SRM Software Market was valued at USD 3.5 Billion in 2022 and is projected to reach USD 6.4 Billion by 2030, growing at a CAGR of 8.5% from 2024 to 2030.
From 2018 to 2022, key trends in the SRM software market included an emphasis on cloud-based solutions, AI-driven features, and better user interfaces. These technologies enabled businesses to streamline their procurement processes and create more efficient collaborations with their suppliers. The market also experienced an influx of industry-specific SRM solutions tailored for sectors such as manufacturing, healthcare, and retail, helping these industries to address unique challenges. Vendors focused on delivering better real-time data analysis and automating tasks like vendor performance tracking, contract management, and order fulfillment.
As we move into the period from 2023 to 2033, the SRM software market is expected to experience even more significant changes. Demand will likely shift as businesses require more comprehensive solutions that can offer real-time insights, enhanced data security, and deeper AI integrations. Advanced features like predictive analytics, blockchain for transparency in transactions, and more robust data-sharing capabilities are poised to drive the evolution of SRM systems. Moreover, the integration of SRM with other enterprise resource planning (ERP) systems will allow for a more cohesive view of an organization's operations, enabling better decision-making and improving supplier relationship management.
The role of artificial intelligence and machine learning is expected to become even more central in the SRM landscape as organizations push for more proactive and predictive measures. AI can help forecast potential disruptions in the supply chain, identify opportunities for cost savings, and automate routine tasks. Automation in particular will reduce human error and improve efficiency in managing supplier contracts, payments, and other key procurement functions. The use of machine learning will enable SRM software to continuously adapt and evolve with changing market conditions.
Looking further into the future, from 2023 to 2033, the demand for SRM software is set to grow exponentially. As businesses continue to pursue digital transformation strategies, the need for SRM systems that can support complex, global supply chains will intensify. The ongoing development of technologies such as IoT (Internet of Things) and 5G networks will provide new opportunities to enhance supplier collaboration and increase the velocity of information sharing. As supply chains become more interconnected, SRM software will play a pivotal role in ensuring smooth operations across borders, allowing companies to maintain competitive advantages in a fast-paced market.
Get an In-Depth Research Analysis of the Global SRM Software Market Size And Forecast [2025-2032]
The SRM (Supplier Relationship Management) software market has seen a steady progression from 2018 to 2022, with numerous technological advancements and increased adoption by various industries. As businesses continue to focus on enhancing supplier relationships, optimizing supply chain processes, and increasing overall productivity, the demand for SRM software has expanded significantly. By 2022, the market had evolved to cater to growing needs for automation, data analytics, and seamless integration with other enterprise systems. This has led to increased competition among vendors and a surge in software offerings, providing businesses with more options than ever before.
TGI
SAP
Epicor Software Corporation
Shortlist
Tipalti
Intelex Technologies
Lead Commerce
R3 Business Solutions
EBid eXchange
EC Sourcing Group
Snapfulfil
Fishbowl Inventory
Oracle Corp
By the year 2030, the scale for growth in the market research industry is reported to be above 120 billion which further indicates its projected compound annual growth rate (CAGR), of more than 5.8% from 2023 to 2030. There have also been disruptions in the industry due to advancements in machine learning, artificial intelligence and data analytics There is predictive analysis and real time information about consumers which such technologies provide to the companies enabling them to make better and precise decisions. The Asia-Pacific region is expected to be a key driver of growth, accounting for more than 35% of total revenue growth. In addition, new innovative techniques such as mobile surveys, social listening, and online panels, which emphasize speed, precision, and customization, are also transforming this particular sector.
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Growing demand for below applications around the world has had a direct impact on the growth of the Global SRM Software Market
Corporate Enterprise
Healthcare
Government and Defense
Education
Others
Based on Types the Market is categorized into Below types that held the largest SRM Software market share In 2023.
On-Premise
Cloud Based
Global (United States, Global and Mexico)
Europe (Germany, UK, France, Italy, Russia, Turkey, etc.)
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
South America (Brazil, Argentina, Columbia, etc.)
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)
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1. Introduction of the Global SRM Software Market
Overview of the Market
Scope of Report
Assumptions
2. Executive Summary
3. Research Methodology of Verified Market Reports
Data Mining
Validation
Primary Interviews
List of Data Sources
4. Global SRM Software Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. Global SRM Software Market, By Type
6. Global SRM Software Market, By Application
7. Global SRM Software Market, By Geography
Global
Europe
Asia Pacific
Rest of the World
8. Global SRM Software Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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