Global Spend Analytics Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast to 2028
Global Spend Analytics Market Overview:
“The global Spend Analytics Market size is expected to be worth around US$ xx Billion by 2021 from US$ X.xx million in 2031, growing at a CAGR of X.x% during the forecast period 2021 to 2031.”
Spend analytics is primarily adopted by organizations to increase profitability through recognizing flagging contracts that can be renegotiated. Spend analysis is a process of collection, cleansing, classifying, and analyzing the organization's expenditure data with the objective of improving efficiency, reducing procurement costs, and monitoring compliance.
The increasing need for supplier and market intelligence, especially business intelligence, in improving metrics of procurement performance is a key factor expected to drive the growth of the global market.
Increasing adoption of predictive analytics by various organizations is expected to drive the growth of spend analytics software. Benefits offered by spend analytics include a ranking of suppliers by customized parameters, decisions making based on facts, multi-dimensional analysis for greater saving opportunities, and many others.
The ability of analytics to forecast spending levels and to provide predictive analysis based on historical data is a factor that is expected to support the growth of the target market.
The growing need to improve the management of internal compliance policies and external contracts is also a factor to support the growth of the spend analytics market globally owing to its ability to capitalize on opportunities in categorization, price discovery, and payment term optimization.
However, the high complexity associated with integration or migration between legacy systems with advanced analytic technologies is a major factor that could decline the growth of the target market to a certain extent.
Global Spend Analytics Market: Segment Analysis
Among the component segments, the software segment is expected to dominate and expected to hold the largest market share in terms of revenue. Increasing adoption of analytical software in various organizations as they offer solutions that adhere to governance and compliance policies that are related to spending and accounts data is a factor expected to boost the growth of this segment in the global market.
In addition, increasing preferences toward intelligent systems for visible supply chain analysis, and the necessity to maintain one’s organization's expenditure are some more factors expected to support the growth of this segment.
Global Spend Analytics Market: Region Analysis
Countries in North America currently are high adopters of cloud-driven application program interfaces (APIs) owing to the availability of advanced IT infrastructure is a factor expected to fuel the growth of the target market in North America.
The spend analytics market in the Asia Pacific is projected to contribute the highest CAGR in the global market. Increasing need to integrate and manage financial and operational performance with high efficiency, organizations in the Asia Pacific are adopting spend analytics software and services at a high rate.
This is a factor expected to drive the growth of the target market in the Asia Pacific countries. In addition, increasing adoption of spend analytics software and services among SMEs owing to cost-effective benefits is another factor expected to support the growth of the target market in this region.
Whereas, the market in Latin America is expected to register substantial growth in terms of revenue in the global market during the forecast period, followed by the market in the Europe region.
Global Spend Analytics Market Segmentation:
Segmentation by Component:
- Managed Services
- Consulting Services
- Support and Maintenance Services
Segmentation by Organization Size:
- Large Enterprises
- Small and Medium-Sized Enterprises (SMEs)
Segmentation by Industry Vertical:
- Energy and Utilities
- Retail and E-commerce
- Government and Defense
- Telecommunications and IT
- Healthcare and Life Sciences
- Banking, Financial Services, and Insurance (BFSI)
- Others (Real Estates, Food & Beverage, Education, etc.)
Segmentation by Region:
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Attribute Report Details Market Size Ask For Market Size Growth Rate Ask For Growth Rate Key Companies Ask For Companies Report Coverage Revenue analysis, Competitive landscape, Key company analysis, Market Trends, Key segments, Distribution Channel, Market Dynamics, COVID-19 Impact Analysis and more… Historical Data Period 2015-2020 Base Year 2022 Forecast Period 2022-2031 Region Scope North America, Europe, Asia-Pacific, South America, Middle East & Africa Country Scope United States, Canada and Mexico, Germany, France, UK, Russia and Italy, China, Japan, Korea, India and Southeast Asia, Brazil, Argentina, Colombia etc.Saudi Arabia, UAE, Egypt, Nigeria and South Africa Revenue in US$ Mn
- SAP SE
- Ivalua, Inc.
- Jaggaer, Inc.
- Proactis, Inc.
- SAS Institute, Inc.
- IBM Corporation
- Oracle Corporation
- Bravosolution SpA
- Zycus Infotech Pvt. Ltd.
- Empronc Solutions Pvt Ltd
- Rosslyn Data Technologies plc
- Coupa Software Incorporated
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