Home / Press Release / Business Spend Management Software Market Worth US$ 7.04 Bn In 2018

Business Spend Management Software Market Worth US$ 7.04 Bn In 2018

The latest market report published by Credence Research, Inc. “Business Spend Management Software Market: Growth, Future Prospects, and Competitive Analysis, 2019 - 2027” 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.

Market Insights

"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, organization are focusing on increasing their profit and reducing operational cost by optimizing procurement, expense, contract management and other business processes. This, in turn, influenced the global business spend management software market, reaching US$ 7.04 Bn in 2018.

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 EU along with increasing use of BSM software solution has triggered the global market upward. It is estimated that the market will grow at a CAGR of 10.5% from 2019 – 2027.

Business Spend Management (BSM) Software Market

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 best solutions-at-one-place to their client.

Industrial Developments

• 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 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 travelling cost 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, 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 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.

List of Companies Covered:

• Ariba Inc.
• Coupa Software Inc.
• Advanced
• Procurify
• Fraxion
• SutiSoft, Inc.
• Sievo
• Others

Browse the full report at https://www.credenceresearch.com/report/business-spend-management-software-market

The Global Business Spend Management (BSM) Software Market is Segmented into:

Research Period  2017-2027
Base Year 2018
Forecast Period  2019-2027
Historical Year  2017
Unit  USD Billion

 By Solution Segment (2017-2027; US$ Bn)

 By Enterprise Segment (2017-2027; US$ Bn)

 By Deployment Segment (2017-2027; US$ Bn)

 By End-use (2017-2027; US$ Bn))

 By Geography Segment (2017-2027; US$ Bn)

*Complete segmentation list is on the report page

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