Global Spend Analytics Market By Application (Financial Management, Risk Management, Governance & Compliance Management, Supplier Sourcing & Performing Management, Demand & Supply Forecasting, Others), Component (Software, Services), Analytics Type (Diagnostic, Predictive, Prescriptive, Descriptive), Business Function (Finance, IT, Marketing, Procurement), Deployment Model (On-Premises, Cloud, Hybrid), Organization Size (SMBs, Large Enterprises), Industry Vertical (Manufacturing, Retail & E-Commerce, Government & Defense, Healthcare & Life Sciences, Telecommunications & IT, BFSI, Energy & Utilities, Others), Geography (North America, South America, Europe, Asia-Pacific, Middle East and Africa) – Industry Trends and Forecast to 2026
Market Analysis: Global Spend Analytics Market
Global spend analytics market is expected to rise to an estimated value of USD 5.66 billion by 2026, registering a healthy CAGR in the forecast period of 2019-2026. This rise in market value can be attributed to the requirement of limiting costs of operations along with the increased usage of these services from the various industrial verticals for procurement operations.
Market Definition: Global Spend Analytics Market
Spend analytics is the technological service offerings provided by various software and analytical organizations to manage and identify their operational costs. This technology helps in providing valuable information on how to improve the operational cycle of an organization, and also providing analysis on making intelligent business decisions.
- Increased usage of analytics systems and services to meet the growing demand of intelligent business decisions; this factor is expected to foster growth in the market
- Growth in the requirement for complying with the regulations and internal rules of an organizations while also meeting the requirement of certain contractual stipulations; this factor is expected to positively affect the growth
- Rise in the adoption rate of AI and cloud-based services amidst the penetration of IoT globally
- Complicated approach while transforming from traditional technology systems; this factor is expected to restrain the growth of the market
- Absence of standards regarding the operations and development of these services; this factor is expected to restrain the growth of the market
- Presence of regulations and compliances regarding the usage of confidential financial data amid incidences of data breaches is expected to restrain the growth of the market
Segmentation: Global Spend Analytics Market
- Financial Management
- Risk Management
- Governance & Compliance Management
- Supplier Sourcing & Performing Management
- Demand & Supply Forecasting
- Managed Services
- Professional Services
- Support & Maintenance
- Consulting Services
By Analytics Type
By Business Function
- Information Technology (IT)
By Deployment Model
By Organization Size
- Small & Medium-Sized Businesses (SMBs)
- Large Enterprises
By Industry Vertical
- Retail & E-Commerce
- Government & Defense
- Healthcare & Life Sciences
- Telecommunications & Information Technology (IT)
- Banking, Financial Services & Insurance (BFSI)
- Energy & Utilities
- North America
- South America
- Rest of South America
- United Kingdom
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- Middle East and Africa
- South Africa
- Saudi Arabia
- United Arab Emirates
- Rest of Middle East and Africa
Key Developments in the Market:
- In June 2019, JAGGAER announced the expansion of their “Analytics Capabilities” to their “JAGGAER ONE” spend management platform. The planned upgrade termed as “19.2” will provide for better efficiency of data management while also improving the executions of analytics in these offerings.
- In January 2018, JAGGAER announced that they had completed the acquisition of BravoSolution. This acquisition will establish JAGGAER as the leader of independent spend management service provider globally, as they will expand their customer base, along with the servicing capabilities across a variety of regions.
Competitive Analysis: Global Spend Analytics Market
Global spend analytics market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of spend analytics market for global, Europe, North America, Asia-Pacific, South America and Middle East & Africa.
Major Market Competitors/Players: Global Spend Analytics Market
Few of the major competitors currently working in the global spend analytics market are SAP SE; IBM Corporation; SAS Institute Inc.; Oracle; Coupa Software Inc.; Zycus Inc.; Proactis Holdings Plc; Empronc Solutions Pvt. Ltd.; JAGGAER; Rosslyn Data Technologies; Ivalua Inc.; Genpact; Capgemini; Simfoni; WNS (Holdings) Ltd.; GEP; PRM360; Advanced; Efficio Limited and DXC Technology Company among others.
Research Methodology: Global Spend Analytics Market
Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analysed and forecasted using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please request an analyst call or can drop down your enquiry.
The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, other data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Top to Bottom Analysis and Vendor Share Analysis. To know more about the research methodology, drop in an inquiry to speak to our industry experts.
Key Insights in the report:
- Complete and distinct analysis of the market drivers and restraints
- Key market players involved in this industry
- Detailed analysis of the market segmentation
- Competitive analysis of the key players involved