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Spend Analysis Software Market Growth and Insights 2024
Spend Analysis Software Market Growth
According to The Business Research Company's, The spend analysis software market size has grown rapidly in recent years. It will grow from $2.44 billion in 2023 to $2.84 billion in 2024 at a compound annual growth rate (CAGR) of 16.5%. The growth in the historic period can be attributed to increasing data volume, compliance regulations, cost reduction initiatives, globalization, demand for transparency, and the emergence of big data analytics.
The spend analysis software market size is expected to see rapid growth in the next few years. It will grow to $5.27 billion in 2028 at a compound annual growth rate (CAGR) of 16.7%. The growth in the forecast period can be attributed to AI and machine learning integration, focus on sustainability and CSR, the rise of remote work, supply chain resilience, integration with ERP (enterprise resource planning) systems, and focus on value-based procurement. Major trends in the forecast period include predictive analytics, real-time reporting, supplier collaboration tools, mobile accessibility, and focus on user experience (UX).
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Market Drivers and Trends:
The increasing adoption of cloud-based solutions is expected to propel the growth of the spend analysis software market going forward. Cloud-based solutions include software and services hosted on remote servers and accessible via the Internet, providing businesses with adaptable and scalable tools for a variety of purposes. The adoption of cloud-based solutions is rising due to their scalability, accessibility, cost-effectiveness, and ability to facilitate remote work and collaboration. Cloud-based spend analysis software allows users to access the platform from anywhere with an internet connection. This enables procurement professionals to analyze spending data remotely, collaborate with team members across different locations, and make informed decisions on the go. For instance, in December 2023, according to Eurostat, a Luxembourg-based intergovernmental organization, 45.2% of enterprises within the European Union procured cloud computing services, primarily for hosting email systems, storing electronic files, and performing various tasks. Purchases of cloud computing services among EU enterprises rose by 4% in 2023, compared to 2021. Notably, large enterprises exhibited a significant adoption rate, with 77.6% reporting the purchase of such services in 2023, marking a 6% increase from 2021. Therefore, the increasing adoption of cloud-based solutions is driving the growth of the spend analysis software market.
Major companies operating in the spend analysis software market are developing advanced solutions such as advanced spend analytics to advance the offering and proivde better solution. 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.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
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Major Key Players of the Market:
International Business Machines Corporation, Oracle Corporation, SAP SE, Capgemini SE, Genpact Ltd., SAS Institute Inc., WNS Global Services Pvt. Ltd., GEP Solutions Pvt. Ltd., Coupa Software Inc., Zycus Inc., JAGGAER, Ivalua Inc., Proactis Inc., Zageno Inc., Sievo Oy, Simfoni Limited, Xeeva Inc., Empronc Solutions Pvt. Ltd., Claritum Ltd., Rosslyn Data Technologies Plc
Spend Analysis Software Market 2024 Key Insights:
• The spend analysis software market size is expected to see rapid growth in the next few years. It will grow to $5.27 billion in 2028 at a compound annual growth rate (CAGR) of 16.7%.
• Cloud-Based Solutions Driving Growth In The Spend Analysis Software Market
• Advancements In Legal Spend Analytics Driving Efficiency And Strategic Decision-Making
• North America was the largest region in the spend analysis software market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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