Spend Analytics Market by Application (Financial Management, Risk Management, Governance and Compliance Management, Supplier Sourcing and Performance Management), Business Function, Deployment Model, and Vertical - Global Forecast to 2022

  • ID: 4311904
  • Report
  • Region: Global
  • 184 Pages
  • Markets and Markets
1 of 5
The Global Spend Analytics Market Size is Estimated to Grow from USD 1.33 Billion in 2017 to USD 3.01 Billion By 2022, at a CAGR of 17.7%

FEATURED COMPANIES

  • Bravosolution Spa
  • Ivalua Inc.
  • Jaggaer
  • Oracle Corporation
  • Proactis
  • Sap Se
  • MORE

"Increasing need for supplier and market intelligence is expected to propel the market growth"

Need for predictive analytics for businesses, requirement for better managing internal compliance policies and external contracts, and growing demand for cloud computing technology are other factors fueling the growth of this market. However, difficulty in migrating from legacy systems is the biggest restraint for the spend analytics market.

"Finance business function is expected to record the largest market size in 2017 in spend analytics market. The trend is expected to continue during the forecast period"

Finance departments need to constantly monitor, identify, and react with speed to various changes being implemented because of changes in regulation, risk, and compliance. By analyzing financial data along with pricing data, organizations can come up with strategies to improve profits and restrict unwanted spending. Spend analytics provides a platform to measure and standardize performance, monitor trends, and optimize strategies, which are instrumental in allocating capital, managing assets, and mitigating risks.

"APAC is projected to grow at the highest rate during the forecast period"

In 2017, North America is expected to dominate the spend analytics market with the largest market size. This trend is expected to continue throughout the forecast period. The spend analytics market is revealing a strong positive trend in this region, owing to the easy availability of spend analytics solutions. Various companies and industries are adopting spend analytics software and services to create business models that support real-time decision-making with data and improve productivity. The Asia Pacific (APAC) region is expected to exhibit the highest growth rate. This growth can be attributed to growing awareness, surge in spend data, and increasing demand for real-time spend analytics.

In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews were conducted with key people.

The break-up of the profiles of the primary participants is given below:

  • By Company: Tier 1: 22%, Tier 2: 30%, and Tier 3: 48%
  • By Designation: C-level: 30%, Director level: 45%, and Others: 25%
  • By Region: North America: 48%, Europe: 30%, and APAC: 22%

The key vendors profiled in the report are as follows:
1. SAP SE (Germany)
2. SAS Institute, Inc. (US)
3. IBM Corporation (US)
4. Oracle Corporation (US)
5. Coupa Software Inc. (US)
6. Zycus Inc. (US)
7. Proactis (UK)
8. Empronc Solutions Pvt. Ltd. (India)
9. JAGGAER (US)
10. Rosslyn Analytics, Ltd. (UK)
11. Ivalua Inc. (US)
12. BravoSolution SPA (US)

Research Coverage:

The report segments the spend analytics market based on components, which include software and services; the services segment is further segmented into managed services and professional services. Under professional services, the report is further segmented into support and maintenance, and consulting services. Based on deployment models, the market is segmented into on-premises and hosted. Under organization size, it is segmented into Small and Medium-Sized Enterprises (SMEs) and large organizations, whereas under the application segment, the market is segmented into financial management, risk management, governance and compliance management, supplier sourcing and performance management, demand and supply forecasting, and others. Under business function, the market includes finance, Information Technology (IT), marketing, and procurement. Under analytics type, the market includes predictive, prescriptive, and descriptive. Under verticals, the market includes manufacturing, retail and eCommerce, government and defense, healthcare and life sciences, telecommunications and IT, energy and utilities, BFSI, and others. The regions are segmented into North America, Europe, APAC, Middle East and Africa (MEA), and Latin America.

Reasons to buy the report

The report will help the market leaders/new entrants in this market in the following ways:

1. This report segments the spend analytics market comprehensively and provides the closest approximations of the revenue numbers for the overall market and subsegments across different verticals and regions.
2. The report helps stakeholders to understand the pulse of the market and provides them with information on the key market drivers, restraints, challenges, and opportunities.
3. This report will help stakeholders to better understand the competitors and gain more insights to enhance their position in the business. The competitive landscape section includes new product launches; partnerships, agreements, and collaborations; mergers and acquisitions; and expansions.

READ MORE
Note: Product cover images may vary from those shown
2 of 5

FEATURED COMPANIES

  • Bravosolution Spa
  • Ivalua Inc.
  • Jaggaer
  • Oracle Corporation
  • Proactis
  • Sap Se
  • MORE

1 Introduction
1.1 Objectives of the Study
1.2 Market Definition
1.3 Market Scope
1.4 Years Considered for the Study
1.5 Currency
1.6 Stakeholders

2 Research Methodology
2.1 Research Data
2.1.1 Secondary Data
2.1.2 Primary Data
2.1.2.1 Breakdown of Primaries
2.1.2.2 Key Industry Insights
2.2 Market Size Estimation
2.3 Microquadrant Research Methodology
2.4 Research Assumptions
2.5 Limitations

3 Executive Summary

4 Premium Insights
4.1 Attractive Opportunities in the Spend And Procurement Analytics Market
4.2 Spend And Procurement Analytics Market: Market Share, By Region
4.3 Spend And Procurement Analytics Market:  By Vertical And Region
4.4 Life Cycle Analysis, By Region, 2017

5 Market Overview And Industry Trends
5.1 Market Overview
5.1.1 Introduction
5.1.2 Market Dynamics
5.1.3 Drivers
5.1.3.1 Increasing Need for Supplier And Market Intelligence
5.1.3.2 Predictive Analytics for Businesses
5.1.3.3 Need to Better Manage Internal Compliance Polices And External Contracts
5.1.4 Restraints
5.1.4.1 Difficulty in Migrating from Legacy Systems
5.1.5 Opportunities
5.1.5.1 Rise in Mobile Applications
5.1.5.2 Growing Demand for Cloud Computing Technology
5.1.6 Challenges
5.1.6.1 Lack of Standardized Process
5.1.6.2 Large Number of Data Sources
5.2 Industry Trends
5.2.1 Spend And Procurement Analytics Market: Use Cases
5.2.1.1 Introduction
5.2.1.2 Use Case 1: Manufacturing
5.2.1.3 Use Case 2: Agriculture
5.2.1.4 Use Case 3: Education
5.2.1.5 Use Case 4: Outsourcing/Offshoring
5.2.1.6 Use Case 5: Education
5.3 Spend Analytics Process
5.4 Technologies in the Spend And Procurement Analytics Market
5.4.1 Big Data
5.4.2 Artificial Intelligence
5.4.3 Cloud Computing
5.4.4 Advanced Analytics
5.4.5 Business Intelligence (Bi)

6 Spend And Procurement Analytics Market Analysis,  By Application
6.1 Introduction
6.2 Financial Management
6.3 Risk Management
6.4 Governance And Compliance Management
6.5 Supplier Sourcing And Performance Management
6.6 Demand And Supply Forecasting
6.7 Others

7 Spend And Procurement Analytics Market Analysis,  By Component
7.1 Introduction
7.2 Software
7.3 Services
7.3.1.1 Managed Services
7.3.1.2 Professional Services
7.3.2 Support And Maintenance
7.3.3 Consulting

8 Spend And Procurement Analytics Market Analysis,  By Analytics Type
8.1 Introduction
8.2 Predictive Analytics
8.3 Prescriptive Analytics
8.4 Descriptive Analytics

9 Spend And Procurement Analytics Market Analysis,  By Business Function
9.1 Introduction
9.2 Finance
9.3 Information Technology
9.4 Marketing
9.5 Procurement

10 Spend And Procurement Analytics Market Analysis,  By Deployment Model
10.1 Introduction
10.2 On-Premises
10.3 Cloud

11 Spend And Procurement Analytics Market Analysis,  By Organization Size
11.1 Introduction
11.2 Small And Medium-Sized Businesses
11.3 Large Enterprises

12 Spend And Procurement Analytics Market Analysis,  By Vertical
12.1 Introduction
12.2 Manufacturing
12.3 Retail And Ecommerce
12.4 Government And Defense
12.5 Healthcare And Life Sciences
12.6 Telecommunications And It
12.7 Banking, Financial Services, And Insurance
12.8 Energy And Utilities
12.9 Others

13 Geographic Analysis
13.1 Introduction
13.2 North America
13.3 Europe
13.4 Asia Pacific
13.5 Middle East And Africa
13.6 Latin America

14 Competitive Landscape
14.1 Microquadrant Overview
14.1.1 Vanguards
14.1.2 Innovators
14.1.3 Dynamic
14.1.4 Emerging
14.2 Competitive Benchmarking
14.2.1 Business Strategies Adopted By Major Players in the Spend And Procurement Analytics Market
14.2.2 Analysis of Product Portfolio of Major Players in the Spend And Procurement Analytics Market

15 Company Profiles
(Business Overview, Product Offerings & Business Strategies, Key Insights, Recent Developments, Mnm View)*
15.1 Sap Se
15.2 Sas Institute Inc.
15.3 International Business Machines Corporation
15.4 Oracle Corporation
15.5 Coupa Software Incorporated
15.6 Zycus Inc.
15.7 Proactis
15.8 Empronc Solutions Pvt. Ltd.
15.9 Jaggaer
15.10 Rosslyn Data Technologies Plc
15.11 Ivalua Inc.
15.12 Bravosolution Spa
*Details On Business Overview, Product Offerings & Business Strategies, Key Insights, Recent Developments, Mnm View Might Not Be Captured in Case of Unlisted Companies.

16 Appendix
16.1 Key Insights of Industry Experts
16.2 Discussion Guide
16.3 Knowledge Store: Subscription Portal
16.4 Introducing Rt: Real-Time Market Intelligence
16.5 Available Customizations
16.6 Related Reports
16.7 Author Details

List of Tables
Table 1 United States Dollar Exchange Rate, 2014-2016
Table 2 Evaluation Criteria
Table 3 Spend And Procurement Analytics Market Size And Growth,  2017-2022 (USD Million, Y-O-Y %)
Table 4 Spend And Procurement Analytics Market Size, By Application,  2015-2022 (USD Million)
Table 5 Financial Management: Spend And Procurement Analytics Market Size,  By Region, 2015-2022 (USD Million)
Table 6 Risk Management: Spend And Procurement Analytics Market Size, By Region, 2015-2022 (USD Million)
Table 7 Governance And Compliance Management: Spend And Procurement Analytics Market Size, By Region, 2015-2022 (USD Million)
Table 8 Supplier Sourcing And Performance Management: Spend And Procurement Analytics Market Size, By Region, 2015-2022 (USD Million)
Table 9 Demand And Supply Forecasting: Spend And Procurement Analytics Market Size, By Region, 2015-2022 (USD Million)
Table 10 Others: Spend And Procurement Analytics Market Size, By Region,  2015-2022 (USD Million)
Table 11 Spend And Procurement Analytics Market Size, By Component,  2015-2022 (USD Million)
Table 12 Software: Spend And Procurement Analytics Market Size, By Region,  2015-2022 (USD Million)
Table 13 Services: Spend And Procurement Analytics Market Size, By Region,  2015-2022 (USD Million)
Table 14 Services: Spend And Procurement Analytics Market Size, By Type,  2015-2022 (USD Million)
Table 15 Managed Services Market Size, By Region, 2015-2022 (USD Million)
Table 16 Professional Services Market Size, By Region, 2015-2022 (USD Million)
Table 17 Professional Services Market Size, By Type, 2015-2022 (USD Million)
Table 18 Support And Maintenance: Professional Services Market Size, By Region, 2015-2022 (USD Million)
Table 19 Consulting Services: Professional Services Market Size, By Region,  2015-2022 (USD Million)
Table 20 Spend And Procurement Analytics Market Size, By Analytics Type,  2015-2022 (USD Million)
Table 21 Predictive Analytics: Spend And Procurement Analytics Market Size,  By Region, 2015-2022 (USD Million)
Table 22 Prescriptive Analytics: Spend And Procurement Analytics Market Size,  By Region, 2015-2022 (USD Million)
Table 23 Descriptive Analytics: Spend And Procurement Analytics Market Size,  By Region, 2015-2022 (USD Million)
Table 24 Spend And Procurement Analytics Market Size, By Business Function,  2015-2022 (USD Million)
Table 25 Finance: Spend And Procurement Analytics Market Size, By Region,  2015-2022 (USD Million)
Table 26 Information Technology: Spend And Procurement Analytics Market Size,  By Region, 2015-2022 (USD Million)
Table 27 Marketing: Spend And Procurement Analytics Market Size, By Region,  2015-2022 (USD Million)
Table 28 Procurement: Spend And Procurement Analytics Market Size, By Region, 2015-2022 (USD Million)
Table 29 Spend And Procurement Analytics Market Size, By Deployment Model,  2015-2022 (USD Million)
Table 30 On-Premises: Spend And Procurement Analytics Market Size, By Region, 2015-2022 (USD Million)
Table 31 Cloud: Spend And Procurement Analytics Market Size, By Region,  2015-2022 (USD Million)
Table 32 Spend And Procurement Analytics Market Size, By Organization Size,  2015-2022 (USD Million)
Table 33 Small And Medium-Sized Businesses: Spend And Procurement Analytics Market Size, By Region, 2015-2022 (USD Million)
Table 34 Large Enterprises: Spend And Procurement Analytics Market Size, By Region, 2015-2022 (USD Million)
Table 35 Spend And Procurement Analytics Market Size, By Vertical, 2015-2022 (USD Million)
Table 36 Manufacturing: Spend And Procurement Analytics Market Size, By Region, 2015-2022 (USD Million)
Table 37 Retail And Ecommerce: Spend And Procurement Analytics Market Size,  By Region, 2015-2022 (USD Million)
Table 38 Government And Defense: Spend And Procurement Analytics Market Size,  By Region, 2015-2022 (USD Million)
Table 39 Healthcare And Life Sciences: Spend And Procurement Analytics Market Size, By Region, 2015-2022 (USD Million)
Table 40 Telecommunications And It: Spend And Procurement Analytics Market Size, By Region, 2015-2022 (USD Million)
Table 41 Banking, Financial Services, And Insurance: Spend And Procurement Analytics Market Size, By Region, 2015-2022 (USD Million)
Table 42 Energy And Utilities: Spend And Procurement Analytics Market Size, By Region, 2015-2022 (USD Million)
Table 43 Others: Spend And Procurement Analytics Market Size, By Region,  2015-2022 (USD Million)
Table 44 Spend And Procurement Analytics Market Size, By Region, 2015-2022 (USD Million)
Table 45 North America: Spend And Procurement Analytics Market Size, By Component, 2015-2022 (USD Million)
Table 46 North America: Spend And Procurement Analytics Market Size,By Service, 2015-2022 (USD Million)
Table 47 North America: Spend And Procurement Analytics Market Size, By Professional Service, 2015-2022 (USD Million)
Table 48 North America: Spend And Procurement Analytics Market Size, By Application, 2015-2022 (USD Million)
Table 49 North America: Spend And Procurement Analytics Market Size, By Analytics Type, 2015-2022 (USD Million)
Table 50 North America: Spend And Procurement Analytics Market Size, By Business Function, 2015-2022 (USD Million)
Table 51 North America: Spend And Procurement Analytics Market Size, By Deployment Model, 2015-2022 (USD Million)
Table 52 North America: Spend And Procurement Analytics Market Size, By Organization Size, 2015-2022 (USD Million)
Table 53 North America: Spend And Procurement Analytics Market Size, By Vertical, 2015-2022 (USD Million)
Table 54 Europe: Spend And Procurement Analytics Market Size, By Component,  2015-2022 (USD Million)
Table 55 Europe: Spend And Procurement Analytics Market Size, By Service,  2015-2022 (USD Million)
Table 56 Europe: Spend And Procurement Analytics Market Size,  By Professional Service, 2015-2022 (USD Million)
Table 57 Europe: Spend And Procurement Analytics Market Size, By Application,  2015-2022 (USD Million)
Table 58 Europe: Spend And Procurement Analytics Market Size, By Analytics Type, 2015-2022 (USD Million)
Table 59 Europe: Spend And Procurement Analytics Market Size, By Business Function, 2015-2022 (USD Million)
Table 60 Europe: Spend And Procurement Analytics Market Size,  By Deployment Model, 2015-2022 (USD Million)
Table 61 Europe: Spend And Procurement Analytics Market Size, By Organization Size, 2015-2022 (USD Million)
Table 62 Europe: Spend And Procurement Analytics Market Size, By Vertical,  2015-2022 (USD Million)
Table 63 Asia Pacific: Spend And Procurement Analytics Market Size, By Component, 2015-2022 (USD Million)
Table 64 Asia Pacific: Spend And Procurement Analytics Market Size, By Service,  2015-2022 (USD Million)
Table 65 Asia Pacific: Spend And Procurement Analytics Market Size,  By Professional Service, 2015-2022 (USD Million)
Table 66 Asia Pacific: Spend And Procurement Analytics Market Size, By Application, 2015-2022 (USD Million)
Table 67 Asia Pacific: Spend And Procurement Analytics Market Size, By Analytics Type, 2015-2022 (USD Million)
Table 68 Asia Pacific: Spend And Procurement Analytics Market Size,  By Business Function, 2015-2022 (USD Million)
Table 69 Asia Pacific: Spend And Procurement Analytics Market Size,  By Deployment Model, 2015-2022 (USD Million)
Table 70 Asia Pacific: Spend And Procurement Analytics Market Size,  By Organization Size, 2015-2022 (USD Million)
Table 71 Asia Pacific: Spend And Procurement Analytics Market Size, By Vertical, 2015-2022 (USD Million)
Table 72 Middle East And Africa: Spend And Procurement Analytics Market Size,  By Component, 2015-2022 (USD Million)
Table 73 Middle East And Africa: Spend And Procurement Analytics Market Size,  By Service, 2015-2022 (USD Million)
Table 74 Middle East And Africa: Spend And Procurement Analytics Market Size,  By Professional Service, 2015-2022 (USD Million)
Table 75 Middle East And Africa: Spend And Procurement Analytics Market Size,  By Application, 2015-2022 (USD Million)
Table 76 Middle East And Africa: Spend And Procurement Analytics Market Size,  By Analytics Type, 2015-2022 (USD Million)
Table 77 Middle East And Africa: Spend And Procurement Analytics Market Size,  By Business Function, 2015-2022 (USD Million)
Table 78 Middle East And Africa: Spend And Procurement Analytics Market Size,  By Deployment Model, 2015-2022 (USD Million)
Table 79 Middle East And Africa: Spend And Procurement Analytics Market Size,  By Organization Size, 2015-2022 (USD Million)
Table 80 Middle East And Africa: Spend And Procurement Analytics Market Size,  By Vertical, 2015-2022 (USD Million)
Table 81 Latin America: Spend And Procurement Analytics Market Size, By Component, 2015-2022 (USD Million)
Table 82 Latin America: Spend And Procurement Analytics Market Size, By Service, 2015-2022 (USD Million)
Table 83 Latin America: Spend And Procurement Analytics Market Size,  By Professional Service, 2015-2022 (USD Million)
Table 84 Latin America: Spend And Procurement Analytics Market Size, By Application, 2015-2022 (USD Million)
Table 85 Latin America: Spend And Procurement Analytics Market Size,  By Analytics Type, 2015-2022 (USD Million)
Table 86 Latin America: Spend And Procurement Analytics Market Size, By Business Function, 2015-2022 (USD Million)
Table 87 Latin America: Spend And Procurement Analytics Market Size, By Deployment Model, 2015-2022 (USD Million)
Table 88 Latin America: Spend And Procurement Analytics Market Size,  By Organization Size, 2015-2022 (USD Million)
Table 89 Latin America: Spend And Procurement Analytics Market Size,  By Vertical, 2015-2022 (USD Million)
Table 90 Market Ranking for Spend And Procurement Analytics Market, 2017

List of Figures
Figure 1 Spend Analytics Market Segmentation
Figure 2 Market Research Design
Figure 3 Breakdown of Primary Interviews: By Company, Designation, and Region
Figure 4 Data Triangulation
Figure 5 Market Size Estimation Methodology: Bottom-Up Approach
Figure 6 Market Size Estimation Methodology: Top-Down Approach
Figure 7 Spend Analytics Market: Assumptions
Figure 8 Better Management of Compliance and Predictive Analytics to Drive Growth of Spend and Procurement Analytics Market (USD Million)
Figure 9 Market Snapshot By Component (2017 vs 2022)
Figure 10 Market Snapshot By Service (2017 vs 2022)
Figure 11 Market Snapshot By Application (2017–2022)
Figure 12 Market Snapshot By Deployment Model (2017– 2022)
Figure 13 Spend and Procurement Analytics Market Snapshot, By Analytics Type (2017– 2022)
Figure 14 Market Snapshot By Business Function (2017–2022)
Figure 15 Market Snapshot By Organization Size (2017–2022)
Figure 16 Market Snapshot By Vertical (2017–2022)
Figure 17 Need to Generate Valuable Insights From Spend Data and Increase in Industry-Specific Spend and Procurement Analytics Applications to Drive Market Growth
Figure 18 North America to Hold Largest Market Share in 2017
Figure 19 Manufacturing Vertical and North America to Hold Largest Market Share in 2017
Figure 20 APAC to Record Exponential Growth During 2017-2022
Figure 21 Spend and Procurement Analytics Market: Drivers, Restraints, Opportunities, and Challenges
Figure 22 Spend Analytics Process
Figure 23 Risk Management Application Segment to Record Highest Growth During 2017-2022 (USD Million)
Figure 24 Services Segment to Record Higher Growth During 2017-2022 (USD Million)
Figure 25 Managed Services to Record Higher Growth During 2017-2022 (USD Million)
Figure 26 Consulting Services Sub-Segment to Record Higher Growth During 2017-2022 (USD Million)
Figure 27 Descriptive Analytics Segment to Record Highest Growth During 2017-2022 (USD Million)
Figure 28 Marketing Business Function to Record Highest Growth During 2017-2022 (USD Million)
Figure 29 Cloud Deployment Model to Record Higher Growth During 2017-2022 (USD Million)
Figure 30 SMBS Segment to Record Higher Growth During 2017-2022 (USD Million)
Figure 31 Energy and Utilities Vertical to Record Highest Growth During 2017-2022 (USD Million)
Figure 32 Global Market Snapshot: APAC to Record Highest Growth During Forecast Period
Figure 33 APAC Market to Record Highest Growth During 2017-2022 (USD Million)
Figure 34 North America: Spend Analytics Market Snapshot
Figure 35 APAC: Spend Analytics Market Snapshot
Figure 36 Microquadrant
Figure 37 SAP: Company Snapshot
Figure 38 SAP: Product Offering Scorecard
Figure 39 SAP: Business Strategy Scorecard
Figure 40 SAS Institute: Company Snapshot
Figure 41 SAS Institute: Product Offering Scorecard
Figure 42 SAS Institute: Business Strategy Scorecard
Figure 43 IBM: Company Snapshot
Figure 44 IBM: Product Offering Scorecard
Figure 45 IBM: Business Strategy Scorecard
Figure 46 Oracle: Company Snapshot
Figure 47 Oracle: Product Offering Scorecard
Figure 48 Oracle: Business Strategy Scorecard
Figure 49 Coupa Software: Company Snapshot
Figure 50 Coupa Software: Product Offering Scorecard
Figure 51 Coupa Software: Business Strategy Scorecard
Figure 52 ZycUS: Product Offering Scorecard
Figure 53 ZycUS: Business Strategy Scorecard
Figure 54 Proactis: Company Snapshot
Figure 55 Proactis: Product Offering Scorecard
Figure 56 Proactis: Business Strategy Scorecard
Figure 57 Empronc Solutions: Product Offering Scorecard
Figure 58 Empronc Solutions: Business Strategy Scorecard
Figure 59 Jaggaer: Product Offering Scorecard
Figure 60 Jaggaer: Business Strategy Scorecard
Figure 61 Rosslyn Data Technologies: Company Snapshot
Figure 62 Rosslyn Data Technologies: Product Offering Scorecard
Figure 63 Rosslyn Data Technologies: Business Strategy Scorecard
Figure 64 Ivalua: Product Offering Scorecard
Figure 65 Ivalua: Business Strategy Scorecard
Figure 66 Bravosolution: Product Offering Scorecard
Figure 67 Bravosolution: Business Strategy Scorecard

Note: Product cover images may vary from those shown
3 of 5

Loading
LOADING...

4 of 5

FEATURED COMPANIES

  • Bravosolution Spa
  • Ivalua Inc.
  • Jaggaer
  • Oracle Corporation
  • Proactis
  • Sap Se
  • MORE

The spend analytics market is expected to grow from USD 1.33 Billion in 2017 to USD 3.01 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 17.7%. Factors such as increasing need for supplier and market intelligence, predictive analytics for businesses, need to better manage internal compliance policies and external contracts, and growing demand for cloud computing technology are driving the global market.

The report provides detailed insights into the global spend analytics market, which is segmented by application, component, analytics type, business function, deployment model, organization size, vertical, and region.

In the component segment, spend analytics software segment is expected to have the largest market share during the forecast period. The demand for spend analytics software is rising as organizations are looking for solutions to obey strict governance and compliance policies related to their accounts and spend data, increasing adoption of market intelligence by suppliers, and the necessity to keep company’s expenditure to the minimum without affecting its operations.

Among applications, financial management is expected to continue its dominance during the forecast period. In order to bridge the gap between financial performance and operational performance, organizations are adopting spend analytics software and services.

The cloud deployment model is expected to exhibit a higher adoption, compared to the on-premises deployment model. The demand for cloud-driven Application Program Interfaces (APIs) is rising among customers, which in turn is supporting the growth of cloud-based deployment models.

The manufacturing vertical is expected to constitute the largest market share and continue to lead the market during the forecast period. The need to generate insights from spend data by organizations in supplier performance management, working capital performance, parts standardization, and sourcing strategy development is expected to foster the demand in this vertical.

Large enterprises dominate the market in terms of revenue generation with the widespread adoption of spend analytics for various applications, such as governance and compliance management, and risk management. However, Small and Medium-Sized Enterprises (SMEs) are expected to exhibit the highest CAGR owing to easy availability and scalability of cloud-based deployments.

The descriptive analytics type segment is growing at the fastest CAGR due to the increasing adoption of digital technologies and the need for analytics to determine the cause of events and behaviors related to spend data.

The marketing business function is expected to grow at the highest CAGR, as organizations need to gather and analyze spend data from disparate sources, such as marketing, sales, and CRM systems, to get a holistic view and real-time insights into the effectiveness of their marketing campaigns.

The report covers all the major aspects of the spend analytics market and provides an in-depth analysis across the regions of North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and Latin America. North America, owing to the early adoption of new and emerging technologies and the presence of major industry players, is expected to continue to dominate the market throughout the forecast period. The APAC region is expected to grow at the highest CAGR during the forecast period, owing to the growing adoption of cost-effective spend analytics software and services among SMEs.

The challenges faced by the spend analytics market are issues in achieving consistency in business semantics and interpretations, data privacy and security concerns, and concerns about positive Return on Investment (RoI). Difficulty in migrating from legacy systems might restrain the market growth.

The global spend analytics market is fragmented in nature, as no single vendor dominates the market. Major vendors that offer spend analytics solutions include SAP SE (Germany), SAS Institute, Inc. (US), IBM Corporation (US), Oracle Corporation (US), Coupa Software Inc. (US), Zycus Inc. (US), Proactis (UK), Empronc Solutions Pvt. Ltd. (India), JAGGAER (US), Rosslyn Analytics, Ltd. (UK), Ivalua Inc. (US), and BravoSolution SPA (US).  These vendors have adopted different types of organic and inorganic growth strategies, such as new product launches, partnerships and collaborations, and mergers and acquisitions, to expand their offerings in the market.

Note: Product cover images may vary from those shown
5 of 5
  • Bravosolution Spa
  • Coupa Software Incorporated
  • Empronc Solutions Pvt. Ltd.
  • International Business Machines Corporation
  • Ivalua Inc.
  • Jaggaer
  • Oracle Corporation
  • Proactis
  • Rosslyn Data Technologies Plc
  • Sap Se
  • Sas Institute Inc.
  • Zycus Inc.
Note: Product cover images may vary from those shown
6 of 5
Note: Product cover images may vary from those shown
Adroll
adroll