Spend Analytics Software Market size is expected to expand at around 17.4% CAGR during the forecast period i.e., between 2024-2036.
The growth of the market can be attributed primarily to the high need among organizations to decrease procurement cost, improve efficiency and monitor compliance. Along with this, increase in the amount of data generated across the world, and growing demand for implementation of predictive analytics among businesses to better manage internal policies are also expected to drive market growth in the forthcoming years. The total amount of data created, captured, copied, and consumed in the world was calculated at more than 60 zettabytes in the year 2020, which is evaluated to reach a value of about 160 zettabytes in 2025. Furthermore, exponentially rising rate of digitization globally, and escalating adoption of SaaS based software are projected to offer lucrative opportunities to the market in the near future.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
17.4% |
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Regional Scope |
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The market is segmented by end user into manufacturing, retail & e-commerce, telecommunications & IT, energy & utilities, and BFSI, out of which, the retail & e-commerce segment is anticipated to hold the largest share in the global spend analytics software market. This can be accounted to the high need in retail & e-commerce companies to generate insights from spend data to assess supplier performance management and working capital performance. Apart from this, rapidly growing e-commerce industry across the globe is also predicted to drive growth of the market segment in the future. Additionally, on the basis of analytics type, the predictive segment is assessed to grab the largest share during the forecast period owing to the growing emphasis of companies to determine customer responses or purchases, and cross-sell opportunities.
Our in-depth analysis of the global market includes the following segments
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By Analytics Type |
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By Application |
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By End-User Industry
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Regionally, the global market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. Asia Pacific industry is estimated to dominate majority revenue share by 2036, impelled by rising adoption of cost-effective spend analytics software and services among small and medium sized enterprises in the region. In addition, rapid rate of urbanization and digital transformation is also expected to drive market growth in the region in the coming years. According to the World Bank, in 2020, the percentage of urban population in the East Asia & Pacific region was about 60.698%, up from 59.889% in 2019 and 59.053% in 2018 respectively.
North America Market Analysis
Moreover, the market in North America is projected to grab the largest share during the forecast period ascribing to the early adoption of new and emerging technologies, and strong presence of major market players in the region.
January 2021- JAGGAER and EdgeVerve announced the launch of AI-powered contracts and risk analysis solution that is able to learn continuously from the customer’s business and evolving market.
March 2020- SAP Ariba solutions and SAP S/4HANA Cloud declared that they are completely integrated to deliver an end-to-end source-to-pay process, part of the intelligent suite of solutions from SAP.
Author Credits: Abhishek Verma
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