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Responsible Sourcing Software Market Size Forecast to Reach $289 Million by 2026

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Responsible Sourcing Software Market Size Forecast to Reach $289 Million by 2026

March 24
00:41 2021
Responsible Sourcing Software Market Size Forecast to Reach $289 Million by 2026

Responsible Sourcing Software Market
Increasing Deployment of Cloud Connectivity to Improve Transparency Throughout Supply Chains Driving the Growth of Responsible Sourcing Software Market.

The Global Responsible sourcing software market size is forecast to reach $289 million by 2026, growing at a CAGR of 7.9% from 2021 to 2026. The growth of Responsible sourcing software market is attributed to factors such as growing digitization, and growing demand from organisations for planning, budgeting, improving efficiency and others. Moreover, technological advancements such as incorporation of Machine learning, predictive analysis and others give the best possible scenarios based on intelligent algorithms and machine-to-machine analysis of big data sets. This kind of capability could optimize the delivery of goods while balancing supply and demand, and would not require human analysis, but rather action to set the parameters of success. Furthermore, increase in concern for enhancing supply chain management and sustainability, corporate social responsibility (CSR), sustainable development and supply chain ethics further drive forward the Responsible sourcing software industry in the long run.

Responsible Sourcing Software Market Segment Analysis – By Deployment Type

The Cloud deployment model is anticipated to witness significant market growth with CAGR 16% during the forecast period 2021-2026. The market growth is owing to its greater simplicity, improved mobility, and high scalability in comparison to on-premises. Furthermore, cloud model also reduces implementation effort and cost as well as rapid transition to new technologies and business processes. New cloud computing systems are facilitating advanced sustainable developments in Supply Chain Management (SCM) applications. The flow of products can now be handled with digital technologies that incorporate high quantities of data from various channels, link resources (machines and humans) in real-time, and accept social media to function through organisational borders. Cloud networking offers unparalleled insight and real-time touch/impact capabilities, resulting in an intelligent supply network and emerging operating models. Using this benefit, businesses can effectively communicate with their retailers, suppliers and consumers. Cloud connectivity also offers infrastructure benefits such as dynamic provisioning, multi-tenancy, increased use of the server and data centre efficiency. Thus, all these benefits enhances the responsible sourcing software market growth in the years ahead.

Responsible Sourcing Software Market Segment Analysis – By End User

Healthcare segment is anticipated to witness significant market growth with a CAGR of 8% during the forecast period 2021-2026. With the expiry of patents, introduction of generic products, demands on R&D and marketing investments, and immense pressure from governments and health insurance providers to lower end-market costs, there is a considerable potential to maximise the deployment of responsible sourcing software for the development of sustainable development of the organisations. In the healthcare sector, responsible sourcing software can proactively accelerate value generation by finding and collecting supplier creativity all the way to healthcare delivery from the early stages of research and growth. Additionally, the software assists in supply chain management by building strategic, high-performance collaborations with contract testing agencies and other high-end technological and science service providers from third parties. In January 2020, Hiretual announced the release of its AI Procurement Tools for Healthcare and IT/Tech which are now available on the Hiretual network. These are the first AI technologies ever developed specifically to address healthcare and technology management obstacles. Such developments positively impact the market growth of Responsible sourcing software.

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Responsible Sourcing Software Market Segment Analysis – By Geography

North America region held the highest market share in 2020 with market share of around 32.4%. Market growth is due to developments in emerging technology that help to quantify the risks of the supply chain and improve the management of the supply chain. The United States is rigorously working to improve its industrial sector by growing its competitiveness. The existence of major companies such as Oracle, Microsoft, Coupa Software and others in this region engaged in providing to the rising demand from production industries of responsible sourcing software, which further boosts the market growth in the region along with their latest technologies, strategic alliances and others. In November 2019, IBM had implemented a responsible blockchain network to improve human rights and environmental security in the resource supply chain. The launch of innovative tech tools is poised to expand the company’s market share of responsible sourcing software. In June 2019, Jaggaer and ConnXus had partnered with ConnXus to develop solutions for ethical and efficient supply chain sourcing practises that fuel demand for responsible sourcing software.

Responsible Sourcing Software market Drivers

Adoption of blockchain technology into responsible sourcing software

Modern supply chains are extremely diverse and global in reach. A single commodity may be sourced from thousands of inputs originating from hundreds of countries on a supermarket shelf. A multi-tiered supply chain is a huge challenge to negotiate for enterprises dedicated to delivering goods that are responsibly sourced and humanely generated through sustainable development. These commitments require comprehensive technical solutions that allow supplier discovery, supplier relationship management as well as data collection, across several data categories at multiple levels. Blockchain technology has the capacity to implement new standards of transparency and reliability to global supply chain management. The possession of a particular asset or procedure is checked by the network and is accessible to everyone. Contracts are configured for purchases and are thus unchangeable and automatically executed. Thus, Blockchain technology enhances capabilities of supply shift in delivering full supply chain visibility and sustainability thereby driving the market growth.

Increasing deployment of cloud connectivity to improve transparency throughout supply chains

One of the main sourcing software industry dynamics that will drive the growth potential of the global responsible sourcing software market is the upsurge of cloud-based sourcing software. The cloud-based sourcing program requires minimal upfront investments and provides IT-related resources such as processing capacity, storage, network bandwidth, encryption, portals, and SaaS with a pay-per-use billing model.

Responsible Sourcing Software Market Challenges

Lack of skilled personnel

The responsible sourcing software presents an approach that is more data-driven and fact-based for supplier relationship management. The deployment of responsible sourcing software involves strategic experience through several stakeholders in individual sectors in organisations opting for this. This is one of the significant obstacles that will hamper the development of the market during the forecast period 2021-2026.

Responsible Sourcing Software Market Landscape

Partnerships and acquisitions along with product launches are the key strategies adopted by the players in the Responsible sourcing software market. As of 2020, the market for Responsible sourcing software market is consolidated with the top players including Coupa Software, IBM, sciQuest, Zycus Inc, Capgemini SE, Ariba Inc, eBid Systems, SAP, Oracle Corporation, Microsoft Corporation and among others.

Acquisitions/Technology Launches/Partnerships

In July 2020, Applied Materials, Inc. launched a big new programme aimed at building a more sustainable and just supply chain for semiconductor and display production. SuCCESS2030 (Supply Chain Certification for Environmental and Social Sustainability) optimises the collection, sourcing, storage, warehousing, transport and recycle of goods and components in order to minimise energy and pollution and conserve resources.

In June 2020, Google announced a partnership with WWF Sweden to help create an environmental data portal that will make it easier for the apparel industry to take more informed procurement decisions. This partnership puts together programmes from each organisation, building on the particular capabilities of both organisations.

Key Takeaways

Continuous advances in the emerging technology of Artificial Intelligence (AI), cloud computing and the Internet of Things (IoT) and their application through sourcing software are starting to pave the way for a new and more important development of applications and solutions that enhance sustainable development.

Increased implementation of Responsible Sourcing Software in the healthcare sector with rising investment to minimize supply chain risks and improve supply chain management is expected to open up new opportunities for market growth.

North America region is anticipated to dominate the global Responsible sourcing software market in the forecast period 2021-2026 owing to growing digitization, technological developments, strategic collaborations and others.

Related Reports :

A. Supply Chain Risk Management Software Market

https://www.industryarc.com/Report/19327/supply-chain-risk-management-software-market.html

B. Retail Sourcing & Procurement Market

https://www.industryarc.com/Report/16217/retail-sourcing-procurement-market.html

For more Information and Communications Technology Market reports, please click here

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