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Industry Landscape
The B2B sourcing industry is experiencing significant digital transformation, driven by a need for efficiency, transparency, and resilience. Cloud-based platforms and AI are increasingly vital for managing complex global supply chains and facilitating direct buyer-vendor connections. The industry is dynamic, with strong competition and a focus on integrating advanced analytics for better decision-making.
Total Assets Under Management (AUM)
B2B E-commerce Sales in United States
~1.79 trillion USD (2023, US B2B E-commerce Sales)
(18.3% CAGR)
- Growth primarily driven by digital transformation initiatives.
- Increased adoption of online marketplaces for procurement.
- Expanding product categories and services available online.
Total Addressable Market
1.79 trillion USD
Market Growth Stage
Pace of Market Growth
Emerging Technologies
AI-Powered Sourcing
Leveraging artificial intelligence and machine learning algorithms to automate supplier discovery, vetting, and negotiation processes, enhancing efficiency and decision-making.
Blockchain for Supply Chain
Utilizing distributed ledger technology to create immutable and transparent records of transactions and product movements, improving trust, traceability, and reducing fraud in the supply chain.
Predictive Analytics
Applying statistical algorithms and machine learning techniques to historical data to forecast future trends in demand, pricing, and supplier performance, enabling proactive procurement strategies.
Impactful Policy Frameworks
Supply Chain Transparency Act (Proposed, 2024)
A proposed federal initiative aiming to increase visibility into supply chains by requiring companies to disclose more information about their sourcing practices, especially regarding labor and environmental standards.
This policy will compel Canvendor and its users to ensure and verify greater transparency in their vendor relationships and product origins.
INFORM Consumers Act (2023)
This federal law requires online marketplaces to verify the identities of high-volume third-party sellers to combat the sale of counterfeit or unsafe goods.
The INFORM Consumers Act will increase the burden of verification on Canvendor but enhance the trustworthiness and reliability of its platform for buyers.
Cyber Incident Reporting for Critical Infrastructure Act of 2022 (CIRCIA)
Requires critical infrastructure entities to report significant cyber incidents and ransomware payments to the Cybersecurity and Infrastructure Security Agency (CISA).
While not directly on B2B sourcing platforms, it emphasizes the growing importance of cybersecurity, potentially leading to increased demand for vendors with robust data security practices, which Canvendor would need to facilitate.
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