DUBLIN, Feb. 5, 2020 /PRNewswire/ -- The "Global Business Spend Management Software Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts, 2019 To 2027" report has been added to ResearchAndMarkets.com's offering.
The global market is worth US$ 7.04 Bn in 2018 and expected to grow at a CAGR of 10.5% during the forecast period from 2019 to 2027.
Optimization of business processes to increase enterprise profit has high demand for BSM software solution
Business spend management (BSM) software offers strategic, operational and financial benefits by automating the transactional processes. All over the world, the organization is focusing on increasing their profit and reducing operational costs by optimizing procurement, expense, contract management, and other business processes
Furthermore, an increasing number of SMEs in the developed and developing regions, especially, in the U.S., China, India, Israel and resurgence of SMEs in the EU along with increasing use of BSM software solution has triggered the global market upward.
The overall business spend management software market is fairly competitive in nature. The market players are more focused on advancing their current tools and provide the best solutions-at-one-place to their clients.
- In November 2019, Coupa Software Inc. announced its advanced tools for BSM for enterprises to improve visibility, control, and agility in its spending. This new cloud-based BSM tool provides a comprehensive platform for effective management of their business spend. With the new launch, the company is expected to further improve its market share.
- In August 2018, IBM, in partnership with Travelport, introduced IBM Travel Manager, an AI-based designed to manage corporate travel spend. This cloud-based uses IBM Watson to track, manage, predict and analyze traveling costs in one place. This helps companies to optimize their travel programs. This new platform has helped the company to increase its market share in the market.
Key Market Movements
- Globally, the business spend management software market is growing at a CAGR of 10.5% for the period from 2019 to 2027.
- Based on deployment, the on-cloud segment captured the largest market share in 2018 owing to low cost and easy installation procedure. Further, the latest security technologies can be upgraded within seconds to reduce the risk of leak of enterprise information. Overall, the region has captured around 55% market share in 2018.
- On the basis of geography, North America is the largest regional market for business spend management software market in 2018. The region has the presence of a large number of enterprises that are investing in business management to operate their enterprises more efficiently. In 2018, the region has captured over 40% of the market share. It is estimated that the region will remain dominant during the forecast period. Furthermore, well-established BFSI, healthcare, IT & Telecom and other industries will help the region to be dominant across the forecast period.
Key Topics Covered
2. Executive Summary
2.1. Market Snapshot: Global Business Spend Management Software (BSMS) Market
2.2. Global BSMS Market, by Solution, 2018 (US$ Bn)
2.3. Global BSMS Market, by Enterprise, 2018 (US$ Bn)
2.4. Global BSMS Market, by Deployment, 2018 (US$ Bn)
2.5. Global BSMS Market, by End-use, 2018 (US$ Bn)
2.6. Global BSMS Market, by Geography, 2018 (US$ Bn)
3. Market Dynamics
3.1.1. Global Business Spend Management Software (BSMS) Market Value, 2017 - 2027, (US$ Bn)
3.2. Market Dynamics
3.2.1. Market Drivers
3.2.2. Market Restraints
3.3. Attractive Investment Proposition, by Geography, 2018
3.4. Market Positioning of Key Players, 2018
3.4.1. Major Strategies Adopted by Key Players
4. Global Business Spend Management Software Market, by Solution , 2017 - 2027 (US$ Bn)
4.2. Procure to pay
4.3. Travel & expense management
4.4. Spend Analysis
4.5. Contract Management
5. Global Business Spend Management Software Market, by Enterprise, 2017 - 2027 (US$ Bn)
6. Global Business Spend Management Software Market, by Deployment, 2017 - 2027 (US$ Bn)
7. Global Business Spend Management Software Market, by End-use, 2017 - 2027 (US$ Bn)
7.3. IT & Telecom
8. North America Business Spend Management Software Market Analysis, 2017 - 2027 (US$ Bn)
9. Europe Business Spend Management Software Market Analysis, 2017 - 2027 (US$ Bn)
10. Asia-Pacific Business Spend Management Software Market Analysis, 2017 - 2027 (US$ Bn)
11. Rest of the World Business Spend Management Software Market Analysis, 2017 - 2027 (US$ Bn)
12. Company Profiles
12.2. Ariba Inc.
12.3. Coupa Software Inc.
12.9. SutiSoft, Inc.
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