Vendor Management System is software that facilitates the planning and management of outsourced products and services. The system is designed to support enterprises in monitoring and managing the risk exposure resulting from third-party service providers.
Drivers & Restraints
The increased adoption of cloud-based software will offer immense growth opportunities; the threat from open-source vendor management software will challenge the growth of the market participants. To make the most of the opportunities, market vendors are witnessed to be more focused on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
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SME (Small and Medium Enterprises)
The market has been segment into North America, South America, Europe, Asia-Pacific, and Middle East and Africa. North America was the largest vendor management software market in 2019, and the region will offer several growth opportunities to market vendors during the forecast period.
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