The global business spend management software market was valued at US$ 7,072.5 million in 2018, and is projected to reach US$ 18,015.2 million by 2027, exhibiting a CAGR of 11.2% over the forecast period, according to Global Business Spend Management Software Market Report, by Component (Software/Platform, and Services), by Deployment Type (On-Premise, and SaaS), by Enterprise Size (SME’s, and Large Enterprises), by Solution (Contract & Tender Management, Procure-to-Pay Solutions, Travel & Expense Management, Supplier & Risk Management, and Spend Management/Spend Analytics), by End-use Industry (BFSI, Education, Energy & Utility, Healthcare, Hospitality, IT & Telecom, Manufacturing, and Retail), and by Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa), published by Coherent Market Insights.
All transactional processes of the organizations can be automated with the help of business spend management software, which offers strategic, operational and financial benefits. Moreover, spend management software helps in reducing the time and effort required to accomplish routine spend management activities. An end-to-end spend management system can help to optimize all source-to-pay (S2P) processes, such as spend analysis, strategic sourcing, contract management, and supplier relationship management, etc., and allows the procurement team to focus on driving strategic initiatives and achieving organizational goals.
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Browse 60 market data tables* and 40 figures* on "Global Business Spend Management Software Market” - Global forecast to 2027.
Key Trends and Analysis of the Global Business Spend Management Software Market:
Among enterprise size, the SME’s segment is expected to exhibit the highest growth rate over the forecast period, owing to increasing number of SMEs across the globe which are adopting the business spend management software for managing all the expenses through a single platform. For instance, according to OECD, the number of SMEs is increasing in major economies such as France, Japan, the U.K., and the U.S. In the U.K., the number of enterprise creations nearly doubled from 2002 to 2017. Furthermore, the number of SMEs has more than doubled in France between 2000 and 2017. According to same source, SME’s have been creating a large number of jobs since 2010, specifically in the service sector, in wholesale, retail, trade, accommodation, and food services in Greece, Ireland, and the U.K., and in the construction sector in Italy and Norway.
Key Takeaways of the Market:
According to Coherent Market Insights’ analysis, Asia Pacific is expected to witness the highest growth rate over the forecast period owing to significant growth in the number of small and medium-sized enterprises across emerging countries such as India and China, which has significantly increased the adoption of business spend management software. SMEs are adopting cloud-based solutions and services as these solutions are easy to implement and cost-effective.
On the basis of solution, supplier and risk management segment is expected to show a substantial growth rate over a forecast period, owing to its increasing implementation for proactively identifying third party and supplier risks, and manage them more efficiently, by creating comprehensive supply chain strategies to mitigate vulnerability and ensure business continuity. Furthermore, this solution allows enterprises to continually upgrade their risk rating score by conducting quarterly/ half-yearly checks on their suppliers, which helps them to identify and choose a best-in-class supplier based on the risk rating index.
Some of the major players operating in the global business spend management software market include Advanced, Ariba, Inc. (SAP SE), Coupa Software Inc, GEP, Procurify, Sage Intacct, Inc. (The Sage Group PLC), Sievo, SutiSoft, Inc., TOUCHSTONE GROUP PLC, VA Tech Ventures Pvt Limited (Happay), and others.
Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.
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