Spend Analytics Market was around US$ 3.85 Bn in 2017 and is expected to grow at a CAGR of around 9.28% in the forecast period of 2018-2026. Spend analysis or analytics refers to the process of collecting, categorizing as well as evaluating expenditure data, provided either by human or through any kind of software. The spend analytics is usually performed by companies to increase their profitability through identifying the wasteful spending along with flagging contracts which can be renegotiated at any point in time. There are three core areas of spend analytics that is taken care by the management which comprises of the visibility, analysis, and process.
Factors such as increasing need for supplier and market intelligence, predictive analytics for businesses, need to better manage internal compliance policies and external contracts, and growing demand for cloud computing technology are driving the global market. The challenges faced by the spend analytics market are issues in achieving consistency in business semantics and interpretations, data privacy and security concerns, and concerns about positive Return on Investment (RoI). Difficulty in migrating from legacy systems might restrain the market growth.
In the component segment, spend analytics software segment is expected to have the largest market share during the forecast period. The demand for spend analytics software is rising as organizations are looking for solutions to obey strict governance and compliance policies related to their accounts and spend data, increasing adoption of market intelligence by suppliers, and the necessity to keep company’s expenditure to the minimum without affecting its operations.
The spend analytics market is segmented by component, application, analytics type, business function, deployment model, organization size, and region. Large enterprises are expected to dominate the spend analytics market with factors such as the widespread to manage various applications, such as governance and compliance management, and risk management form some of the major factors driving the overall growth. However, it is the small and medium-sized enterprises or SMEs that are expected to account for one of the highest growth because of easy availability and scalability of cloud-based deployments that help in saving a lot of extra costs for the company.
North America is estimated to hold the largest market size in 2018. Early adoption of new and emerging technologies together with the presence of major industry players, is expected to act as some of the chief factors driving the spend analytics market in North America as well as globally. The Asia Pacific (APAC) region will monitor one of the highest growth in with presence of a large number of SMEs forming a major contributing factor to drive the overall business growth.
The key players of spend analytics market include SAP SE (Germany), IBM Corporation (US), SAS Institute, Inc. (US), Oracle Corporation (US), and Coupa Software Inc. (US).
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Spend Analytics Market scope:-
Spend Analytics Market, By Component
• Software
• Services
o Professional
o Managed
Spend Analytics Market, By Application
• Financial Management
• Demand and Supply Forecasting
• Governance and Compliance Management
• Risk Management
• Others
Spend Analytics Market, By Analytics Type
• Predictive Analytics
• Descriptive Analytics
• Prescriptive Analytics
Spend Analytics Market, By Business Function
• Finance
• Marketing
• Information Technology (IT)
• Operations
Spend Analytics Market, By Deployment Model
• On-Premises
• Cloud
Spend Analytics Market, By Organization Size
• Small and Medium-Sized Enterprises
• Large Enterprises
Spend Analytics Market, By Geography
• North America
• Europe
• Asia-Pacific
• Middle East & Africa
• Latin America
Key Players operating in the Spend Analytics Market:
• SAP SE
• Zycus Inc.
• Proactis
• SAS Institute, Inc.
• Ivalua Inc.
• BravoSolution SPA
• Rosslyn Analytics, Ltd.
• Coupa Software Inc
• IBM Corporation
• Oracle Corporation
• JAGGAER
• Empronc Solutions Pvt. Ltd
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According to research report "Spend Analytics Market by Application (Financial Management, Risk Management, Governance and Compliance Management, Supplier Sourcing and Performance Management), Business Function, Deployment Model, and Vertical - Global Forecast to 2022", The spend analytics market size is expected to grow from USD 1.33 Billion in 2017 to USD 3.01 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 17.7%.
The key forces driving the spend analytics market include increasing need for supplier and market intelligence, predictive analytics for businesses, need to better manage internal compliance policies and external contracts, and growing demand for cloud computing technology.Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=259355881Browse 90 market data tables and 67 figures spread through 182 pages and in-depth TOC on "Spend Analytics Market - Global Forecast to 2022"The retail and eCommerce vertical is expected to have the largest market share during the forecast periodThe retail and eCommerce industry is undergoing a significant transformation with rapid economic and income growth in emerging nations, and big data has emerged as a pivotal element in building business development strategies.
The industry is facing various challenges such as long-term uptrend in commodity, raw material prices, changing supply chain architecture, and cost-trend dynamics.
Spend analytics helps to design, develop, and make cost-competitive global business strategies and enhance the business and lower the costs and optimize the transportation and logistics networks.Enquiry Before Buying: https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=259355881The cloud deployment model to grow at a high CAGR during the forecast periodThe spend analytics market by deployment model has been segmented into on-premises and cloud.
Cloud solutions support real-time visibility of the sourcing and procurement activities, enabling organizations to interconnect with employees and customers anytime, before, during, and after each appointment.North America is expected to constitute the largest market share; APAC to grow at the highest CAGRIn terms of market share, North America is expected to continue its dominance throughout the forecast period.
Growing technology expenditures in countries such as China and India and the demand for cost-effective analytical software and services among Small and Medium-Sized Enterprises (SMEs) are expected to drive the market growth during the forecast period.Speak to Our Expert Analyst: https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=259355881The major vendors providing spend analytics software and services are SAP SE (Germany), SAS Institute, Inc. (US), IBM Corporation (US), Oracle Corporation (US), Coupa Software Incorporated (US), Zycus Inc. (US), Proactis (UK), Empronc Solutions Pvt.
The Global spend Analytics Market report by Reports and Data is an all-encompassing study of the global spend Analytics market.
Our market researchers’ panel has performed quantitative and qualitative assessments of the global spend Analytics market dynamics in a bid to forecast the global market growth over the forecast period.
They have taken into consideration several factors, such as market penetration, pricing structure, product portfolios, end-user industries, and the key market growth drivers and constraints, to endow the readers with a sound understanding of the market.
The report provides the reader with a panoramic view of the spend Analytics market, supported by key statistical data and industry-verified facts.
Additionally, the report highlights the market competition including the portfolios and strategic alliances and endeavors of the key competitors.
The report also offers key insights about top companies in the market along with their company overview, business expansion plans, financial standing, production and manufacturing capacity, and global position.Get a sample of the report @ https://www.reportsanddata.com/sample-enquiry-form/2323Key companies operating in the market include: SAS Institute, Inc., SAP SE, Oracle Corporation, IBM Corporation, Zycus Inc., Coupa Software Inc., Empronc Solutions Pvt.
Global Spend Analytics MarketThe global spend analytics market is forecast to reach USD 5.69 Billion by 2026, according to a new report by Reports and Data.
Improving the spend visibility also helps in planning and maintaining the optimal inventory level.
The pandemic has brought dynamic changes in the industry as it has affected the supply chain, demands, trends, and overall market scenario.
The report offers an initial and future impact assessment of the pandemic on key segments of the industry and offers revenue information in the post-pandemic scenario.Get a sample of the report @ https://www.reportsanddata.com/sample-enquiry-form/2323The report is an engaging document that provides vital statistical information about the market in terms of dales, revenue, market share, and market size with regards to product types, application spectrum, regional bifurcation, leading players, and technological advancements.A comprehensive analysis of the competitive landscape is offered in the report along with a study of the company profiles, product portfolio, manufacturing and production capacity, technological developments, R advancements, and strategic initiatives of the prominent players of the industry.
The Global Spend Analytics Market is segmented as follows:End Use Outlook (Revenue, USD Billion; 2016-2026)Governance And Compliance Management, Financial Management, Demand And Supply Forecasting, Risk Management, OthersComponent Outlook (Revenue, USD Billion; 2016-2026)Solution, ServicesDeployment Mode Outlook (Revenue, USD Billion; 2016-2026)Cloud, On-PremisesAnalysis Type Outlook (Revenue, USD Billion; 2016-2026)Descriptive, Diagnostic, Predictive, PrescriptiveIndustry Vertical Outlook (Revenue, USD Billion; 2016-2026)Government and Defense, Healthcare and Life Sciences, Manufacturing, Retail and E-commerce, IT and Telecommunication, Energy and Utilities, Banking, Financial services, and Insurance (BFSI), OthersRequest a discount on the report, visit @ https://www.reportsanddata.com/discount-enquiry-form/2323The report provides an explicit analysis of the market with regards to growth driving factors, restraining factors, regulatory framework, threats and opportunities, financial hurdles to offer a thorough outlook of the market.
The report also covers value chain analysis, market share, market size, CAGR, sales and revenue, import/export, the scope of the market, growth prospects, and other key factors.
