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Business Spend Management (BSM) Software Market By Solution (Procure To Pay, Travel & Expense Management, Spend Analysis, Contract Management, Others), By Enterprise (Large, SMEs), by Deployment (On-cloud, On-premise), By End-use (IT & Telecom, Energy, Healthcare, Manufacturing, Others) - Growth, Future Prospects, And Competitive Analysis, 2019 - 2027

Streamlining the business processes to optimize spending is improving the adoption of BSM software worldwide.

Using BSM software solution, enterprises can reduce their cost of goods & services, increase procurement leverages and process efficiency and also mitigate the risk which may cause by supplier non-performance or supplier non-compliance. Additionally, increased procurement transparency and increased spending and contract visibility provide enhanced financial control, organizational agility, and increased productivity.

With the growth of enterprises, managing the spending of a large number of vendors and transactions is difficult. Also, with rising cost-effective software solutions, high-growth start-ups and companies are data-driven and diligent in managing and regulating their spending. This shifts enterprises towards BSM software to manage their spending.

Market Snapshot

Enterprise Type Analysis

"SMEs is Dominant in 2018 owing to its increasing numbers worldwide."

Among the enterprise size, the small & medium enterprises (SMEs) segment is expected to grow at the fastest rate during the forecast period. The increasing number of SMEs across the globe and their adoption of software solutions to manage their spending through a single platform are driving the demand for business spend management software. Further, the insurgence of SMEs in Europe from last year has greatly impacted the growing adoption of software, thereby increasing the market size in 2018.

Regional Analysis

"The rising number of SMEs expected to grow Asia Pacific market at the fastest rate."

Asia Pacific is home to a large number of SMEs which are adopting BSM software. These SMEs are affected by rising wages and an increasing number of regional global enterprises. Regional enterprises are shifting toward reducing their operational cost to stay competitive in the growing competition. This, in turn, aided the adoption of BSM software in the region.

However, some of the industrial factors reducing the adoption of BSM software in the region include the high cost of the new platform, integration of new software with the existing system, and ROI.

"Emerging Partnership Trend is keeping the Market Competitive."

The overall business spends management software market is fragmented. As a result, market players focus on advancing their current technology and partnering with other companies to grab a major market share. For instance, in November 2019, American Express partnered with Coupa Software Inc. to launch virtual AmEx on Coupa's BSM platform. With this new virtual card, businesses can pay for their goods and services through the Coupa platform.

List of Companies Covered:

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

Key Industry Development:

  • In December 2019, BT Group selected Ariba Inc. as its technology partner to deploy its technology across its businesses, including finance, procurement, and workforce management. This will help BT Group to manage their spending in a better way and increase the client base of Ariba Inc.
  • In November 2019, Serco Group plc. Selected GEP as a strategic partner to manage its procurement services. This cloud-based, AI-powered digital platform will be used for direct and indirect procurement. With this partnership, GEP is expected to increase its market share in the near future.

Historical & Forecast Period

The research report presents the analysis of each segment from 2017 to 2027, considering 2018 as the base year for the research. Compounded annual growth rate (CAGR) for each respective segment calculated for the forecast period from 2019 to 2027.

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

  • Procure to pay
  • Travel & expense management
  • Spend Analysis
  • Contract Management
  • Others

 Enterprise Segment (2017-2027; US$ Bn)

  • Large
  • SMEs

 Deployment Segment (2017-2027; US$ Bn)

  • On-cloud
  • On-premise

 End-use (2017-2027; US$ Bn))

  • BFSI
  • IT & Telecom
  • Energy
  • Healthcare
  • Manufacturing
  • Others

 Geography Segment (2017-2027; US$ Bn)

  • North America (the U.S., Rest of North America)
  • Europe (U.K., Germany, France, Rest of Europe)
  • Asia Pacific (Japan, China, India, Rest of APAC)
  • Rest of the World (the Middle East & Africa, Latin America)

The current report also comprehends qualitative market valuation factors such as key market drivers, market trends, restraints, and opportunities to understand better the global business spend management software market. In addition, the global report also represents the competitive landscape based on market initiatives and strategies, product portfolio, and business strengths.

Frequently Asked Questions

The market for Business Spend Management (BSM) Software is expected to reach US$ 7.04 Bn in 2028.

The Business Spend Management (BSM) Software market is expected to see significant CAGR growth over the coming years, at 10.5%.

The report is forcasted from 2015-2022.

The base year of this report is 2021.

Ariba Inc.,Coupa Software Inc.,Advanced,Procurify,IBM,TRADOGRAM,Fraxion, SutiSoft Inc., Sievo, GEP are some of the major players in the global market.

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Executive Summary - Brief Global Market Size - Current & Forecast
Regional Market Size - North America
Country Market Size - US
Company Profile – 1
Trusted By
Godaddy
Published Date:  Dec 2019
Category:  Information and Communications Technology
Report ID:   60139
Report Format:   PDF
Pages:   120
Rating:    4.3 (49)
Delivery Time: 24 Hours to 48 Hours   
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