According to Coherent Market Insights, the global business spend management software market is projected to exhibit an impressive CAGR of 11.2% over the forecast period (2019 – 2027).
Key Trends and Analysis of the Business Spend Management Software Market:
Growth of the business spend management software market is driven by rising adoption of business spend management software in organizations for managing business operations and expenses. Organizations are focusing on increasing their profit and reducing cost of operations by optimizing components such as supply chain and human resource management. Moreover, originations are focusing on solutions for coordinating between different departments such as finance, procurement, supply chain, and IT department to tackle business challenges and control spending, for these solutions such as business spend management which provide strategic imperative to companies and help them achieve cost savings.
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The global business spend management software market is segmented on the basis of component, deployment type, enterprise size, solutions, end-use industry, and region. Among components, the software segment held the dominant position in the market in 2018, and it is expected to retain its dominance over the forecast period owing to rising adoption of business spend management software for managing contracts or tenders, supply chain risk, and spending on various activities in an organization. This would help the organizations to maintain their records and supplier tracks efficiently, and also provide transparency to the entire operational process and real-time spend analysis through a single dashboard.
Among end-use industry, the healthcare segment held the dominant position in the market in the year 2018 and is expected to retain its dominance over the forecast period owing to increasing adoption of business spend management software in the hospitals for managing the sourcing of products and order processing such as surgical gloves, hand sanitizers, and equipment such as MRI machines, EMR software. Furthermore, business spend management system helps hospitals manage the inventory cost by real-time tracking, to generate pre-approved spend flow through the procurement system.
In 2018, North America held the dominant position in the business spend management software market and it is expected to hold its dominant position over the forecast period, owing to rising adoption of business spend management software solutions by major economies across the region. The adoption of new and emerging technologies for managing the spending of the spending of organization, contract & tender management, supplier risk, through a single solution is increasing significantly in the region. Moreover, companies in the region are investing significantly in adoption of new technologies such as business spend management software to ensure efficient business operations. Furthermore, the North America region has well established BFSI (Banking, Financial Services and Insurance), IT, and healthcare sectors which is expected to generate significant opportunities for providers of spend management service to expand their presence in these sectors.
Key Market Takeaways:
- The market is expected to witness a CAGR of 11.2% during the forecast period (2019–2027), owing to increasing adoption of Business Spend Management Software solutions by end-use industries.
- Increasing adoption of supplier & risk management solution is expected to boost the market growth over the forecast period. Enterprises are implementing these solutions to proactively identify third party and supplier risks, and manage them more efficiently by creating comprehensive supply chain strategies to mitigate vulnerability and ensure business continuity. Additionally, supplier and risk management solutions allow enterprises to continually upgrade their risk rating score by conducting quarterly/ half-yearly checks on their suppliers, which helps them to identify and choose the best-in-class supplier based on 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.
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Global Business Spend Management Software Market, By Component:
Global Business Spend Management Software Market, By Enterprise Size:
- Large Enterprises
Global Business Spend Management Software Market, By Deployment Type:
Global Business Spend Management Software Market, By Solution:
- Contract & Tender Management
- Procure-to-Pay Solutions
- Travel & Expense Management
- Supplier & Risk Management
- Spend Management/Spend Analytics
Global Business Spend Management Software Market, By End-use Industry:
- Energy & Utility
- IT & Telecom