USD 17.07 billion
Global Business Spend Software Market Size, Share, Growth Analysis, By Deployment type(On-premise, Cloud-based), By Solution type(Procure to Pay, Travel), By End-user(BFSI, IT) - Industry Forecast 2024-2031
Report ID:
SQSG45F2016 |
Region:
Global |
Published Date: February, 2024
Pages:
262
|
Tables:
96 |
Figures:
76
Global Business Spend Software Market Insights
Business Spend Software Market size was valued at USD 17.07 billion in 2019 and is poised to grow from USD 18.66 billion in 2023 to USD 39.05 billion by 2031, growing at a CAGR of 11.1% in the forecast period (2024-2031).
Growth of digitalization and inclination towards advanced software systems utility is estimated for rising business spend software market growth. It is estimated that global IT spending by companies worldwide will increase by 4% in 2019 amounting to around USD 4.4 trillion. Organizational expenses and spendings are crucial for organizational holistic growth and accomplishments, these software aid in spending and expenses management and procurement using analytics and algorithm-based systems.
With the emergence of cloud-based systems and automation, BSMs are becoming user-friendly and provide multiple functionalities such as end-to-end payment options, internal spend management, corporate cards, approval workflows, automated bill payments, visibility to all types of transactions and accounting reconciliation. Businesses are directed towards using comprehensive SaaS solutions for spend management, collaborative finance management, and sales acceleration management all integrated on a single platform such features are in demand by various enterprises and are predicted to boost the business spend management market growth.
US Business Spend Software Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Procure to Pay
Fastest Growth
Procure to Pay
Growth Rate
11.1% CAGR
Global Business spend management software Market 2021-2028 ($ Mn)
Country Share for North America Region- 2021 (%)
Global Business spend management software Market By solution type 2021-2028 ($ Mn)
Global Business spend management software Market Size By Service, 2021-2028 (%)
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Global Business Spend Software Market Segmental Analysis
Business Spend Software Market is segmented by deployment type, solution type, end-user and region. By deployment type, the Business Spend Software Market is segmented into on-premise and cloud-based. Based on solution type the Business Spend Software Market is segmented into Procure to Pay, Travel and Expense Management, Spend Analysis, Contract Management and Others. Based on end-user the Business Spend Software Market is segmented into BFSI, IT and Telecom, Energy, Healthcare, Manufacturing and Others. Based on region the global business spend management software market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
The procure-to-pay segment is estimated to flourish holding the largest market share in the business spending management software market
Procure-to pay segment is estimated to retain its dominance over the forecast period pertaining to increasing demand for efficient management systems capable of managing end-to-end business spending, from sourcing and requisitions to payments and invoicing. Such solutions provide full synchronization between accounting and procurement departments, which enables enterprises to maintain transparency across strategic financial planning. These processes help them to manage a large number of business spending datasets by eliminating off-contract buying.
Global Business spend management software market by Solution type, 2021(%), 2023 (%)
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Global Business Spend Software Market Regional Insights
North America is estimated to hold a high business spend management software market share over the forecasted period. Increased spending on IT infrastructure and software and the presence of prominent manufacturers in their region is contributing to the market growth. For instance, Coupa Software Inc. invested USD 62 million amounting to around 23.7% of its annual revenue for research and development activities intended to enhance organizational visibility and operational processes.
Asia Pacific is estimated to be the fastest-growing business spend management software market. An increase in IT spending and investments in software systems by enterprises is attributed to market growth. The adoption of newer technologies to organize financial transactions, and procurements are contributing to the business spend management software market.
Global Business spend management software Market
Market By Geography, 2022-2028, 2024-2031
- Largest
- Fastest
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Global Business Spend Software Market Dynamics
Business Spend Software Market Driver
Increasing adoption of cloud-based systems is driving the business spend software market growth
- Cloud-based BSM software is gaining prevalence in enterprises owing to high data availability. The utility of remote cloud servers to access, manage, store and process data is gaining high demand, in the year 2021 around USD 400 billion revenue was recorded for cloud services.
Integration of new-age technologies such as artificial Intelligence and machine learning
- AI and ML are causing a shift from manual ways of managing business spending and transactions to AI and ML-powered processes of classifying spending across ERP and CRM. Data from suppliers and procurement can be put into the information system to group and match data across commodities and plan further spending strategies based on data classification insights. For Instance, SAP and Icertis entered a joint product roadmap venture to deliver technology-integrated enterprise-wide value, including faster negotiations, greater compliance and AI-powered business insights and automation.
Business Spend Software Market Challenge
Data security methods and implications are crucial for business spend management software systems.
- Business spending software market growth could be impacted due to rising concerns for data security. These software’s aid in managing and processing organizational spending and transactions utilizing data from different realms of organization. A survey 2020-2021 showed that the financial sector is most prone to cyber threats followed by healthcare and other segments. It is necessary that such systems are secure and safe from data breaches and have augmented data security.
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Global Business Spend Software Market Competitive Landscape
Global business spends software market players have devised ways to develop advanced systems and product launches capable of meeting user requirements thereby leading to the generation of high business spend software market revenue. Various partnerships and collaborations intended to augment the research and development process are further contributing to market competition. For Instance, Coupa Software Inc. launched new products to expand its cloud-based business spend management platform allowing consumers more visibility of their spending, business agility, and reduced supply chain risk.
Top Players in Business Spend Software Market.
- SAP Concur
- Coupa Software
- Oracle Corporation
- Expensify
- Zoho Expense
- Abacus Labs
- Expensya
- Rydoo
- Certify
- Divvy
- Chrome River Technologies
- AppZen
- Procurify
- Ariba Inc.
- JAGGAER
- Airbase
- Corcentric
- Emburse
- Teampay
- SutiSoft
Recent Development in the Business Spend software market
- In April 2022, Miebach and Coupa announced a partnership to digitize the continuous supply chain. It envisions transforming supply chain design from a tool into a holistic, strategic management deploying machine learning and artificial intelligence into some of the solutions in the platform.
- In March 2022, Cupa Software announced that its cloud-based budget management platform received FedRAMP approval at the moderate level for its business spend management platform with the sponsorship of the U.S. Federal Reserve System Board of Governors.
- In January 2022, SAP and Icertis announced an extension of their partnership with a vision to enhance contract management to help companies increase efficiency, minimize risk and realize the full intent of their agreements.
Global Business Spend Software Key Market Trends
- Various organizations operating in various industries are adopting the SaaS-based business spend management software, it decreases the risk that comes with cash flow oversight, increased productivity & efficiency, and provides improved reporting and analytic capabilities. Software as a Service (SaaS) is estimated to be around USD 152 billion by the year 2023. IBM announced Strategic Collaboration Agreement (SCA) with Amazon Web Services, Inc. (AWS), which intends to offer a broad spectrum of its software catalog as Software-as-a-Service (SaaS) on AWS.
- Top companies are spending on business spend management software for reducing supply chain risk. Managing an agile and collaborative supply chain is crucial for meeting customer demands and helps them to deal with supply chain disruptions and shortages. Business spend management software help organizations manage complexity and gain a competitive edge. For Instance HP Inc. and Unilever, Al Ghandi Group, Banco Sabadell, Migros-Genossenschafts-Bund, Philippine Airlines, Arca Continental, Austrian Power Grid AG Siemens AG, Unilever PLC spended in SAP Ariba and SAP Fieldglass solutions in the year 2021.
Global Business Spend Software Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our business information services team that collects, collates, co-relates, and analyses the data collected by means of primary exploratory research backed by the robust secondary desk research.
According to our analysis, the global business spend management software market is growing due to digitalization and high expenditures in advancing the IT Infrastructure by various governmental and private organizations. Procure and pay segment is estimated to dominate projecting business spend management software market share over the forecasted period.
North America is estimated to be a dominating region owing to its technological advancements and high R&D expenditures; however, the growing adoption of IT-based establishments and digitalization is projecting business spend management market demand in the Asia Pacific region.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 17.07 billion |
| Market size value in 2031 | USD 39.05 billion |
| Growth Rate | 11.1% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
| Historical Year | 2019 |
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global Business Spend Software Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global Business Spend Software Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Global Business Spend Software Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Business Spend Software Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Business Spend Software Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Business Spend Software Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Global Business Spend Software Market Report Snapshots
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