Spend Management Platform Market Trends, Top Companies, Share, Growth And Forecast 2033

The Business Research Company has recently revised its global market reports, now incorporating the most current data for 2024 along with projections extending up to 2033.

Spend Management Platform Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.

The Market Size Is Expected To Reach $37.65 billion In 2028 At A CAGR Of 13.4% :

The spend management platform market size has grown rapidly in recent years. It will grow from $20.13 billion in 2023 to $22.77 billion in 2024 at a compound annual growth rate (CAGR) of 13.2%. The growth in the historic period can be attributed to the increased adoption of cloud-based solutions, growth in complexity of global supply chains, increased emphasis on cost reduction, growth in e-commerce, growing awareness of sustainability, and increased emphasis on data-driven decision-making.

The spend management platform market size is expected to see rapid growth in the next few years. It will grow to $37.65 billion in 2028 at a compound annual growth rate (CAGR) of 13.4%. The growth in the forecast period can be attributed to rising demand for mobile-first solutions, increasing adoption of blockchain technology, growing interest in decentralized procurement, rising demand for real-time spend visibility, and rising emphasis on ESG (environmental, social, and governance) criteria. Major trends in the forecast period include technological advancements, mobile applications, integration of AI, blockchain integration, and cloud-based solutions.

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Spend Management Platform Market Major Segments
The spend management platform market covered in this report is segmented -

1) By Deployment: On-Premise, Cloud-Based
2) By Application: Consumer goods, Retail, Healthcare And Pharmaceutical, Manufacturing, Other Applications
3) By Enterprise: Large Enterprises, Small And Medium Enterprises

Key Driver - The Impact Of Autonomous Vessel Adoption On The Maritime Digitization Market

The expansion of e-commerce is expected to propel the growth of the spend management platform market going forward. E-commerce, short for electronic commerce, refers to the buying and selling of goods and services over the Internet. Growing E-commerce can be attributed to various factors, including the widespread adoption of smartphones and internet connectivity, changing consumer preferences towards online shopping for convenience and variety, and the expansion of digital payment options. Spend management platforms streamline procurement processes, optimize vendor relationships, and analyze purchasing data to enhance cost efficiency and profitability for e-commerce. For instance, in February 2024, according to the Census Bureau of the Department of Commerce, a US-based principal agency, the estimate of U.S. retail e-commerce sales for the fourth quarter of 2023 was $285.2 billion, an increase of 0.8% (±1.1%)* from the third quarter of 2023. Total retail sales for the fourth quarter of 2023 were estimated at $1,831.4 billion, an increase of 0.4% (±0.4%)* from the third quarter of 2023. Therefore, the expansion of e-commerce is driving the growth of the spend management platform market.

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Prominent Trend - Technologically Advanced Mobile Solutions For Optimizing Spend Management

Major companies operating in the spend management platform market are integrating their efforts into introducing solutions that utilize advanced technological features, such as artificial intelligence (AI) and machine learning (ML) technologies, to provide more efficient solutions for financial management and gain a competitive edge in the market. AI and ML technology refer to integrating intelligent algorithms and data-driven models to automate and optimize various aspects of procurement and expense management processes. For instance, in January 2024, Corpay Inc., a US-based spend management company, launched Corpay Complete, a mobile spending management platform that combines multiple financial procedures, such as corporate cards, expense reimbursements, accounts payable (AP) automation, and supplier payments, into a unified system. This platform seeks to streamline payment processes for finance teams by breaking down silos between multiple software systems and creating a centralized hub for cost management. Its primary features include artificial intelligence and machine learning technologies for invoice automation, vendor management, and expenditure management with optical character recognition.

Spend Management Platform Market Players
Major companies operating in the spend management platform market are Oracle Corporation, SAP SE, Workday Inc., The Sage Group plc, GEP Worldwide, BILL Operations LLC, Coupa Software Inc., Basware Corporation, Brex Inc., Zycus Inc., Jaggaer, Expensify Inc., Proactis Holdings Limited, Ivalua Inc., Airbase Inc., Sievo Oy, Payhawk Ltd., Procurify Technologies Inc., SynerTrade SA, SutiSoft Inc., BirchStreet Systems Inc., Vroozi Inc., TradoGram Inc., Mesh Payments Inc., BuyerQuest Holdings Inc.

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Largest And Fastest Growing Region In The Market
North America was the largest region in the spend management platform market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the spend management platform market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The Table Of Content For The Market Report Include:
1. Executive Summary
2. Spend Management Platform Market Report Structure
3. Spend Management Platform Market Trends And Strategies
4. Spend Management Platform Market - Macro Economic Scenario
5. Spend Management Platform Market Size And Growth
…..
27. Spend Management Platform Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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