring vendor evaluations, key supplier contacts, and manage supplier non-conformances and corrective actions.
In February 2016, Neocase Software launched Neocase FS Power SRM software; it focuses on easing the finance operations and make it more efficient through advanced automation and offer a better experience for suppliers, buyers, customers, and employees through a progressive portal and SLA management.
In June 2014, Generix Group launched a new GCI Supplier Portal; it offers administrative task computerization and delegation, paperless documentation, operation pooling, data quality improvements, dispute reduction, and faster electronic communication.
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In order to ensure business continuity amidst the COVID-19 crisis, business organizations, especially in highly affected countries are allowing their employees to work from home. The increase in people working from home has led to a surge in demand for online video viewing, downloading, and communication through video conferencing, all of which are leading to increased network traffic and data usage. COVID-19 shall accelerate the demand for agile and flexible work styles and further push the adoption of communication services that tend to improve work-life balance. On the flip side, telecom regulators worldwide have postponed their plans of 5G spectrum auction amidst the global pandemic. This is expected to have an impact on the commercialization of commercial 5G standalone deployments and revenue generated through 5G services. The ongoing pandemic has forced telecom operators worldwide to test their network resiliency and revisit their planned investments, especially in 5G technology. The report will account for Covid19 as a key market contributor.