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Spend Analytics Global Market Report 2024 - By Trends, Size, Share, Industry Analysis, Forecast To 2033
Spend Analytics Market
As per the report, the spend analytics market size has grown rapidly in recent years. It will grow from $2.15 billion in 2023 to $2.56 billion in 2024 at a compound annual growth rate (CAGR) of 19.1%. The spend analytics market size is expected to see rapid growth in the next few years. It will grow to $5.23 billion in 2028 at a compound annual growth rate (CAGR) of 19.6%.
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Surge In Retail And E-Commerce Sector Fuels Growth In The Spend Analytics Market
The rise in the retail and e-commerce sector is expected to propel the growth of the spend analytics market going forward. The retail and e-commerce sector refers to businesses that sell goods and services directly to consumers through physical stores or online platforms, facilitating transactions and distribution of products. The rise in the retail and e-commerce sector is due to changing consumer preferences, convenience, pricing advantages, and market expansion opportunities. Spend analytics in the retail and e-commerce sector involves analyzing purchasing data to optimize sourcing strategies, improve supplier relationships, and enhance cost efficiency across the supply chain. For instance, in February 2024, according to the United States Census Bureau, a US-based government agency, in 2023, total e-commerce sales reached an estimated $1,118.7 billion, reflecting a 7.6% increase compared to 2022. Therefore, the rise in the retail and e-commerce sector is driving the growth of the spend analytics market.
Advancements In Legal Spend Analytics Driving Efficiency And Strategic Decision-Making
Major companies operating in the spend analytics market are developing legal spend analytics, such as advanced spend analytics, to gain a competitive edge in the market. Advanced spend analytics is a legal spend analytics that analyzes and manages the financial expenditures related to legal services within an organization. For instance, in January 2021, Epiq Systems, a US-based legal services company, launched an advanced spend analytics offering to assist legal teams in making data-backed decisions to manage their legal business more effectively. Epiq's advanced spend analytics offering, powered by Microsoft Power BI, is poised to revolutionize legal operations by providing targeted insights and comprehensive solutions for managing legal expenditures. This integration enhances efficiency, optimizes costs, and enables informed decision-making, ultimately driving greater operational effectiveness and competitive advantage for Epiq's clients.
The spend analytics market covered in this report is segmented -
1) By Type: Software, Service
2) By Analysis: Descriptive, Prescriptive, Predictive
3) By Application: Financial Management, Risk Management, Governance And Compliance Management, Supplier Sourcing And Performance Management, Demand And Supply Forecasting, Other Applications
4) By End-User Industry: Manufacturing, Supply Chain And Logistic, Retail, Banking, Financial Services, And Insurance (BFSI), Information Technology (IT) And Telecommunication, Education, Healthcare, Other End-User Industries
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Major companies operating in the spend analytics market are International Business Machines Corporation (IBM), Oracle Corporation, SAP SE, Genpact, SAS Institute Inc., GEP , Coupa Software Inc., Anaplan Inc., Icertis Inc., Zycus Inc., Ivalua Inc., Jaggaer Inc., Zageno Inc., Sievo Oy, Insight Sourcing Group, Proxima Group, BirchStreet Systems LLC, Proactis Holdings Plc, Tejari Solutions Pvt Ltd., Apex Analytix LLC, Rosslyn Data Technologies PLC, Spendency AB, TealBook, Empronc Solutions Pvt. Ltd., Dhatim SAS
Contents of the report:
1. Executive Summary
2. Spend Analytics Market Report Structure
3. Spend Analytics Market Trends And Strategies
4. Spend Analytics Market - Macro Economic Scenario
5. Spend Analytics Market Size And Growth
…..
27. Spend Analytics Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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