The size of the global business spend management (BSM) software market was estimated at USD 19.07 billion in 2022 and is anticipated to increase from USD 21.08 billion in 2023 to USD 46.42 billion by 2030, at a CAGR of 11.9%.
In order to reduce procurement costs, manage and monitor workflows, enforce compliance, and boost productivity, business spend management (BSM) software is used to collect, collate, maintain, categorize, and evaluate spending data. Procure-to-pay solutions, supplier risk management, travel expense management, contract e-tender management, spend management/spend analytics, and others (source-to-contract, treasury management) are among the solutions taken into consideration.
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Which company dominates the Global Business Spend Management (BSM) Software Market?
- Coupa Software Inc. (U.S.)
- Proactis Holdings Plc. (U.K.)
- GEP (U.S.)
- SAP SE (Germany)
- Basware (Finland)
- Ivalua Inc. (U.S.)
- SutiSoft Inc. (U.S.)
- Zycus Inc. (U.S.)
- Xeeva (U.S.)
- JAGGAER (U.S.)
What are the factors driving the growth of the Business Spend Management (BSM) Software Market?
Spend management is an umbrella term used to refer to the process of requesting and approving spend, capturing transaction details, making payments, booking, tracking, and analyzing business expenditures. Currently, businesses are becoming more data-driven in the way they handle their finances, particularly when it comes to their spending. According to Statista, the demand for Big Data and business analytics solutions will reach USD 274.3 billion by the end of 2022.
What are the market's geographic insights for the Business Spend Management (BSM) Software Market?
Geographically, the market is divided into five major regions, North America, South America, Europe, the Middle East Africa, and Asia Pacific.
North America holds the major market share owing to the presence of prominent market players, including Coupa Software Inc., Ivalua Inc., Zycus, Jaggear, Xeeva, GEP, and others. Key market players in the region are focusing on partnerships, collaborations, mergers, and acquisitions, which are expected to fuel the business demand for spend management solutions and services across North America in coming years.
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An overview of the report
- The report comprehensively analyzes recent and anticipated market trends to help investors find investment opportunities.
- Market predictions through 2030, starting from estimated market values
- Market trends that are significant across industries, regions, and countries
- Market strategies and significant developments observed
- Market dynamics like drivers, obstacles, opportunities, and other trends require
- comprehensive company profiles of significant players, both established and emerging
- Emerging economies are anticipated to grow through 2030.
Analysts have segmented the "Business Spend Management (BSM) Software Market" into application, type, and regional segments to aid market participants in better understanding the market. Each element clearly demonstrates the variables that are most likely to have an impact on it and the variables that are anticipated to have a limit. The reader can access specific market updates thanks to the segmented explanation. The market research report on Business Spend Management (BSM) Software Market Trends also discusses evolving environmental concerns, shifting political environments, and various government approaches to regulatory reforms.
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