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Top Factor Driving Spend Analytics Market Growth in 2025: Surge In Retail And E-Commerce Sector Fuels Growth In The Spend Analytics Market
Top Factor Driving Spend Analytics
The market size of spend analytics has seen a significant expansion in the past few years. The market is set to rise from $2.56 billion in 2024 to $3.06 billion in 2025, experiencing a compound annual growth rate (CAGR) of 19.8%. Evident growth during the historical phase was driven by factors such as the upswing in globalization, the surging uptake of digital technologies, compliance necessities, increased demand for curtailing costs, and a growing awareness of prospective benefits.
A rapid expansion is projected in the spend analytics market size in the coming years, with an expected value of $6.24 billion by 2029. This represents a compound annual growth rate (CAGR) of 19.5%. This notable expansion during the forecast period can be linked to advancements in areas like artificial intelligence and machine learning, the broader application of cloud-based solutions, a stronger emphasis on sustainability and ethical sourcing, a focus on risk management, and the integration of Internet of Things (IoT) devices. Some of the key trends expected in the forecast period include a heightened focus on predictive analytics, the adoption of blockchain technology for improved transparency, the proliferation of data-bound decision-making tools, the advent of augmented analytics for in-depth insights, and the growth of Spend analytics as a service (SaaS) offerings.
What Are the Primary Growth Drivers for the Spend Analytics Market?
The growth of the spend analytics market is anticipated to be fuelled by the expansion in the retail and e-commerce industry. Retail and e-commerce encompass businesses that directly offer their products and services to consumers via physical outlets or digital platforms and handle transactions and product delivery. This industry's expansion can be attributed to evolving customer tastes, convenience, price benefits, and opportunities for market growth. Spend analytics in this sector entails the analysis of procurement data to hone sourcing strategies, boost relationships with suppliers, and promote cost-effectiveness throughout the supply chain. For example, data from the United States Census Bureau, a US government body, reveals that e-commerce sales for 2023 amounted to an estimated $1,118.7 billion, marking a 7.6% rise from 2022. Consequently, the upswing in the retail and e-commerce industry is propelling the spend analytics market's growth.
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Who Are the Dominant Companies Influencing Spend Analytics Market Trends?
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
How Is the Spend Analytics Market Evolving?
Prominent players in the spend analytics market are introducing innovative solutions like advanced spend analytics and vendor management functionalities to gain a market advantage. These systems involve a comprehensive procedure of accumulating, analysing, and interpreting expenditure data to refine procurement strategies, enhance supplier relationships, and boost overall organizational effectiveness. For instance, in June 2024, US-based fintech firm, Airbase, Inc., unveiled its advanced spend analytics and vendor management functionalities, nourishing its specialization in providing dynamic tools that support organizations in refining their procurement processes. Their spend analytics function gives profound insight into expenditure trends, enabling businesses to unearth strategic knowledge that boosts efficiency and minimizes costs. Concurrently, the vendor management features streamline the supplier onboarding process, automate bill handling, and enhance risk control, fortifying relationships with vendors.
What Are the Different Segmentations in the Spend Analytics Market?
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
Subsegments:
1) By Software: On-Premise Software, Cloud-Based Software
2) By Service: Consulting Services, Implementation Services, Support And Maintenance Services
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Which Region Is at the Forefront of the Spend Analytics Market?
North America was the largest region in the spend analytics market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the spend analytics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Is Covered In The Spend Analytics Global Market Report?
- Market Size Analysis: Analyze the Spend Analytics Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Spend Analytics Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Spend Analytics Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Spend Analytics Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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