Business Spend Management (BSM) Software Market : By Industry Trends, Leading Players, Size, Share, Growth, Opportunity And Forecast 2024-2033

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Overview and Scope
Business spend management (BSM) software refers to a suite of digital tools and solutions designed to help organizations for efficiently managing and optimizing their spending across various areas such as procurement, expenses, invoices, and supplier relationships. BSM software helps businesses enhance efficiency, reduce costs, and make data-driven decisions regarding their expenditures.

Sizing and Forecast
The business spend management (BSM) software market size has grown rapidly in recent years. It will grow from $21.62 billion in 2023 to $24.66 billion in 2024 at a compound annual growth rate (CAGR) of 14.1%. The growth in the historic period can be attributed to the increased complexity of procurement processes, growth in regulatory compliance requirements, increased focus on cost optimization, growth in digital transformation initiatives, and increased focus on sustainability.

The business spend management (BSM) software market size is expected to see rapid growth in the next few years. It will grow to $41.98 billion in 2028 at a compound annual growth rate (CAGR) of 14.2%. The growth in the forecast period can be attributed to the rise of AI-powered automation, expansion of mobile capabilities, growing importance of supplier diversity, rising concerns over cybersecurity, and increasing preference for subscription-based software models. Major trends in the forecast period include the adoption of artificial intelligence, cloud-based solutions, machine learning, and integration data analytics.

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The business spend management (BSM) software market covered in this report is segmented –

1) By Type: Indirect Spending, Direct Spending, Maintenance, Repair, And Operations (MRO) Spending
2) By Solution: Procure-to-Pay Solutions, Supplier And Risk Management, Travel And Expense Management, Contract And E-Tender Management, Spend Management, Others Solutions
3) By Deployment: Cloud, On-premise
4) By Enterprise Type: Small And Medium-Sized Enterprises, Large Enterprises
5) By End-user: Banking, Financial Services, And Insurance, Travel And Tourism, Hospitality, Healthcare, Information Technology (IT) And Telecommunication, Energy And Utility, Retail And E-commerce, Others End-users

North America was the largest region in the business spend management (BSM) software market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the business spend management (BSM) software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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Major Driver Impacting Market Growth
The rising e-commerce industry is expected to propel the growth of the business spend management software market going forward. E-commerce or electronic commerce refers to the buying and selling goods and services over the internet. The demand for e-commerce stems from its convenience, accessibility, and ability to provide a wide range of products and services to consumers from the comfort of their homes, anytime and anywhere. Ecommerce businesses often have numerous expenses related to inventory, shipping, marketing, and more. Spend management software helps track and categorize these expenses, providing visibility into where money is being spent and enabling better budgeting and forecasting. For instance, according to the 2023 data released by the United States Census Bureau, a US-based government agency, e-commerce sales increased by 7.6 % between the third quarter of 2022 and the third quarter of 2023 in the USA. Therefore, the increased demand for e-commerce industry is driving the growth of the business spend management software market.

Key Industry Players
Major companies operating in the business spend management (BSM) software market are International Business Machines Corporation, SAP SE, GEP Worldwide, Zycus Inc., Esker S.A., Basware Corporation, Tradeshift Inc., JAGGAER Inc., Divvy Pay Inc., Medius Software Ltd., Ivalua Inc., Sievo Oy, BirchStreet Systems Inc., Procurify Technologies Inc., SutiSoft Inc., Xeeva Inc., Bonfire Interactive Ltd., Teampay Inc., Fraxion Inc., Vroozi Inc., Apptricity Corporation, Empronc Solutions Pvt. Ltd., SynerTrade SE, TRADOGRAM Corporation, Precoro Inc

The business spend management (bsm) software market report table of contents includes:

1. Executive Summary

2. Business Spend Management (BSM) Software Market Characteristics

3. Business Spend Management (BSM) Software Market Trends And Strategies

4. Business Spend Management (BSM) Software Market – Macro Economic Scenario

5. Global Business Spend Management (BSM) Software Market Size and Growth
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32. Global Business Spend Management (BSM) Software Market Competitive Benchmarking

33. Global Business Spend Management (BSM) Software Market Competitive Dashboard

34. Key Mergers And Acquisitions In The Business Spend Management (BSM) Software Market

35. Business Spend Management (BSM) Software Market Future Outlook and Potential Analysis

36. Appendix

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