Spend Analytics Software Market Segmentation:
Deployment Mode Segment Analysis
The cloud-based deployment segment is projected to capture 62.9% of the global spend analytics software market share by 2034, owing to its scalability, ease of integration, and cost efficiency. Government procurement modernization strategies favoring cloud-first strategies are further contributing to the segment growth. Also, the mandates by federal agencies are increasing the sales of cloud-based spend analytics software platforms. For example, the U.K. Cabinet Office’s Digital Marketplace reported a steady rise in cloud-based SaaS procurement tools under the G-Cloud framework. The ability to bypass infrastructure investments and rapidly deploy scalable platforms is boosting the public and private sectors' spending in cloud-based analytics.
Application Segment Analysis
The financial management segment is estimated to account for 40.1% of the spend analytics software market share throughout the forecast period. The increasing pressure on organizations to optimize operational expenditure and enhance cash flow visibility is propelling the adoption of spend analytics software tailored for financial management. As per a report by the U.S. Government Accountability Office (GAO), the poor spend visibility adds to billions in wasteful federal procurement spending annually. This is mitigated by using advanced spend analytics tools designed for finance teams that offer automation of audit trails, budgeting, and forecasting.
Our in-depth analysis of the global spend analytics software market includes the following segments:
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