Global Business Spend Software Market

Business Spend Software Market Size, Share, Growth Analysis, By Deployment type(On-premise, Cloud-based), By Solution type(Procure to Pay, Travel, Expense Management, Spend Analysis), By End-user(BFSI, IT, Telecom, Energy), By Region - Industry Forecast 2024-2031


Report ID: SQSG45F2016 | Region: Global | Published Date: July, 2001
Pages: 262 | Tables: 96 | Figures: 76

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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FAQs

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).

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. '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'

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.

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.

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.

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Global Business Spend Software Market

Product ID: SQSG45F2016

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