Industry Background:
Spend Analytics is a process used by various organizations to optimize their supply performance by integrating data from the value chain. This analysis enables the executives of the business, employees, and managers to make better and actionable decisions for the organization future. Spend analytics helps in gaining visibility on spending as well as it helps to improve the processes. It also supports cut costs and maintain a relevant & concise supply base.
According to AMA, the market for Spend Analytics is expected to register a CAGR of 18.12% during the forecast period to 2026. This growth is primarily driven by Increasing Need for Supplier and Market Intelligence, Predictive Analytics for Businesses and Need to Better Manage Internal Compliance Polices and External Contracts.
Globally, a noticeable market trend is evident Rising Adoption in Procurement Process in Industries. The Data Processing Services sector in the North America region has been increasing at a sustainable rate and further growth is expected to be witnessed over the forecast period, owing to the robust investments and expansion in production facilities in the region. Major Manufacturers, such as SAP SE (Germany), SAS Institute, Inc. (United States), IBM Corporation (United States), Oracle Corporation (United States), Coupa Software Inc. (United States), Zycus Inc. (United States), Proactis (United Kingdom), Empronc Solutions Pvt. Ltd. (India), JAGGAER Incorporation (United States), Rosslyn Analytics, Ltd. (United Kingdom), Ivalua Inc. (United States) and BravoSolution SPA (United States). etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
Key Developments in the Market:
In January 2017, Coupa Software Inc. acquired all of the assets of Spend360 International Ltd. to help companies digitize antiquated processes for data classification. This acquisition integrated the Spend360’s well versed in deep analytics and algorithm development with Coupa Software
In October 2019, LevaData, a Supply chain & procurement optimization solution provider collaborated with IBM Corporation to augment its data analytics capabilities. Together the companies will roll out the DirectSpend IQ solution that deploys IBM managed services solutions with LevaData’s Cognitive Sourcing Platform.
Market Drivers
- Increasing Need for Supplier and Market Intelligence
- Predictive Analytics for Businesses
- Need to Better Manage Internal Compliance Polices and External Contracts
Market Trend
- Rising Adoption in Procurement Process in Industries
Restraints
- Difficulty in Migrating From Legacy Systems
Opportunities
Rise in Mobile Applications and Growing Demand for Cloud Computing Technology
Challenges
Lack of Standardized Process
AMA Research follow a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mostly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcase the spontaneously changing Manufacturers landscape impacting the growth of the market. Furthermore, our market researchers extensively analyse the products and services offered by multiple players competing to increase their market share and presence.
Customization in the Report
AMA Research features not only specific market forecasts, but also include significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints
- New Entrants into the Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
Against this Challenging Backdrop, Spend Analytics Study Sheds Light on
The Spend Analytics Market status quo and key characteristics. To end this, Analyst at AMA organize and took survey of the Spend Analytics industry Manufacturers. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Spend Analytics industry is heading and what are the top priorities. Insights are drawn from financial analysis, the survey and interviews with key executives and industry experts.
How every company in this diverse set of Manufacturers can best navigate the emerging competition landscape and follow a strategy that helps them position to hold value they currently claim, or capture the new addressable opportunity.