What is Accounts Payable (AP) & Spend Analysis Software?
Accounts Payable (AP) software used for to reduce the number of delayed payments and improve the compliance rate with controlled United Stateser access and credentials leading to reduced fraudulent transactions. Spend analysis is a systematic process of identifying cleansing and segment spend on suppliers with the aim of calculating the spend areas that have the biggest impact on profitability. Spend analysis software is used for cleansing, grouping, validates, classifies and reports spend data from all source systems to provide accurate, actionable information, with granular, item-level visibility across the enterprise. Increasing the use of Accounts Payable (AP) & Spend Analysis Software in End user industries is expected to boost the growth of market in forecast period.
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Unit | Value (USD Million) |
Key Companies Profiled | IBM Corporation (United States), Oracle Corporation (United States), Coupa Software Inc. (United States), Zycunited States Inc. (United States), Proactis (United Kingdom), Empronc Solutions Pvt. Ltd. (India), Jaggaer (United States), Rosslyn Analytics, Ltd. (United Kingdom), Ivalua Inc. (United States) and Bravosolution Spa (United States) |
The study covers a detailed analysis segmented by key business segments i.e. , by application (Financial management, Risk management, Governance and compliance management, Demand and supply forecasting and Others) and major geographies. Research Analyst at AMA predicts that United States Players will contribute to the maximum growth of Global Accounts Payable (AP) & Spend Analysis Software market throughout the predicted period.
The competition is expected to become even more intense in the years to come due to the entry of several new players in the market. To help clients improve their revenue shares in the market, this research study provides an in-depth analysis of the markets competitive landscape and offers information on the products offered by various leading companies. Additionally, this Accounts Payable (AP) & Spend Analysis Software market report suggests strategies that Players can follow and highlights key areas they should focus on, in order to take maximum benefits of growth opportunities.
The report offers several leading Players, some of them are IBM Corporation (United States), Oracle Corporation (United States), Coupa Software Inc. (United States), Zycunited States Inc. (United States), Proactis (United Kingdom), Empronc Solutions Pvt. Ltd. (India), Jaggaer (United States), Rosslyn Analytics, Ltd. (United Kingdom), Ivalua Inc. (United States) and Bravosolution Spa (United States).
Market Overview:
In June 2023, Medius, a leading provider of accounts payable (AP) automation solutions, acquired Expensya, a company specializing in expense management software. The financial terms of the deal have not been disclosed, but Medius considers it to be one of the largest acquisitions in the MENA (Middle East and North Africa) region.
The Accounts Payable (AP) & Spend Analysis Software market is seeing moderate market players, by seeing huge growth in this market the key leading vendors are highly focusing towards the development technologies and updates in software. There is various growth opportunity in this market which is captured by leading players via tracking the ongoing process enhancement and huge invest in market growth strategies.
Influencing Trend:
Developments of Apps Based Solutions
Market Growth Drivers:
Increasing frauds in AP payments and rising demand for risk management software
Challenges:
Lack of Proper Control and Customization
Restraints:
Lack of Awareness About Spend analysis
Opportunities:
More demands from End user Industries
Key highlights of the Global Accounts Payable (AP) & Spend Analysis Software market Study:
CAGR of the market during the forecast period 2022-2028
In-depth information on growth factors that will accelerate the Accounts Payable (AP) & Spend Analysis Software market in next few years.
Detailed Insights on futuristic trends and changing consumer behavior
Forecast of the Global Accounts Payable (AP) & Spend Analysis Software market size and its contribution to the parent market by type, application and by country.
A broad view of customer demand
Uncover markets competitive landscape and in-depth information on various Players
Comprehensive information about factors that will challenge the growth of Accounts Payable (AP) & Spend Analysis Software Players
Transformation and Important Triggers:
Business transformation has taken hold across the broad corporate landscape due to the confluence of several important triggers, including:
A tipping point in globalization
A major slowdown in Western economies
Significant shifts in technology and cost structure
The challenges of regulatory compliance
New forms of competition developing
Research Methodology:
The top-down and bottom-up approaches are used to estimate and validate the size of the Global Accounts Payable (AP) & Spend Analysis Software market.
In order to reach an exhaustive list of functional and relevant players, various industry classification standards are closely followed such as NAICS, ICB, and SIC to penetrate deep into important geographies by players, and a thorough validation test is conducted to reach the most relevant players for survey in Accounts Payable (AP) & Spend Analysis Software market.
In order to make a priority list sorting is done based on revenue generated based on the latest reporting, using paid databases such as Factiva, Bloomberg, etc.
Finally the questionnaire is set and specifically designed to address all the necessities for primary data collection after getting prior appointment> by targeting key target audience that includes Service providers and distributors, Spend analytics application builders, Analytics consulting companies, Enterprises and End-Users.
This helps us to gather the data for the players revenue, operating cycle and expense, profit along with product or service growth, etc.
Almost 70-80% of data is collected through primary medium and further validation is done through various secondary sources that include Regulators, World Bank, Association, Company Website, SEC filings, OTC BB, Annual reports, press releases, etc.