The global Business Spend Management Software Market is estimated to be valued at US$ 18.43 Bn in 2023 and is expected to exhibit a CAGR of 11% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Business spend management software helps organizations in managing and automating processes related to procurement, spend analysis, contract management, supplier management, and expense management. The software offers capabilities like e-procurement, purchase order management, expense tracking, payment processing, and vendor management. This helps companies gain visibility into spending, reduce costs, and promote compliance.
Market key trends:
Procurement and vendor management software has emerged as the fastest growing segment. It helps organizations effectively manage the procurement lifecycle and vendor relationships. This includes strategic sourcing, supplier discovery, contract negotiation, purchase order processing, invoice reconciliation, supplier performance management, and dispute resolution. The software enhances procurement efficiency, minimizes manual efforts, and delivers cost savings through improved vendor negotiations and spend analysis. It also eases compliance with purchase policies and streamlines processes like purchase requisitioning, budget approvals, contract management and invoice processing. This has significantly fueled the demand for procurement and vendor management software and driven the growth of the overall business spend management software market.
Segment Analysis
The global business spend management software market is segmented based on deployment, organization size, vertical, and region. Based on deployment, the market is divided into on-premises and cloud. The cloud segment is expected to dominate the market during the forecast period. Cloud-based business spend management software offers advantages such as lower upfront costs, scalability, easy deployment and maintenance, and 24/7 accessibility from any place.
Key Takeaways
The Global Business Spend Management Software Market Size is expected to witness high growth, exhibiting a CAGR of 11% over the forecast period, due to increasing demand for greater visibility and control over organizational spending.
Regional analysis
Regionally, North America is expected to dominate the global business spend management software market during the forecast period. This is attributed to the presence of major technology vendors and early adoption of emerging technologies in the region. Asia Pacific region is projected to exhibit the highest growth rate owing to the growing digitization, emerging SMEs, and increasing IT spending across industries in the region.
Key players
Key players operating in the business spend management software market are 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. Advanced dominates the market with its comprehensive business spend management capabilities including supplier management, expense management, purchase ordering and more.
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