Global Spend Analytics Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast to 2028
“Global Spend Analytics Market Analysis Trends, Applications, Analysis, Growth, and Forecast to 2028” is a recent report generated by MarketResearch.biz. The global spend analytics market report has been segmented on the basis of component, organization, industry vertical, and region.
Global Spend Analytics Market: Overview
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 analysing the organizations expenditure data with objective to improving efficiency, reducing procurement costs, and to monitoring compliance.
Global Spend Analytics Market: Dynamics
Increasing need for supplier and market intelligence, especially business intelligence, in improving metrics of procurement performance is a key factor expected to drive growth of the global market.
Increasing adoption of predictive analytics by various organizations is expected to drive growth of spend analytics software. Benefits offered by spend analytics include ranking of suppliers by customized parameters, decisions making based on facts, multi-dimensional analysis for greater saving opportunities, and many others.
Ability of analytics to forecast spending levels and to provide predictive analysis based on the historical data is a factor that is expected to support growth of the target market.
Growing need to improve management of internal compliance polices and external contracts is also a factor to support growth of the spend analytics market globally owing to its ability to capitalize on opportunities in categorization, price discovery, and payment term optimization.
However, high complexity associated with integration or migration between legacy systems with advance analytic technologies is a major factor that could decline 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 largest market share in terms of revenue. Increasing adoption of analytical software’s in various organizations as they offer solutions that adhere to governance and compliance policies that are related to spend and accounts data is a factor expected to boost growth of this segment in the global market. In addition, increasing preferences towards intelligent systems for visible supply chain analysis, and the necessity to maintain one’s organizations expenditure are some more factors expected to support growth of this segment.
Global Spend Analytics Market: Region Analysis
Countries in North America currently are high adopter of cloud-driven application program interfaces (APIs) owing to availability of advance IT infrastructure is a factor expected to fuel growth of the target market in the North America.
The spend analytics market in Asia Pacific is projected to contribute highest CAGR in the global market. Increasing need to integrate and manage financial and operational performance with high efficiency, organizations in Asia Pacific are adopting spend analytics software and services at a high rate. This is a factor expected to drive 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 benefit is another factor expected to support growth of the target market in this region.
Whereas, market in Latin America is expected to register substantial growth in terms of revenue in the global market during the forecast period, followed by 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 (SME’s)
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
Particular Scope Region
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East and Africa
- South Africa
- Rest of Middle East and Africa
Actual Year 2020 Estimated Year 2021 Forecast Period 2021–2030 Revenue in US$
- 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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