Nowadays, increasing automation and standardization results into adoption of a comprehensive approach by enterprises to integrate transactional systems and work processes, which helps enterprises to reap the best value for their investments and maximise savings. Sourcing and contract management is one of the approaches implemented by organizations. Enterprises across various industry verticals such as manufacturing, retail, BFSI and IT & Telecom deals with multiple contracts and these enterprises need to procure different kind of products, services and raw material from various sources. All these processes require lot of time, human resources and increases the operational expenses. Therefore, enterprises are moving towards Sourcing and Contract Management solutions to automate the sourcing and procurement contract processes, store all the contracts at one central place, improve contract compliance, meet the business requirement and ultimately to achieve the competitive advantage in their respective market.
In addition to this a sourcing and contract management solutions helps to tackle issues regarding operational expenses and supplier relationship management by value creation for both the parties with a well-defined contract, guiding principles and clear objectives.
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Sourcing and Contract Management Market: Drivers and Restraints
Adoption of market and business intelligence tools in enterprises and growth in modern retail due to technological advancements are the key drivers for the sourcing and contract management market. Another potential driver responsible for the growth of this market is, strong collaboration between enterprises and suppliers resulting into centralization of procurement processes.
However, factors such as limited it spending by enterprises, and reluctance in adopting new technology are restricting the growth of sourcing and contract management market.
Sourcing and Contract Management Market: Segmentation
The sourcing and contract management market can be segmented on the basis of solution type, end-user enterprise size, end-user industry vertical and region wise. On the basis of solutions offered it is further segmented as spend/supply analytics, strategic sourcing, supplier management, and contract management.
End-user enterprise size category, includes SME’s and large enterprises. On the basis of industry verticals it is further segmented as BSFI, IT and Telecommunications, Transportation and Logistics, Manufacturing, Government and Defence, E-commerce, Healthcare, Energy and Utilities, Retail, and Others. Retail segment is expected to grow at a high CAGR. Region wise sourcing and contract management market is further segmented into key regions such as North America, Latin America, Asia-Pacific, Western Europe, Eastern Europe, Japan and Middle East & Africa.
Sourcing and Contract Management Market: Regional Overview
North America region is the largest contributor of sourcing and contract management market and expected to dominate in the coming years. Europe region also has a significant due to increase in IT spending in the enterprises. Asia Pacific’s sourcing and contract management market is expected to witness highest growth in the forecast period owing to demand to build better supplier relationships. Sourcing and contract management market in Latin America and Middle East region is also expected to grow at a considerable rate.
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Market Key Players: SAP SE, IBM Corporation, Oracle Corporation, Epicor Software Corporation, JDA Software Group, Zycus, Vroozi, Cegid Group, GEP, Tradogram, Ivalua, GT Nexus, Ivalua and Infor are some of key players in sourcing and contract management market.
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