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Spend Management Software Global Market Report 2024 - By Share, Size, Growth And Trends, Outlook By 2033
Spend Management Software Market
As per the report, 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 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%.
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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.
Novel Developments In The Field of Business Spend Management
Major companies operating in spend management software are focusing on innovative platforms such as the Coupa app marketplace to better meet the needs of their existing consumers. The Coupa app marketplace is a single location for Coupa clients to search and install certified applications that enhance the functionality of their business spend management (BSM) solution. For instance, in August 2021, Coupa Software Inc., a US-based company that offers solutions for spend management, launched the Coupa app marketplace. This is the first platform in the entire BSM field to offer solutions that improve and broaden a customer's existing tech stack and BSM capabilities, allowing them to effortlessly exchange information, automate workflows, and perform important activities. Coupa app marketplace solutions span from supply chain analytics to vendor risk analysis to travel and expenditure management and IT management and are meant to be adaptive, connected, and efficient.
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
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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
Contents of the report:
1. Executive Summary
2. Spend Management Software Market Report Structure
3. Spend Management Software Market Trends And Strategies
4. Spend Management Software Market - Macro Economic Scenario
5. Spend Management Software Market Size And Growth
…..
27. Spend Management Software Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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