Pune, India, Oct. 17, 2022 (GLOBE NEWSWIRE) -- The global Business Spend Management (BSM) software market size was valued at USD 17.07 billion in 2021 and is projected to reach a valuation of USD 15.68 billion in 2022. The market is expected to reach USD 39.05 billion by 2029 with a CAGR of 11.1% during the forecast period. Increasing adoption and integration of cloud-based solution and AI is anticipated to drive market growth. Increasing usage of spend analytics in businesses is expected to propel the market. Preference to optimize the supply chain management by using spend analytics is expected to facilitate market development. Fortune Business Insights™ shares this information in its report titled “Business Spend Management Software Market, 2022-2029.”
Key Industry Development
May 2022- JAGGAER helped Marelli in its transformation and digitalization of its purchasing and supply chain management operations. In 2021, there were around 8,000 Marelli users that used JAGGAER ONE eProcurement platform. The platform was used in around 22 countries and 11 countries.
Request a Sample Copy of the Research Report: https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/business-spend-management-bsm-software-market-104930
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2022 to 2029 |
| Forecast Period 2022 to 2029 CAGR | 11.1% |
| 2029 Value Projection | USD 39.05 Billion |
| Base Year | 2021 |
| Business Spend Management (BSM) Software Market Size in 2021 | USD 17.07 Billion |
| Historical Data for | 2018 to 2020 |
| No. of Pages | 123 |
| Segments covered | Component; Deployment; Enterprise; End-User; |
| Business Spend Management (BSM) Software Market Growth Drivers | Increased Usage of Spend Analytics in Businesses to Propel the Market Growth |
| Lack of Technical Skills to Inhibit Market Growth |
Increasing Demand for Spend Management to Create Market Growth
Due to COVID-19 pandemic, there was an increase in demand for spend management. The trend is estimated to create opportunities as the need for effectively managing their spending is growing. Post COVID-19, the need for such solutions and services has been higher.
Click here to get the short-term and long-term impact of COVID-19 on this Market: https://www.fortunebusinessinsights.com/business-spend-management-bsm-software-market-104930
Drivers and Restraints
Demand for Spend Analytics to Boost Market Growth
Global demand for spend analytics for businesses is anticipated to drive the Business Spend Management (BSM) software market growth. Spend management refers to the process that tracks and requests approvals for spending, making payments, capturing transaction details, analyzing business expenditure, booking, and tracking. According to Statista, the demand for big data and business analytics solutions is expected to reach a valuation worth USD 274.3 billion in 2022, which is set to pose opportunities for the market growth.
However, lack of technical skills is estimated to limit the market growth.
Regional Insights
North America to Lead Market Share Due to Presence of Majority Market Players
North America is expected to dominate the Business Spend Management (BSM) software market share due presence of majority market players. The region has the presence of players such as Coupa Software Inc., Ivalua Inc., Zycus, Jaggear, Xeeva, GEP, and others. The region reached a valuation of USD 7.12 billion in 2021. Canada is set to have a noteworthy growth due to increase in the number of investments, which is anticipated to drive market development.
Europe is also expected to witness considerable market growth due to market players focusing on expanding their geographical presence, which is expected to increase the market share.
Asia Pacific is anticipated to have a steady growth due to digital transformation in economies such as India, Japan, Singapore, South Korea, South East Asia, and others.
Competitive Landscape
Strong Expansion Strategies by Key Players to Advance Market Trajectory
Strong product offerings by the lead market players are set to gain market traction. In February 2022, Coupa released Coupa Trip & Cost, which will help in the expansion of capabilities of business spend management software. It will give companies more insights and control in travel and expense spending. Expansion of capabilities by Coupa will help in gaining more insights about their customers and will help customers in controlling expenses.
Have Any Query? Ask Our Experts: https://www.fortunebusinessinsights.com/enquiry/speak-to-analyst/business-spend-management-bsm-software-market-104930
Report Coverage
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.
Segments
Solutions Segment to Dictate Due to Surge in Demand for Spend Analytics Solutions
On the basis of component, the market is segmented into solutions and services. Solutions segment accounts for the large part due to increasing demand for spend management solutions such as spend analytics and travel & expense management. Solutions segment is further divided into procure-to-pay solutions, supplier & risk management, travel & expense management, contract & e-tender management, spend management/spend analytics, and others (source-to-contract, treasury management).
Cloud-Based BSM to Govern the Segment Due to Adoption of Cloud Technology
Based on deployment, the market is categorized into on-premise and cloud. Cloud-based BSM is anticipated to hold a major part in the market in the coming years owing to increasing adoption of cloud technology. The adoption is set to propel in the forthcoming years especially due to the COVID-19 pandemic.
SMEs to Have Fastest CAGR Due to Large Number of Investments
On the basis of enterprise size, the market is categorized into Small & Medium Enterprises (SMEs) and large enterprises. SMEs are set to have fastest CAGR due to growing number of investments and funding. Large enterprises held the major market share in 2021 due to demand for advanced business spend management software.
BFSI to Dictate the Segment Due to Adoption of Spend Management Solutions
Based on end-user analysis, the market is categorized into BFSI, travel & tourism, hospitality, healthcare, IT & telecom, energy & utility, retail & e-commerce, and others. BFSI segment is set to hold the largest share in the segment due to the adoption of spend management solutions in banking and financial institutions.
Regionally, the market is segmented into North America, South America, Europe, the Middle East & Africa, and Asia Pacific.
List of Key Players Profiled in the Report:
- Coupa Software Inc. (U.S.)
- Proactis Holdings Plc (U.K.)
- GEP (U.S.)
- SAP SE (Germany)
- Basware (Finland)
- Ivalua Inc. (U.S.)
- SutiSoft Inc. (U.S.)
- Zycus Inc.(U.S.)
- Xeeva (U.S.)
- JAGGAER (U.S.)
Access Full Report: https://www.fortunebusinessinsights.com/checkout-page/104930
Major Table of Contents:
- Introduction
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Executive Summary
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
- Short-term Impact
- Long-term Impact
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- Global Business Spend Management (BSM) Software Key Players Market Share Insights and Analysis, 2021
- Global Business Spend Management (BSM) Software Market Size Estimates and Forecasts, By Segments, 2018-2029
- Key Findings
- By Component (USD)
- Solutions
- Procure-to-Pay Solutions
- Supplier & Risk Management
- Travel & Expense Management
- Contract & e-Tender Management
- Spend Management/Spend Analytics
- Others (Source-to-Contract, Treasury Management, etc.)
- Services
- Professional Services
- Managed Services
- Solutions
- By Enterprise Size (USD)
- SMEs
- Large Enterprises
- By Deployment (USD)
- Cloud
- On-premise
- By End-user (USD)
- BFSI
- Travel & Truism
- Hospitality
- Healthcare
- IT & Telecom
- Energy & Utility
- Retail & e-Commerce
- Others (Logistics, Education etc.)
- By Region (USD)
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
About Us:
Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them to address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.
Contact Us:
Fortune Business Insights™ Pvt. Ltd.
US: +1 424 253 0390
UK: +44 2071 939123
APAC: +91 744 740 1245
Email: sales@fortunebusinessinsights.com
