Vendor Management Software Market Updates

Vendor Management Software Market News

in Vendor Management Software Market

In March 2024, Oracle took a significant leap forward by integrating more than 200 generative AI capabilities into its NetSuite platform. These features span critical business areas including finance, inventory, supply chain operations, procurement, and customer relationship management. The updates include intelligent document recognition, predictive analytics for financial forecasting, and automated supplier performance tracking. What sets this move apart is Oracle’s decision to make these tools available to NetSuite users at no additional cost, signaling an aggressive strategy to increase value and retain enterprise clients.

In April 2024, EQT, a global investment firm, acquired Avetta, a leading provider of supply chain risk management and compliance software, in a deal valued at over $3 billion. Avetta specializes in contractor compliance, worker qualification verification, and supplier safety standards. With rising concerns over ESG (Environmental, Social, and Governance) regulations and heightened supplier scrutiny, this acquisition reflects a market shift toward incorporating compliance and safety as foundational pillars of vendor management. The deal is expected to accelerate the development of integrated compliance modules in VMS platforms, pushing the industry toward more robust risk prevention systems.

In June 2024, CSG Systems International made a strategic acquisition of iCheckGateway.com (ICG), a U.S.-based company focused on ACH and credit card payment solutions. While the purchase value was $17 million, the implications for the VMS sector are substantial. The integration of ICG’s payment infrastructure into CSG’s vendor platforms will enhance automation in billing, invoicing, and vendor payments areas that are often bottlenecks in vendor lifecycle management. This acquisition supports the trend of convergence between financial tech and vendor management, where streamlined, secure, and scalable payment solutions are becoming integral to vendor platforms, especially for enterprise-level clients with complex supply chains.

FAQs

Global Vendor Management Software Market size was valued at USD 8.10 billion in 2023 and is poised to grow from USD 9.05 billion in 2024 to USD 22.08 billion by 2032, growing at a CAGR of 11.79% in the forecast period (2025-2032).

The competitive landscape of the global vendor management software industry is characterized by the presence of several well-established players, emerging startups, and strategic collaborations aimed at enhancing solution capabilities. Leading companies are focusing on innovation, cloud integration, and AI-driven analytics to improve vendor tracking, risk management, and contract lifecycle efficiency. For example, in February 2024, SAP collaborated with a leading global IT consulting firm to integrate machine learning features into its vendor management suite, enabling predictive risk insights and automated compliance checks. 'Oracle Corporation', 'SAP SE', 'Avetta', 'EQT', 'CSG Systems International', 'iCheckGateway.com (ICG)', 'Workday, Inc.', 'Coupa Software Inc.', 'IBM Corporation', 'Zycus Inc.', 'GEP Worldwide', 'Beeline'

Modern businesses rely heavily on technology, with larger companies having their own IT department that manages and manages business processes. SMEs don’t really have adequate IT infrastructure. due to additional cost requirements and for managing and maintaining an IT department. Therefore, most SMEs and startups are adopting cloud-based SCM systems, where they can reap the benefits of the IT department through cloud management systems without having to hire additional staff at additional cost.

Technological Advancement Drives Growth in Supply Chain Management: Advances in information and communication technologies make supply chain development more feasible. Technologies such as IoT, cloud computing, 5G, blockchain, AI, 3D printing, and robotics are all needed to enable the digital supply chain of the future because transparency and computation are key areas of supply chain for in-service, real-time viewing. GPS trackers can now track everything from the location of a shipment to its current temperature, delivering up-to-the-minute data.

What Makes North America a Pioneering Region for VMS Adoption?