Business Spend Management (BSM) Software Global Market Report 2024 by The Business Research Company | International Business Machines Corporation, SAP SE, GEP Worldwide, Zycus Inc., Esker S.A., Basware Corporation, Tradeshift Inc., JAGGAER Inc., Divvy Pay

The business spend management (BSM) software market size has grown rapidly in recent years. It will grow from $21.62 billion in 2023 to $24.66 billion in 2024 at a compound annual growth rate (CAGR) of 14.1%. The growth in the historic period can be attributed to the increased complexity of procurement processes, growth in regulatory compliance requirements, increased focus on cost optimization, growth in digital transformation initiatives, and increased focus on sustainability.

The business spend management (BSM) software market size is expected to see rapid growth in the next few years. It will grow to $41.98 billion in 2028 at a compound annual growth rate (CAGR) of 14.2%. The growth in the forecast period can be attributed to the rise of AI-powered automation, expansion of mobile capabilities, growing importance of supplier diversity, rising concerns over cybersecurity, and increasing preference for subscription-based software models. Major trends in the forecast period include the adoption of artificial intelligence, cloud-based solutions, machine learning, and integration data analytics.

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Business Spend Management (BSM) Software Market Major Segments
The business spend management (BSM) software market covered in this report is segmented -

1) By Type: Indirect Spending, Direct Spending, Maintenance, Repair, And Operations (MRO) Spending
2) By Solution: Procure-to-Pay Solutions, Supplier And Risk Management, Travel And Expense Management, Contract And E-Tender Management, Spend Management, Others Solutions
3) By Deployment: Cloud, On-premise
4) By Enterprise Type: Small And Medium-Sized Enterprises, Large Enterprises
5) By End-user: Banking, Financial Services, And Insurance, Travel And Tourism, Hospitality, Healthcare, Information Technology (IT) And Telecommunication, Energy And Utility, Retail And E-commerce, Others End-users

Key Driver - E-Commerce Expansion Fuels Surge In Packaging Automation Market Demand

The rising e-commerce industry is expected to propel the growth of the business spend management software market going forward. E-commerce or electronic commerce refers to the buying and selling goods and services over the internet. The demand for e-commerce stems from its convenience, accessibility, and ability to provide a wide range of products and services to consumers from the comfort of their homes, anytime and anywhere. Ecommerce businesses often have numerous expenses related to inventory, shipping, marketing, and more. Spend management software helps track and categorize these expenses, providing visibility into where money is being spent and enabling better budgeting and forecasting. For instance, according to the 2023 data released by the United States Census Bureau, a US-based government agency, e-commerce sales increased by 7.6 % between the third quarter of 2022 and the third quarter of 2023 in the USA. Therefore, the increased demand for e-commerce industry is driving the growth of the business spend management software market.

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Prominent Trend - Business Process Platforms Transforming The BSM Software Market

Major companies operating in the business spend management (BSM) software market are focusing their efforts on introducing intelligent and advanced solutions spend management platforms, to enhance operational efficiency. A spend management platform is a centralized system or software that simplifies, automates, and manages various organizational spend processes. For instance, in August 2021, Coupa Software Incorporated, a US-based software company, launched the Coupa App Marketplace. This platform gives users access to certified, pre-built solutions that enhance the capabilities of Coupa's BSM platform. It connects businesses with various BSM partners, providing solutions to improve efficiency, automation, and value across many business processes, including procurement, costs, invoicing, supplier management, and more.

Business Spend Management (BSM) Software Market Players
Major companies operating in the business spend management (BSM) software market are International Business Machines Corporation, SAP SE, GEP Worldwide, Zycus Inc., Esker S.A., Basware Corporation, Tradeshift Inc., JAGGAER Inc., Divvy Pay Inc., Medius Software Ltd., Ivalua Inc., Sievo Oy, BirchStreet Systems Inc., Procurify Technologies Inc., SutiSoft Inc., Xeeva Inc., Bonfire Interactive Ltd., Teampay Inc., Fraxion Inc., Vroozi Inc., Apptricity Corporation, Empronc Solutions Pvt. Ltd., SynerTrade SE, TRADOGRAM Corporation, Precoro Inc

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Largest And Fastest Growing Region In The Market
North America was the largest region in the business spend management (BSM) software market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the business spend management (BSM) software 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. Business Spend Management (BSM) Software Market Report Structure
3. Business Spend Management (BSM) Software Market Trends And Strategies
4. Business Spend Management (BSM) Software Market - Macro Economic Scenario
5. Business Spend Management (BSM) Software Market Size And Growth
…..
27. Business Spend Management (BSM) Software Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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