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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