Albany, NY -- (SBWIRE) -- 06/08/2018 -- Nowadays, as the workforce evolves enterprises are striving to gain insights regarding the employee population and manage its blended workforce. Vendor management software is a web-based application to manage and procure staffing services as well as third party labour by performing initial registration, performance assessment, recording non-conformance, implementing corrective or preventative actions, and tracking results. It helps to track, streamline, and further optimize the overall process of managing contractors and several types of contingent labour.

Vendor management software enables enterprises to maintain all contractors, contracts and reviews in one place, as well as risk assessment, resource management and regulatory and auditory compliance. This software also helps organizations to enhance the overall quality of third-party relationships, which further helps to increase their long-term success.

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Vendor Management Software Market: Drivers and Restraints

Factors such as increasing need to minimize administrative costs and need to ensure compliance are the primary factors driving the growth of Vendor Management Software market. Moreover, cloud computing, rise in service sector, and increasing demand from SMEs are also the factor resulting into the growth of vendor management software market.

However, high implementation and maintenance costs is a factor causing a hindrance in the growth of vendor management software market.

Vendor Management Software Market: Segmentation

Vendor management software market can be segmented on the basis of deployment, end-user application and region wise. On the basis of deployment the market is further segmented into cloud-based and on-premise. On the basis of end-user application the market is further segmented into BFSI, retail, manufacturing, government, IT & Telecom and others. Region wise, vendor management software market can be segmented into North America, Latin America, Asia Pacific, Japan, Eastern Europe, Western Europe and Middle East & Africa.

Vendor Management Software Market: Regional Overview

North America is largest contributor of vendor management software market due rise in demand for integrated vendor management solutions followed by Europe owing to adoption of emerging technologies. Asia Pacific contributes a significant market share in vendor management software market due growing adoption of software in various industries to enhance supply chain and customer service. Latin America and MEA region are expected to show a moderate growth rate in vendor management software market as enterprises are increasingly using mobile technology.

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Vendor Management Software Market: Key Players

IBM Emptoris, Intelex Technologies, MasterControl, MetricStream, SAP Ariba, Zycus, ConnXus, Coupa Software, Wax Digital are some of the key players in Vendor Management Software market.