What is the global market size of Business Spend Software Market?

Business Spend Software Market size was valued at USD 17.07 billion in 2021 and is poised to grow from USD 18.66 billion in 2022 to USD 39.05 billion by 2030, growing at a CAGR of 11.1% in the forecast period (2023-2030).

What is the key driver of Global Business Spend Software Market?

Increasing adoption of cloud-based systems is driving the business spend software market growth

Business Spend Software Market Size

Business Spend Software Market Insights

Global Business Spend Software Market size was valued at USD 21.08 billion in 2023 and is poised to grow from USD 23.59 billion in 2024 to USD 57.99 billion by 2032, growing at a CAGR of 11.9% during the forecast period (2025-2032).

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.

FAQs

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. 'SAP SE (Germany) ', 'International Business Machines Corporation (IBM) (United States) ', 'Oracle Corporation (United States) ', 'Sage Group plc (United Kingdom) ', 'Basware Corporation (Finland) ', 'Proactis Holdings Limited (United Kingdom) ', 'Jaggaer LLC (United States) ', 'Ivalua Inc. (United States) ', 'Medius Sverige AB (Sweden) ', 'Xeeva Inc. (United States) ', 'Zycus Inc. (United States) ', 'GEP (United States) ', 'SutiSoft Inc. (United States) ', 'Sievo (Finland) ', 'Coupa Software Inc. (United States) ', 'Tradeshift (United States) ', 'Brex (United States) ', 'Airbase (United States) ', 'Spendesk (France) ', 'Ramp (United States) '

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.