Business Spend Management Software Market Analysis | CMI

1. Coherent Market Insights Market Research and Business Consulting Services https://www.coherentmarketinsights.com/ COVID-19 Impact Tracker

2. BUSINESS SPEND MANAGEMENT SOFTWARE MARKET ANALYSIS • Business Spend Management Software Market Report, by Component (Software/Platform, and Services), by Deployment Type (On-Premise, and SaaS), by Enterprise Size (SME’s, and Large Enterprises), by Solution (Contract & Tender Management, Procure-to-Pay Solutions, Travel & Expense Management, Supplier & Risk Management, and Spend Management/Spend Analytics), by End-use Industry (BFSI, Education, Energy & Utility, Healthcare, Hospitality, IT & Telecom, Manufacturing, and Retail), and by Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Size, Share, Outlook, and Opportunity Analysis, 2019 - 2027 • Global business spend management software market is expected to exhibit growth rate of 11.2% during the forecast period (2019–2027).

3. Market Drivers • The market growth is majorly attributed to increasing adoption of business spend management software by small and medium organizations for managing the organizational expenses. Moreover, the rising usage of SaaS-based business spend management software is boosting the market growth. • Additionally, the presence of large manufacturers such as Apple Inc, Dell, and service providers such as Amazon.com Inc., and Netflix are expected to boost demand for business spend management software in the region over the forecast period.

4. Market Restraints: • Global Business Spend Management Software Market is facing data security concerns in cloud-based deployment. Cloud-based deployment solutions store highly sensitive data related to the organization’s financial details, supplier or contractor details, and customer's information. In the case of security breach this would cause a huge loss to the organization.

5. Figure 1. Global Business Spend Management Software Market Share (%), by Region (2027)

6. Statistics: • In 2018, North America was the dominant region in the business spend management software market, and it is expected to retain its dominance over the forecast period owing to presence of developed economies such as U.S. and Canada. Spend management software providers in the region are investing heavily in research and development activities, in order to enhance their software capabilities. For instance, in May 2018, Coupa Software Inc. launched a new product for business spend management. This new launch will increase the company’s visibility in terms of organizational spending, operational processes, and performance.

7. Figure 2. Global Business Spend Management Software Market Share (%), By Solution (2027)

8. Market Segements • On the basis of solution, the procure-to-pay solutions segment holds the largest market share in the business spend management software market, and is expected to retain its dominance over the forecast period owing to increasing adoption for efficiently managing end-to-end business spending, for sourcing and requisitions to payments and invoicing. Moreover, this solution will provide full synchronization between accounting and procurement departments, which enable them to maintain transparency across strategic financial planning. These processes help them to manage a large amount of business spend datasets by eliminating off-contract and maverick buying. • These solutions can be integrated with multiple enterprise resource planning tools (ERP), which help enterprises to manage their suppliers, employees, and all other business needs through a single platform. Cloud-based procure-to-pay solutions are efficient, seamless, easy-to-use, and require minimal training.

9. Market Opportunities: • Based on deployment type, SaaS segment is expected to exhibit the highest growth rate of 11.7% over the forecast period, as it requires lower cost and less time for installation compared to on premise deployment option. Furthermore, organizations operating in various industries are adopting the SaaS-based deployment option, as this deployment option decreases the risk associated with cash flow oversight, increased productivity & efficiency, and provides improved reporting and analytic capabilities. For instance, according to Coherent Market Insights analysis, in the year 2017, SaaS-based services generated revenue of US$ 59.35 Billion and is expected to increase to US$ 114.6 Billion, which shows a lucrative opportunity for business spend management market.

10. Competitive Section • 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.

11. Request Sample Report • Request Customization • Download PDF Brochure • Talk to Analyst • Reference : https://www.coherentmarketinsights.com/market-insight/business-spend-management-software-market-3118

12. About Us Coherent Market Insights is a global market intelligence and consulting organization focused on assisting our plethora of clients achieve transformational growth by helping them make critical business decisions. What we provide: • Customized Market Research Services • Industry Analysis Services • Business Consulting Services • Market Intelligence Services • Long term Engagement Model • Country Specific Analysis

13. Contact Us Mr. Shah Coherent Market Insights Pvt.Ltd. Address: 1001 4th Ave, #3200 Seattle, WA 98154, U.S. Phone: +1-206-701-6702 Email: sales@coherentmarketinsights.com

14. Thank You! Kindly follow CMI Social Media Profiles for the latest company updates Facebook Linkedin Twitter https://www.coherentmarketinsights.com/