Pune, India, May 16, 2022 (GLOBE NEWSWIRE) -- The business spend management software market size is anticipated to showcase growth in the foreseeable future due to rising adoption of the product. This information is published by Fortune Business Insights in its report, titled "Business Spend Management (BSM) Software Market, 2022-2029". The product provides an accurate overview of supply analytics and access to processes that aid in identifying the best cost efficiency methods. It also adds transparency to the procurement process and increases visibility of Expenditure and contract which intern enhances financial organization, increased productivity, organizational agility, and others.
COVID-19 Impact
Product Acquires Substantial Demand Amid Pandemic
The coronavirus infection led to rapid adoption of business spend management software across the globe. Businesses across the globe adopted strategies to cut down unnecessary expenses. Prominent businesses trimmed down employee volume to keep their business floating in the pandemic induced recession. The rapid growth of small and medium enterprises across the globe and the requirement for centralized economic flow in businesses is anticipated to propel the growth of the market
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Market Segmentation
On the basis of component, the market for business spend management software is divided into solution and services. By deployment, the market is bifurcated into cloud and on-premises. Based on enterprise size, the market is classified into small and medium enterprises and large enterprises. By end user, the market is segmented into BFSI, hospitality, healthcare, IT and telecom, energy and utility, retail and e-commerce, and others. Based on geography, the market is divided into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
What Does the Report Contain?
The insights in the Business Spend Management Software Market report are based on primary and secondary research to come to authentic conclusions. The analysis is based on industry-wide data and market projections are estimated by our in-house experts. The data is classified on various bases and each segment meticulously studied to give strategies based on market dynamics. The indispensable guidance provided by our experts is beneficial for the new entrants to the market. The guidance includes business priorities, pricing, prominent business models, challenges, potential business expansion opportunities, and much more. This report is not only beneficial for the new entrants or business holders of the market but also for the investors in this product.
Drivers & Restraints
Increasing Preference for Financial Transparency in Business to Aid Market Growth
The rising demand of the product for streamlining the financial approval and request process especially in the work from home scenario is augmenting business spend management software market growth. In addition to this, the integration of advanced technology in the product is garnering substantial productive demand. For example, in May 2020, Paramount WorkPlace introduce a new travel management solution named as "WorkPlace Travel". The product is powerful, easy to use, and cost-efficient call management solution for mid-market organization and enterprises.
Also, the product is increasing transparency in the organization by increasing the visibility of spending and contract accessible to the employees.
Regional Insights
Presence of Prominent Manufacturers in North America to Surge Growth
North America is projected to hold a large business spend management software market share in the foreseeable future. This is due to the presence of prominent manufacturers in their region such as Coupa Software Inc. For example, in 2018, Coupa Software Inc. invested USD 62 million which was around 23.7% of its annual revenue for research and development activities. It aimed at increasing company visibility in the terms of operational process, organizational standing, and performance.
Asia Pacific is predicted to hold substantial market share in the forthcoming years. This is due to the growing adoption of smart devices for business management optimization.
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Competitive Landscape
Prominent Players Invest in R&D to Facilitate Business Growth
The prominent players of the business spend management software industry are expending on advanced technology to enhance their product features. Technologies such as artificial intelligence, cloud, SaaS, machine learning, and others are integrated in the product. Moreover, they are heavily investing in research and development to launch new products in the market. Even strategic collaborations and partnerships are supporting market players to expand their business portfolio. These are some of the prominent strategies adopted by the market leaders to facilitate business growth in the competitive market.
Industry Development:
- July 2020: Coupa Software Inc. introduced new product innovations for business resilience in the middle of the pandemic. The product aimed at extending cloud-based business spend management software to allow consumers increased spend visibility, mitigate supply chain risk, and increase business agility.
List of Key Players Profiled in the Business Spend Management Software Market:
- Control Data Inc. (ProcurePort),
- Coupa Software Inc.
- Proactis Holdings Plc.
- Ivalua Inc.
- Advanced, MetricStream Inc.
- TOUCHSTONE GROUP PLC
- Concur Technologies, Inc. (SAP SE)
- Basware
- Sievo
- Expensify, Inc.
- Sage Intacct, Inc.
- TRADOGRAM, Ariba, Inc. (SAP SE)
- VA Tech Ventures Pvt Limited (Happay)
- SutiSoft, Inc.
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