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Business Spend Management (BSM) Software Market Trends, Surging Demand, Detailed Analysis, And Forecast To 2033
Business Spend Management (BSM) Software Market Trends
According to The Business Research Company's, 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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Market Drivers and Trends:
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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Major Key Players of the Market:
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
Business Spend Management (BSM) Software Market 2024 Key Insights:
• 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%.
• E-Commerce Expansion Fuels Surge In Packaging Automation Market Demand
• Business Process Platforms Transforming The BSM Software Market
• North America was the largest region in the business spend management (BSM) software market in 2023
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The Business Research Company (https://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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