The Spend Management Software Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions - Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Spend Management Software Global Market Report 2024, The spend management software market size has grown rapidly in recent years. It will grow from $13.97 billion in 2023 to $15.72 billion in 2024 at a compound annual growth rate (CAGR) of 12.6%. The growth in the historic period can be attributed to manual processes inefficiencies, increasing globalization of businesses, focus on cost reduction, growing complexity of regulatory compliance, need for real-time visibility.
The spend management software market size is expected to see rapid growth in the next few years. It will grow to $25.56 billion in 2028 at a compound annual growth rate (CAGR) of 12.9%. The growth in the forecast period can be attributed to increased focus on sustainability, advancements in artificial intelligence (ai) and analytics, demand for cloud-based solutions, integration with enterprise resource planning (erp) systems, focus on risk managemen. Major trends in the forecast period include rise of remote work and digital transformation, focus on real-time analytics, rise of mobile and user-friendly interfaces, incorporation of blockchain technology, greater emphasis on supplier collaboration.
The growing adoption of cloud-based solutions is expected to propel the growth of the spend management software market in the coming future. A cloud-based solution refers to apps and storage spaces, service-on-demand, networks of computers, or additional assets accessed through a different provider's shared cloud-based computing framework via an internet connection. Cloud-based solutions are used in modern spend management software for providing immediate insights into spending patterns and budget compliance. For instance, in December 2021, according to Eurostat, a Luxembourg-based statistical office responsible for producing high-quality data and indicators for all of Europe, 42% of EU businesses adopted cloud computing in 2021. That is a 6-percentage point (pp) rise from 2020 (36%). Sweden and Finland (both 75%) had the greatest percentage, followed by Denmark and the Netherlands (both 65%). Therefore, the growing adoption of cloud-based solutions is driving the spend management software market.
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The spend management software market covered in this report is segmented –
1) By Deployment Mode: Cloud-Based, On-Premises
2) By Enterprise: Large Enterprises, Small And Medium Enterprises,
3) By Application: Consumer Goods, Retail, Manufacturing, Healthcare And Pharmaceuticals, Transportation And Logistics, Other Applications
Major companies operating in spend management software are focusing on innovative platforms such as the Coupa app marketplace to better meet the needs of their existing consumers. The Coupa app marketplace is a single location for Coupa clients to search and install certified applications that enhance the functionality of their business spend management (BSM) solution. For instance, in August 2021, Coupa Software Inc., a US-based company that offers solutions for spend management, launched the Coupa app marketplace. This is the first platform in the entire BSM field to offer solutions that improve and broaden a customer's existing tech stack and BSM capabilities, allowing them to effortlessly exchange information, automate workflows, and perform important activities. Coupa app marketplace solutions span from supply chain analytics to vendor risk analysis to travel and expenditure management and IT management and are meant to be adaptive, connected, and efficient.
The spend management software market report table of contents includes:
1. Executive Summary
2.Spend Management Software Market Characteristics
3.Spend Management Software Market Trends And Strategies
4.Spend Management Software Market analysis
5.Spend Management Software Market Size And Growth
6. Spend Management Software Segmentation
7.Spend Management Software Regional And Country Analysis
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27.Spend Management Software Competitive Landscape And Company Profiles
28.Spend Management Software Key Mergers And Acquisitions
29.Spend Management Software Future Outlook and Potential Analysis
TOP MAJOR PLAYERS:
- International Business Machines Corporation
- Oracle Corporation
- Sage Group PLC
- Concur Technologies Inc.
- Zoho Corporation Pvt. Ltd
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Managing the expenses of your organization is very crucial to avoid incurring losses.
Using BAZ a Spend Management Software will definitely help you manage your business in a very organized way by eliminating human errors and save your time and money and reduce human efforts too.
Almost all companies are able to optimize their direct spend and have a very good control over them.
The grey area lies in the ‘indirect spend’ of the company which is decentralized and is under the control of the several operating units of the business.The indirect spend items constitute 20% of the total company’s expenditure but involves about 80% of the company’s suppliers.
With the introduction of automated financial solutions; control over these 80% of suppliers may become a feasible option and in turn managing ‘indirect spend’ will become easier.
Procurement Service MarketThe sudden challenges created by the ongoing COVID-19 are captured effectively to exhibit the long term growth projections in the MRFR report on Procurement Service Market.
The growth sectors of the Procurement Service Market are identified with precision for a better growth perspective.The global procurement service market is valued at USD 4.93 billion in 2018 and is rising at a CAGR of 8.9% with a forecast of USD 9 billion by 2025.
All enterprises utilize procurement services and have traditionally managed them in-house.
The changing economic landscape with its emphasis on e-procurement, supply chain management, and efficient p2p systems has made it more cost-effective to outsource these services to businesses dedicated to providing procurement solutions.As this industry grows, it becomes more cost-effective for all businesses to avail procurement services and that is a big factor in this market’s growth.
Strategic sourcing overlooks the collation of information pertinent to an organization to maximize its profitability.
It is utilized by all the industries across sectors.Spend Management: This is the fastest-growing segment.
