United States/WA: The global business spend management software market was valued at US$ 7,072.5 million in 2018, and is projected to reach US$ 18,015.2 million by 2027, exhibiting a CAGR of 11.2% over the forecast period. Report Pages:[180 Pages] Major Key Companies Involving in Business Spend Management Software Market: Advanced, Ariba, Inc. (SAP SE), Coupa […]
COVID-19 Drives Growth in Business Spend Management Software Market
United States/WA: The global business spend management software market was valued at US$ 7,072.5 million in 2018, and is projected to reach US$ 18,015.2 million by 2027, exhibiting a CAGR of 11.2% over the forecast period.
Report Pages:[180 Pages]
Major Key Companies Involving in Business Spend Management Software Market:
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.
Market Overview:
Spend management software tracks and manages business expenses, and is used to gain insight into company spending across the entire organization by collecting and analyzing spend data. A software helps companies track actual expenditures and control them through tools that limit amounts that can be spent by employees. Business spend management help identify the best ways to secure cost savings. The software enables increase spend visibility, accountability, and facilitate cross-functional collaboration.
Moreover, the software manages various activities, such as requisition processing, planning, budgeting, sourcing, contract management, supplier management, inventory management, and product development. Therefore, there is an increasing demand for business spend management solutions across the world.
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Key Market Drivers:
Increasing adoption of spend management software by business to manage their expenses is expected to augment the growth of the business spend management software market during the forecast period. For instance, in March 2019, Airbase launched its modern spend management platform that is designed to solve the unique challenges today’s businesses face. The platform gives companies unprecedented control and visibility over their spend lifecycle.
Moreover, introduction of cloud based solutions, growing usages of SaaS based software, and rising adoption of software in various organizations worldwide is expected to drive the business spend management software market growth. For instance, in August 2021, Coupa launched the Coupa App Marketplace, giving customers an easier and smarter way to extend the power of the leading business spend management (BSM) platform. The app represents the formalization of a platform and ‘open cloud’ strategy.
Key Takeaways
- The business spend management software market is expected to exhibit a CAGR of 11.2% during the forecast period due to increase in product launches by market players to meet the growing demand. For instance, in June 2021, Teampay launched a digital-first business expense debit card in partnership with Mastercard. The card tracks expenses and is instantly available digitally after being issued by the company through a wallet.
- Among regions, North America is expected to witness strong growth in the business spend management software market due to the introduction of cloud based solutions and growing usages of SaaS based software in this region. For instance, in May 2019, in North America, Fraxion and eRequester merged to provide an enterprise-grade cloud spend enablement solution to the underserved mid-market. They merged to fill mid-market void with easy-to-use spend enablement SaaS.
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COVID-19 Impact Analysis:
Demand for BSM tools that help company’s track and reduce expenses has increased during the global pandemic. Despite the pandemic, BSM companies experienced significant growth. Companies saw exponential growth in their customer base and transaction volume over the past year. Market players have launched BSM solutions to help companies manage finances during these challenging times. This in turn is expected to boost the growth of the business spend management software market.
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In the end, Our business offerings show the latest and the most reliable information crucial for businesses to strengthen a competitive edge. The report then emphasizes on market driving factors, opportunities regulating the market growth, as well as emerging opportunities, potential technical advancements of the Business Spend Management Software Market.
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