Global Spend Analysis Software Market Highlights Over 2022 - 2031
The global spend analysis software market is estimated to garner a substantial revenue by growing at a CAGR of ~17% over the forecast period, i.e., 2022 – 2031. The growth of the market can be attributed primarily to the high need among organizations to decrease procurement cost, improve efficiency and monitor compliance. Along with this, increase in the amount of data generated across the world, and growing demand for implementation of predictive analytics among businesses to better manage internal policies are also expected to drive market growth in the forthcoming years. The total amount of data created, captured, copied, and consumed in the world was calculated at more than 60 zettabytes in the year 2020, which is evaluated to reach a value of about 160 zettabytes in 2025. Furthermore, exponentially rising rate of digitization globally, and escalating adoption of SaaS based software are projected to offer lucrative opportunities to the market in the near future.
The market is segmented by end user into manufacturing, retail & e-commerce, telecommunications & IT, energy & utilities, and BFSI, out of which, the retail & e-commerce segment is anticipated to hold the largest share in the global spend analysis software market. This can be accounted to the high need in retail & e-commerce companies to generate insights from spend data to assess supplier performance management and working capital performance. Apart from this, rapidly growing e-commerce industry across the globe is also predicted to drive growth of the market segment in the future. Additionally, on the basis of analytics type, the predictive segment is assessed to grab the largest share during the forecast period owing to the growing emphasis of companies to determine customer responses or purchases, and cross-sell opportunities. CLICK TO DOWNLOAD SAMPLE REPORT
Major Macro-Economic Indicators Impacting the Market Growth
The never-ending growth in internet accessibility around the world along with numerous technological advancements comprising 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI) among others have significantly boosted the economic growth in the last two decades. As of April 2021, there were more than 4.5 billion users that were actively using the internet globally. Moreover, the growth in ICT sector has significantly contributed towards GDP growth, labor productivity, and R&D spending among other transformations of economies in different nations of the globe. Furthermore, the production of goods and services in the ICT sector is also contributing to the economic growth and development. As per the statistics in the United Nations Conference on Trade and Development’s database, the ICT good exports (% of total good exports) globally grew from 10.816 in 2015 to 11.536 in 2019. In 2019, these exports in Hong Kong SAR, China amounted to 56.65%, 25.23% in East Asia & Pacific, 26.50% in China, 25.77% in Korea, Rep., 8.74% in the United States, and 35.01% in Vietnam. These are some of the important factors that are boosting the growth of the market.
Global Spend Analysis Software Market Regional Synopsis
Regionally, the global spend analysis software market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in Asia Pacific is estimated to witness noteworthy growth over the forecast period on the back of the rising adoption of cost-effective spend analytics software and services among small and medium sized enterprises in the region. In addition, rapid rate of urbanization and digital transformation is also expected to drive market growth in the region in the coming years. According to the World Bank, in 2020, the percentage of urban population in the East Asia & Pacific region was about 60.698%, up from 59.889% in 2019 and 59.053% in 2018 respectively. Moreover, the market in North America is projected to grab the largest share during the forecast period ascribing to the early adoption of new and emerging technologies, and strong presence of major market players in the region.
The global spend analysis software market is further classified on the basis of region as follows:
- North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
- Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
- Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Market Segmentation
Our in-depth analysis of the global spend analysis software market includes the following segments:
By Analytics Type
- Predictive
- Prescriptive
- Descriptive
By Application
- Financial Management
- Risk Management
- Governance and Compliance Management
- Supplier Sourcing and Performance Management
By End User
- Manufacturing
- Retail & E-Commerce
- Telecommunications & IT
- Energy & Utilities
- BFSI
Growth Drivers
- Increasing Amount of Data Generated Across the World
- Growing Demand for Implementation of Predictive Analytics Among Businesses
Challenges
- Rising Number of Security and Data Breach Issues
Top Featured Companies Dominating the Market
- SAP SE
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- IBM Corporation
- Coupa Software Inc.
- Oracle Corporation
- Zycus Inc.
- Empronc Solutions Pvt. Ltd.
- Rosslyn Analytics Ltd.
- SAS Institute Inc.
- Ivalua Inc.
- JAGGAER
