Global Business Spend Software Market - Industry Trends and Forecast to 2029

Global Business Spend Software Market Analysis and Size

The use of business spend software applications to speed approval and request processes is becoming increasingly common, allowing firms to operate remotely while saving money and time. Its numerous applications in areas such as supply chain and logistics, BFSI, manufacturing, and retail are altering market dynamics. It gives businesses a competitive advantage by allowing them to better utilise and consume spend data.

• Data Bridge Market Research analyses that the business spend software market is expected to grow at a CAGR of 10.5% during the forecast period and at a USD 14,125.77 million in 2021 and is further estimated to reach USD 31,398.60 million by 2029. The market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.

Report Scope and Market Segmentation

Global Business Spend Software Market Definition

Business spend software systems gives a clear picture of procurement data and gives an access to the organised workflows that help you find the best methods to save money. The business spend software solution can successfully handle the supply chain, procurement, invoice, contracts, and bids procedures from beginning to end.

Business Spend Software Market Dynamics                            

Drivers

• Rise in the Adoption of Cloud-Based Business Spend Software

Organizations are increasingly using cloud-based business spend software solutions to help drive the development which will further accelerate the growth of the market.

• Incorporation of Advanced Technologies

The integration of modern technologies such as artificial intelligence (AI), cloud, and machine learning (ML) with business expenditure software is expected to increase demand of the market.

• Product Launches to Expand its Product Portfolio

To grow their product range, key companies in this market are focused on new product launches. For Instance, in May 2020, Paramount WorkPlace announced "WorkPlace Travel," a new travel management service. The goal is to provide corporations and midmarket organisations with sophisticated, easy-to-use, and cost-effective travel management systems which is further anticipated to propel the growth of the market.

Opportunities

In addition, the growing internet and smartphone penetration is further estimated to provide potential opportunities for the growth of the business spend software market in the coming years.

Restraints/Challenges Global Business Spend Software Market

On the other hand, the security concerns is further projected to impede the growth of the business spend software market in the targeted period. However, the difficulties regarding designs and implementation might further challenge the growth of the business spend software market in the near future.

This business spend software market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the business spend software market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

COVID-19 Impact on Business Spend Software Market

The pandemic of COVID-19 has had a huge impact on the business spend software market. COVID-19 is an unprecedented global public health crisis that has impacted practically every business, and the long-term impacts are expected to have an influence on industry growth during the forecast period. The Covid-19 outbreak has caused a large drop in the total business software sector, causing businesses to rethink their IT spending. Spending on remote work enablement and cloud adoption, on the other hand, has risen. Collaborative applications, application platforms, security software, system and service management software, and content workflow and management applications are in high demand. However, in the post-COVID scenario, demand for collaborative applications, application platforms, security software, system and service management software, and content workflow and management applications has increased significantly.

Recent Development

• In July 2020, Coupa Software Inc. announced new product developments for company resilience. The goal is to expand its cloud-based business spend management platform so that consumers can see more of their spending, businesses can be more agile, and supply chain risk can be reduced.

Global Business Spend Software Market Scope and Market Size

The business spend software market is segmented on the basis of solution, enterprise, deployment, type and end use. The growth amongst these segments will help you analyze meager growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Solution

• Procure to Pay
• Travel and Expense Management
• Spend Analysis
• Contract Management
• Others

On the basis of solution, the business spend software market is segmented into procure to pay, travel and expense management, spend analysis, contract management, and others.

Enterprises

• Large
• SMEs

On the basis of enterprise, the business spend software market is segmented into large, and SMEs.

Deployment                                                          

• On-Cloud
• On-Premise

On the basis of deployment, the business spend software market is segmented into on-cloud and on-premise.

Type

• Indirect Spending
• Direct Spending
• MRO Spending

On the basis of type, the business spend software market is segmented into indirect spending, direct spending, and MRO spending.

End Use                                      

• BFSI, IT and Telecom
• Energy
• Healthcare
• Manufacturing
• Others

On the basis of end use, the business spend software market is segmented into BFSI, IT and telecom, energy, healthcare, manufacturing, and others.

Business Spend Software Market Regional Analysis/Insights

The business spend software market is analysed and market size insights and trends are provided by country, solution, enterprise, deployment, type and end use as referenced above.

The countries covered in the business spend software market report are U.S., Canada, and Mexico in North America, Brazil, Argentina, and the rest of South America as part of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe in Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC)  in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of the Middle East and Africa (MEA).

North America dominates the business spend software market due to the rise in the number of small and medium enterprises. Furthermore, the technological advancement and growing research and development investments will further boost the growth of the business spend software market in the region during the forecast period.

Asia-Pacific is projected to observe significant amount of growth in the business spend software market due to the rise in the smartphone and internet penetration led end-users to adopt business spend management (BSM) software’s to optimize their business operations. Moreover, the continuous trend of digitization supports the organizations to develop technologically advanced solutions which is further anticipated to propel the growth of the business spend software market in the region in the coming years.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Business Spend Software Market Share Analysis

The business spend software market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to business spend software market.

 Some of the major players operating in the business spend software market are:

• Altergy. (US)
• SAP SE (Germany)
• Coupa Software Inc. (US)
• Procurify (Canada)
• IBM (US)
• TRADOGRAM. (Canada)
• Fraxion. (US)
• SutiSoft, Inc. (India)
• Sievo (Finland)
• GEP (US)
• Empronc Solutions Pvt. Ltd. (India)
• Sage Intacct, Inc. (US)
• Touchstone Group Plc (UK)

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