Business Spend Management Software Market Analysis | CMI

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• Coherent Market Insights
• Market Research and Business Consulting Services
• https//www.coherentmarketinsights.com/
• COVID-19 Impact Tracker

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BUSINESS SPEND MANAGEMENT SOFTWARE MARKET ANALYSIS

• Business Spend Management Software Market Report,
  by Component (Software/Platform, and Services),
  by Deployment Type (On-Premise, and SaaS), by
  Enterprise Size (SMEs, and Large Enterprises),
  by Solution (Contract Tender Management,
  Procure-to-Pay Solutions, Travel Expense
  Management, Supplier Risk Management, and Spend
  Management/Spend Analytics), by End-use Industry
  (BFSI, Education, Energy Utility, Healthcare,
  Hospitality, IT Telecom, Manufacturing, and
  Retail), and by Region (North America, Europe,
  Asia Pacific, Latin America, and Middle East
  Africa) - Size, Share, Outlook, and Opportunity
  Analysis, 2019 - 2027
• Global business spend management software market
  is expected to exhibit growth rate of 11.2
  during the forecast period (20192027).

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Market Drivers

• The market growth is majorly attributed to
  increasing adoption of business spend management
  software by small and medium organizations for
  managing the organizational expenses. Moreover,
  the rising usage of SaaS-based business spend
  management software is boosting the market
  growth.
• Additionally, the presence of large manufacturers
  such as Apple Inc, Dell, and service providers
  such as Amazon.com Inc., and Netflix are expected
  to boost demand for business spend management
  software in the region over the forecast period.

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Market Restraints

• Global Business Spend Management Software Market
  is facing data security concerns in cloud-based
  deployment. Cloud-based deployment solutions
  store highly sensitive data related to the
  organizations financial details, supplier or
  contractor details, and customer's information.
  In the case of security breach this would cause a
  huge loss to the organization.

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Figure 1. Global Business Spend Management
Software Market Share (), by Region (2027)
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Statistics

• In 2018, North America was the dominant region in
  the business spend management software market,
  and it is expected to retain its dominance over
  the forecast period owing to presence of
  developed economies such as U.S. and Canada.
  Spend management software providers in the region
  are investing heavily in research and development
  activities, in order to enhance their software
  capabilities. For instance, in May 2018, Coupa
  Software Inc. launched a new product for business
  spend management. This new launch will increase
  the companys visibility in terms of
  organizational spending, operational processes,
  and performance.

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Figure 2. Global Business Spend Management
Software Market Share (), By Solution (2027)
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Market Segements

• On the basis of solution, the procure-to-pay
  solutions segment holds the largest market share
  in the business spend management software market,
  and is expected to retain its dominance over the
  forecast period owing to increasing adoption for
  efficiently managing end-to-end business
  spending, for sourcing and requisitions to
  payments and invoicing. Moreover, this solution
  will provide full synchronization between
  accounting and procurement departments, which
  enable them to maintain transparency across
  strategic financial planning. These processes
  help them to manage a large amount of business
  spend datasets by eliminating off-contract and
  maverick buying.
• These solutions can be integrated with multiple
  enterprise resource planning tools (ERP), which
  help enterprises to manage their suppliers,
  employees, and all other business needs through a
  single platform. Cloud-based procure-to-pay
  solutions are efficient, seamless, easy-to-use,
  and require minimal training.

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Market Opportunities

• Based on deployment type, SaaS segment is
  expected to exhibit the highest growth rate of
  11.7 over the forecast period, as it requires
  lower cost and less time for installation
  compared to on premise deployment option.
  Furthermore, organizations operating in various
  industries are adopting the SaaS-based deployment
  option, as this deployment option decreases the
  risk associated with cash flow oversight,
  increased productivity efficiency, and provides
  improved reporting and analytic capabilities. For
  instance, according to Coherent Market Insights
  analysis, in the year 2017, SaaS-based services
  generated revenue of US 59.35 Billion and is
  expected to increase to US 114.6 Billion, which
  shows a lucrative opportunity for business spend
  management market.

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Competitive Section

• Some of the major players operating in the global
  Business Spend Management Software market include
  Advanced, Ariba, Inc. (SAP SE), Coupa Software
  Inc, GEP, Procurify, Sage Intacct, Inc. (The Sage
  Group PLC), Sievo, SutiSoft, Inc., TOUCHSTONE
  GROUP PLC, VA Tech Ventures Pvt Limited (Happay),
  and others.

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  /market-insight/business-spend-management-software
  -market-3118

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About Us

• Coherent Market Insights is a global market
  intelligence and consulting organization focused
  on assisting our plethora of clients achieve
  transformational growth by helping them make
  critical business decisions.
• What we provide
• Customized Market Research Services
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• Long term Engagement Model
• Country Specific Analysis

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Contact Us

• Mr. Shah
• Coherent Market Insights Pvt.Ltd.
• Address 1001 4th Ave, 3200 Seattle, WA 98154,
  U.S.
• Phone [phone]
• Email sales_at_coherentmarketinsights.com

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