The Emergence of COVID-19 Augment Growth of the Business Spend Management Software Market, Prominent Players - Coupa Software Inc, GEP, Procurify, Sage Intacct, Inc.

𝗧𝗵𝗲 𝗴𝗹𝗼𝗯𝗮𝗹 𝗯𝘂𝘀𝗶𝗻𝗲𝘀𝘀 𝘀𝗽𝗲𝗻𝗱 𝗺𝗮𝗻𝗮𝗴𝗲𝗺𝗲𝗻𝘁 𝘀𝗼𝗳𝘁𝘄𝗮𝗿𝗲 𝗺𝗮𝗿𝗸𝗲𝘁 𝘄𝗮𝘀 𝘃𝗮𝗹𝘂𝗲𝗱 𝗮𝘁 𝗨𝗦$ 𝟳,𝟬𝟳𝟮.𝟱 𝗺𝗶𝗹𝗹𝗶𝗼𝗻 𝗶𝗻 𝟮𝟬𝟭𝟴, 𝗮𝗻𝗱 𝗶𝘀 𝗽𝗿𝗼𝗷𝗲𝗰𝘁𝗲𝗱 𝘁𝗼 𝗿𝗲𝗮𝗰𝗵 𝗨𝗦$ 𝟭𝟴,𝟬𝟭𝟱.𝟮 𝗺𝗶𝗹𝗹𝗶𝗼𝗻 𝗯𝘆 𝟮𝟬𝟮𝟳, 𝗲𝘅𝗵𝗶𝗯𝗶𝘁𝗶𝗻𝗴 𝗮 𝗖𝗔𝗚𝗥 𝗼𝗳 𝟭𝟭.𝟮% 𝗼𝘃𝗲𝗿 𝘁𝗵𝗲 𝗳𝗼𝗿𝗲𝗰𝗮𝘀𝘁 𝗽𝗲𝗿𝗶𝗼𝗱.

𝗦𝘆𝗻𝗼𝗽𝘀𝗶𝘀 𝗼𝗳 𝗧𝗵𝗲 𝗥𝗲𝗽𝗼𝗿𝘁 -

Global Business Spend Management Software Market, by Component (Software/Platform, and Services), by Deployment Type (On-Premise, and SaaS), by Enterprise Size (SME's, and Large Enterprises), by Solution (Contract & Tender Management, Procure-to-Pay Solutions, Travel & Expense Management, Supplier and Risk Management, and Spend Management/Spend Analytics), by End-use Industry (BFSI, Education, Energy & Utility, Healthcare, Hospitality, IT & Telecom, Manufacturing, and Retail), and by Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Size, Share, Outlook, and Opportunity Analysis, 2019 - 2027.

The global business spend management software market is estimated to be valued at US$ 7,072.5 million in 2018 and is expected to exhibit a CAGR of 11.2% over the forecast period (2018 - 2027), as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Spend management software tracks and manages business expenses, and is used to gain insight into company spending across the entire organization by collecting and analyzing spend data. A software helps companies track actual expenditures and control them through tools that limit amounts that can be spent by employees. Business spend management help identify the best ways to secure cost savings. The software enables increase spend visibility, accountability, and facilitate cross-functional collaboration.

Moreover, the software manages various activities, such as requisition processing, planning, budgeting, sourcing, contract management, supplier management, inventory management, and product development. Therefore, there is an increasing demand for business spend management solutions across the world.

𝗧𝗼𝗽 𝗖𝗼𝗺𝗽𝗮𝗻𝗶𝗲𝘀 𝗜𝗻𝗰𝗹𝘂𝗱𝗲: Advanced, Ariba, Inc. (SAP SE), Coupa Software Inc, GEP, Procurify, Sage Intacct, Inc. (The Sage Group PLC), Sievo, SutiSoft, Inc., TOUCHSTONE GROUP PLC, VA Tech Ventures Pvt Limited (Happay), and others.

𝗥𝗲𝗾𝘂𝗲𝘀𝘁 𝗮 𝘀𝗮𝗺𝗽𝗹𝗲 𝘁𝗼 𝗼𝗯𝘁𝗮𝗶𝗻 𝗮𝘂𝘁𝗵𝗲𝗻𝘁𝗶𝗰 𝗮𝗻𝗮𝗹𝘆𝘀𝗶𝘀 𝗮𝗻𝗱 𝗰𝗼𝗺𝗽𝗿𝗲𝗵𝗲𝗻𝘀𝗶𝘃𝗲 𝗺𝗮𝗿𝗸𝗲𝘁 𝗶𝗻𝘀𝗶𝗴𝗵𝘁𝘀 𝗮𝘁 - https://www.coherentmarketinsights.com/insight/request-sample/3118

Key Market Drivers:

Increasing adoption of spend management software by business to manage their expenses is expected to augment the growth of the business spend management software market during the forecast period. For instance, in March 2019, Airbase launched its modern spend management platform that is designed to solve the unique challenges today's businesses face. The platform gives companies unprecedented control and visibility over their spend lifecycle.

Moreover, introduction of cloud based solutions, growing usages of SaaS based software, and rising adoption of software in various organizations worldwide is expected to drive the business spend management software market growth. For instance, in August 2021, Coupa launched the Coupa App Marketplace, giving customers an easier and smarter way to extend the power of the leading business spend management (BSM) platform. The app represents the formalization of a platform and 'open cloud' strategy.

𝗥𝗲𝗴𝗶𝗼𝗻𝗮𝗹 𝗔𝗻𝗮𝗹𝘆𝘀𝗶𝘀:

➤ North America: United States, Mexico and Canada

➤ South & Central America: Argentina, Chile, Brazil and Others

➤ Middle East & Africa: Saudi Arabia, UAE, Israel, Turkey, Egypt, South Africa & Rest of MEA.

➤ Europe: UK, France, Italy, Germany, Spain, BeNeLux, Russia, NORDIC Nations and Rest of Europe.

➤ Asia-Pacific: India, China, Japan, South Korea, Indonesia, Thailand, Singapore, Australia and Rest of APAC.

𝗚𝗲𝘁 𝗣𝗗𝗙 𝗕𝗿𝗼𝗰𝗵𝘂𝗿𝗲 𝗗𝗶𝘀𝗰𝗼𝘃𝗲𝗿 𝗺𝗼𝗿𝗲 𝗮𝗯𝗼𝘂𝘁 𝗿𝗲𝗽𝗼𝗿𝘁 𝗮𝗻𝗮𝗹𝘆𝘀𝗶𝘀 𝘄𝗶𝘁𝗵 𝗳𝗶𝗴𝘂𝗿𝗲𝘀 𝗮𝗻𝗱 𝗱𝗮𝘁𝗮 𝘁𝗮𝗯𝗹𝗲𝘀, 𝗮𝗹𝗼𝗻𝗴 𝘄𝗶𝘁𝗵 𝘁𝗵𝗲 𝗠𝗮𝗿𝗸𝗲𝘁 𝗦𝗲𝗴𝗺𝗲𝗻𝘁𝗮𝘁𝗶𝗼𝗻 - https://www.coherentmarketinsights.com/insight/request-pdf/3118

COVID-19 Impact Analysis:

Demand for BSM tools that help company's track and reduce expenses has increased during the global pandemic. Despite the pandemic, BSM companies experienced significant growth. Companies saw exponential growth in their customer base and transaction volume over the past year. Market players have launched BSM solutions to help companies manage finances during these challenging times. This in turn is expected to boost the growth of the business spend management software market.

𝗞𝗲𝘆 𝗘𝗹𝗲𝗺𝗲𝗻𝘁𝘀 𝘁𝗵𝗮𝘁 𝘁𝗵𝗲 𝗿𝗲𝗽𝗼𝗿𝘁 𝗮𝗰𝗸𝗻𝗼𝘄𝗹𝗲𝗱𝗴𝗲𝘀:

• Market size and growth rate during the study period

• Important factors that help and hinder market growth.

• The market's top suppliers and providers.

• Each organization goes through a full SWOT analysis.

• PEST study segmented by region

• Opportunities and challenges in the Business Spend Management Software Market business for existing vendors.

• Strategic initiatives have been implemented by key players.

Key Takeaways

The business spend management software market is expected to exhibit a CAGR of 11.2 % during the forecast period due to increase in product launches by market players to meet the growing demand. For instance, in June 2021, Teampay launched a digital-first business expense debit card in partnership with Mastercard. The card tracks expenses and is instantly available digitally after being issued by the company through a wallet.

Among regions, North America is expected to witness strong growth in the business spend management software market due to the introduction of cloud based solutions and growing usages of SaaS based software in this region. For instance, in May 2019, in North America, Fraxion and eRequester merged to provide an enterprise-grade cloud spend enablement solution to the underserved mid-market. They merged to fill mid-market void with easy-to-use spend enablement SaaS.

𝗙𝗔𝗤'𝗦:

➤ What is the estimated growth rate of the market for the forecast period of 2022-2028?

➤ What will the market size be in the anticipated time frame?

➤ What are the primary aspects that will determine the Business Spend Management Software Market's fate over the forecast period?

➤ What are the major market players' winning strategies for building a strong presence in the Business Spend Management Software Market industry?

➤ What are the primary market trends influencing the Business Spend Management Software Market's growth in various regions?

➤ What are the biggest dangers and difficulties that are likely to stymie the Business Spend Management Software Market's growth?

➤ What are the most critical opportunities for market leaders to succeed and profit?

𝗧𝗮𝗯𝗹𝗲 𝗢𝗳 𝗖𝗼𝗻𝘁𝗲𝗻𝘁:

1. Market Overview

▪ Research Objective and Assumption

▪ Research Objectives

▪ Assumptions

▪ Abbreviations

2. Market Preview

▪ Report Description

▪ Market Definition and Scope

▪ Executive Summary

▪ Market Snippet, By Function

▪ Market Snippet, By Application

▪ Market Snippet, By Region

▪ Coherent Opportunity Map (COM)

3.Market Dynamics, Regulations, and Trends Analysis

▪ Market Dynamics

▪ Drivers

▪ Restraints

▪ Market Opportunities

▪ Regulatory Scenario

▪ Industry Trend

▪ Merger and Acquisitions

▪ New system Launch/Approvals

▪ Value Chain Analysis

▪ Porter's Analysis

▪ PEST Analysis

Continue…

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𝗖𝗼𝗻𝘁𝗮𝗰𝘁 𝗨𝘀
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