Spend Analytics Market Expansion Continues, with Forecast Valuation of $5.85 Billion by 2029

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Spend Analytics Market Size Growth Forecast: What to Expect by 2025?
The market size of spend analytics has seen quick expansion in the past few years. The prediction suggests a growth from $2.56 billion in 2024 to a value of $3.04 billion in 2025, demonstrating a compound annual growth rate (CAGR) of 18.9%. The substantial growth in the historical phase is due to factors like growing globalization, heightened integration of digital technologies, adherence to regulatory compliance, surge in demand for cost reduction, and the increasing awareness of the possible advantages.

How Will the Spend Analytics Market Size Evolve and Grow by 2029?
Over the next several years, the size of the spend analytics market is predicted to witness significant expansion. It is anticipated to reach a figure of $5.85 billion in 2029, developing at a compound annual growth rate (CAGR) of 17.8%. This growth can be tied to advancements in sectors such as artificial intelligence and machine learning, the progression of cloud-based solutions, sustainability and ethical sourcing initiatives, risk management focus, and the integration of the internet of things (IoT) devices. Upcoming trends for this projected period encompass an enhanced emphasis on predictive analytics, the implementation of blockchain technology for improved transparency, the proliferation of data-guided decision-making tools, the advent and rise of augmented analytics for an in-depth understanding, along with the expanding market of Spend Analytics as a service (SaaS).

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What Drivers Are Propelling the Growth of Spend Analytics Market Forward?
The spend analytics market is projected to experience substantial growth due to the expansion of the retail and e-commerce industries. These sectors encompass businesses that make direct sales to consumers either through brick and mortar outlets or digital platforms and oversee the transactions and product distribution process. Their growth is attributed to altered consumer tastes, convenience, price benefits, and opportunities for market growth. In these sectors, spend analytics is used to scrutinize procurement data to refine sourcing plans, enhance relationships with suppliers, and boost cost-effectiveness throughout the supply chain. For example, in February 2024, the United States Census Bureau, a government agency, reported that total e-commerce sales in 2023 amounted to an estimated $1,118.7 billion, a rise of 7.6% in comparison with figures from 2022. Consequently, the expansion of the retail and e-commerce industries is fuelling the growth of the spend analytics market.

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What Long-Term Trends Will Define the Future of the Spend Analytics Market?
Leading corporations in the spend analytics market are introducing innovative tools such as sophisticated spend analytics and vendor administration functionalities, in an attempt to outshine competitors. These advancements contribute to a more efficient process of collecting, evaluating, and comprehending spending data, which maximizes procurement tactics, betters supplier collaborations and boosts overall company performance. For example, Airbase, Inc., a fintech firm in the US, rolled out superior spend analytics and supplier management features in June 2024, focusing on offering powerful tools that streamline an organization's procurement operations. Their spend analytics function offers a comprehensive view of expenditure habits, enabling businesses to uncover strategic insights to increase efficiency and minimize costs. Concurrently, the supplier management function facilitates smoother onboarding, automates invoice handling, and enhances risk management, fortifying relationships with suppliers.

What Are the Key Segments 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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Who Are the Key Players Shaping the Spend Analytics Market's Competitive Landscape?
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

What Geographic Markets Are Powering Growth in 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.

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