Spend Analysis Software Market Size

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.