Pune, India, May 03, 2023 (GLOBE NEWSWIRE) -- According to Fortune Business Insights, global business spend management software market size was valued at USD 19.07 billion in 2022 and is projected to grow from USD 21.08 billion in 2023 to USD 46.42 billion by 2030, exhibiting a CAGR of 11.9% 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 Forecast, 2023-2030.
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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.
Key Takeaways
- Business spend management software market size in North America was USD 7.73 Billion in 2022
- Increasing Usage of Spend Analytics to Boost Market Growth
- Latest trends include AI, cloud, machine learning, robotic process automation and IoT
- The BFSI segment is expected to hold a major market share during the projected period
Discover the Leading Players Featured in the Report:
"Companies leading the global business spend management software market are 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.)"
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 11.9% |
| 2030 Value Projection | USD 46.42 Billion |
| Base Year | 2023 |
| Business Spend Management Software Market Size in 2022 | USD 19.07 Billion |
| Historical Data for | 2019 to 2021 |
| No. of Pages | 140 |
| Segments covered | Solution, Deployment, Enterprise Type, End-user and Geography |
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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.
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 propelling the demand for Business Spend Management (BSM) software.
However, lack of technical skills is estimated to limit the market growth.
Segmentation
By Solution
- Procure-to-Pay Solutions
- Supplier & Risk Management
- Travel & Expense Management
- Contract & e-Tender Management
- Spend Management/Spend Analytics
- Others (Source-to-Contract, Treasury Management)
By Deployment
- Cloud
- On-premise
By Enterprise Type
- SMEs
- Large Enterprises
By End-user
- BFSI
- Travel & Tourism
- Hospitality
- Healthcare
- IT & Telecom
- Energy & Utility
- Retail & E-commerce
- Others (Logistics, Education etc.)
By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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 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 7.73 billion in 2022. 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.
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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.
FAQs
How big is the business spend management software market?
Business spend management software market size was USD 19.07 billion in 2022. It is expected to reach USD 46.42 billion by 2030.
How fast is the business spend management software market growing?
The business spend management software market will exhibit a CAGR of 11.9% during the forecast period, 2023-2030.
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