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Spend Management Platform Market Size, Share, Growth & Forecast 2024-2033 | Competitive Landscape
Spend Management Platform Market Size
According to The Business Research Company's, 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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Market Drivers and Trends:
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.
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.
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Major Key Players of the Market:
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.
Spend Management Platform Market 2024 Key Insights:
• 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%.
• Expansion Of E-Commerce Fuels The Spend Management Platform Market Growth
• Technologically Advanced Mobile Solutions For Optimizing Spend Management
• North America was the largest region in the spend management platform market in 2023
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