Spend Management Software Market Growth: Insights, Demand, Forecast to 2033

The Business Research Company has updated its global market reports, featuring the latest data for 2024 and projections up to 2033

The Business Research Company offers in-depth market insights through Spend Management Software Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.

Market Size And Growth Forecast:
The spend management software market size has grown rapidly in recent years. It will grow from $13.97 billion in 2023 to $15.72 billion in 2024 at a compound annual growth rate (CAGR) of 12.6%. The growth in the historic period can be attributed to manual processes inefficiencies, increasing globalization of businesses, focus on cost reduction, growing complexity of regulatory compliance, need for real-time visibility.

The spend management software market size is expected to see rapid growth in the next few years. It will grow to $25.56 billion in 2028 at a compound annual growth rate (CAGR) of 12.9%. The growth in the forecast period can be attributed to increased focus on sustainability, advancements in artificial intelligence (ai) and analytics, demand for cloud-based solutions, integration with enterprise resource planning (erp) systems, focus on risk managemen. Major trends in the forecast period include rise of remote work and digital transformation, focus on real-time analytics, rise of mobile and user-friendly interfaces, incorporation of blockchain technology, greater emphasis on supplier collaboration.

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Market Segmentation:
The spend management software market covered in this report is segmented -
1) By Deployment Mode: Cloud-Based, On-Premises
2) By Enterprise: Large Enterprises, Small And Medium Enterprises,
3) By Application: Consumer Goods, Retail, Manufacturing, Healthcare And Pharmaceuticals, Transportation And Logistics, Other Applications

Major Driver - Cloud-Based Solutions Fueling Growth In Spend Management Software Market
The growing adoption of cloud-based solutions is expected to propel the growth of the spend management software market in the coming future. A cloud-based solution refers to apps and storage spaces, service-on-demand, networks of computers, or additional assets accessed through a different provider's shared cloud-based computing framework via an internet connection. Cloud-based solutions are used in modern spend management software for providing immediate insights into spending patterns and budget compliance. For instance, in December 2021, according to Eurostat, a Luxembourg-based statistical office responsible for producing high-quality data and indicators for all of Europe, 42% of EU businesses adopted cloud computing in 2021. That is a 6-percentage point (pp) rise from 2020 (36%). Sweden and Finland (both 75%) had the greatest percentage, followed by Denmark and the Netherlands (both 65%). Therefore, the growing adoption of cloud-based solutions is driving the spend management software market.

Competitive Landscape:
Major companies operating in the spend management software market report are International Business Machines Corporation, Oracle Corporation, Sage Group plc, Concur Technologies Inc., Zoho Corporation Pvt. Ltd., Coupa Software Inc., Navan Inc., Zycus Inc., Emburse LLC, Expensify Inc., Jaggaer LLC, Procurify Technologies Inc., Ramp Corporation, Brex Inc., Proactis Holdings Limited, Simfoni Limited, Precoro Inc., Fraxion Spend Management LLC, SynerTrade S.A., Negotiatus Corp., Empronc Solutions Pvt. Ltd., Claritum Limited, Airbase Inc., VV Finly Technology Pvt. Ltd., Accrualify Inc., Rosslyn Data Technologies PLC, Travelator Inc., Vroozi Inc., Team Labs Inc., BILL Operations LLC

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