Spend Analysis Software Market Share

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.

Frequently Asked Questions (FAQ)

The major factors driving market growth are increasing amount of data generated across the world, and growing demand for implementation of predictive analytics among businesses.

The market is anticipated to attain a CAGR of ~17% over the forecast period, i.e., 2022-2031.

The major players in the market are SAP SE, IBM Corporation, Coupa Software Inc., Oracle Corporation, Zycus Inc., and others.

Spend Analysis Software Market Share