Market Snapshot:
Spend management software manages and tracks business expenses such as the components, and cost of raw materials or services such as transportation. This type of software helps companies avoid overspending and account for business expenses, ensuring they are accurately reflected in financial statements. Spend management software is used commonly by procurement departments to monitor and plan business expenses, but can also be used by accountants for financial reporting purposes. These applications are major factors for driving the growth of the spend management software market in the forecast period.
Highlights from Spend Management Software Market Study
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Unit | Value (USD Million) |
The key Players profiled in the report are Procurify (United States), Precoro (United States), Ariba, Inc. (United States), Coupa Software Inc. (United States), ProcurementExpress.com (Ireland), Vroozi, Inc.(United States), Airbase Inc. (United States), GEP (United States), Fraxion ( South Africa) and Accrualify, Inc. (United States). Additionally, other players that are part of this comprehensive study are Spendwise (United States), Claritum (United Kingdom) and Sievo (Finland).
Geographic Breakdown and Segment Analysis
The Global Spend Management Software market presents a comprehensive analysis of the Spend Management Software market by product type (Cloud-Based and On-Premises), by end-user/application (Small and Medium Enterprises and Large Enterprises), and by geography (North America, South America, Europe, Asia-Pacific and MEA) along with country level break-up. This section of our report presents a realistic picture of the Global Spend Management Software industry. Investors and Players can easily understand the inherent opportunities and challenges for their products in geographical region of interest.
For instance, while the holds majority of market share of the Spend Management Software market
Analyst at AMA have segmented the market study of Global Spend Management Software market by Type, Application and Region.
Influencing Trend:
Increasing Rapid Technological Advancement and Cost Effectiveness
Market Growth Drivers:
Increasing Demand from End-Use Organizations in Developing Economies and Growing Adoption of the Spend Management Software in Various Industry
Challenges:
Emerging Technologies and Integration
Restraints:
Rising Cyber Attacks and Lack of Data Privacy
Opportunities:
Growing Number of SMEs and Adoption of Spend Management Software
Market Developments Activities:
In October 2023, Ivalua, a European SMS leader, partnered with Microsoft Azure to leverage its cloud platform for scalability and global reach. This partnership aims to expand Ivalua's offerings and cater to multinational companies.
In October 2023, Coupa Business Spend Management (BSM) Platform introduces AI-powered supplier matching and invoice auto-categorization, streamlining vendor onboarding and expense processing.
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches, and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies.
Key Target Audience
Spend Management Software Provider, Professional Services Providers, Cloud Service Providers, System Integrators, Regulatory & Government Bodies, End Users and Other