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| Global Business Spend Management Software Market Size |
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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