The spend analytics global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Spend Analytics Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The spend analytics market size has grown rapidly in recent years. It will grow from $2.15 billion in 2023 to $2.56 billion in 2024 at a compound annual growth rate (CAGR) of 19.1%. The growth in the historic period can be attributed to increasing globalization, growing adoption of digital technologies, regulatory compliance requirements, rising demand for cost reduction, awareness of potential benefits.
The spend analytics market size is expected to see rapid growth in the next few years. It will grow to $5.23 billion in 2028 at a compound annual growth rate (CAGR) of 19.6%. The growth in the forecast period can be attributed to advancements in artificial intelligence and machine learning, expansion of cloud-based solutions, emphasis on sustainability and ethical sourcing, focus on risk management, integration of internet of things (IoT) devices. Major trends in the forecast period include increased focus on predictive analytics, adoption of blockchain technology for enhanced transparency, proliferation of data-driven decision-making tools, emergence of augmented analytics for deeper insights, growth of spend analytics as a service (SaaS) offerings.
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Scope Of Spend Analytics Market
The Business Research Company’s reports encompass a wide range of information, including:
- Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
- Drivers: Examination of the key factors propelling market growth.
- Trends: Identification of emerging trends and patterns shaping the market landscape.
- Key Segments: Breakdown of the market into its primary segments and their respective performance.
- Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
- Macro Economic Factors: Assessment of broader economic elements impacting the market.
Spend Analytics Market Overview
Market Drivers –
The rise in the retail and e-commerce sector is expected to propel the growth of the spend analytics market going forward. The retail and e-commerce sector refers to businesses that sell goods and services directly to consumers through physical stores or online platforms, facilitating transactions and distribution of products. The rise in the retail and e-commerce sector is due to changing consumer preferences, convenience, pricing advantages, and market expansion opportunities. Spend analytics in the retail and e-commerce sector involves analyzing purchasing data to optimize sourcing strategies, improve supplier relationships, and enhance cost efficiency across the supply chain. For instance, in February 2024, according to the United States Census Bureau, a US-based government agency, in 2023, total e-commerce sales reached an estimated $1,118.7 billion, reflecting a 7.6% increase compared to 2022. Therefore, the rise in the retail and e-commerce sector is driving the growth of the spend analytics market.
Market Trends –
Major companies operating in the spend analytics market are developing legal spend analytics, such as advanced spend analytics, to gain a competitive edge in the market. Advanced spend analytics is a legal spend analytics that analyzes and manages the financial expenditures related to legal services within an organization. For instance, in January 2021, Epiq Systems, a US-based legal services company, launched an advanced spend analytics offering to assist legal teams in making data-backed decisions to manage their legal business more effectively. Epiq’s advanced spend analytics offering, powered by Microsoft Power BI, is poised to revolutionize legal operations by providing targeted insights and comprehensive solutions for managing legal expenditures. This integration enhances efficiency, optimizes costs, and enables informed decision-making, ultimately driving greater operational effectiveness and competitive advantage for Epiq’s clients.
The spend analytics market covered in this report is segmented –
1) By Type: Software, Service
2) By Analysis: Descriptive, Prescriptive, Predictive
3) By Application: Financial Management, Risk Management, Governance And Compliance Management, Supplier Sourcing And Performance Management, Demand And Supply Forecasting, Other Applications
4) By End-User Industry: Manufacturing, Supply Chain And Logistic, Retail, Banking, Financial Services, And Insurance (BFSI), Information Technology (IT) And Telecommunication, Education, Healthcare, Other End-User Industries
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Regional Insights –
North America was the largest region in the spend analytics market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the spend analytics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the spend analytics market are International Business Machines Corporation (IBM), Oracle Corporation, SAP SE, Genpact, SAS Institute Inc., GEP , Coupa Software Inc., Anaplan Inc., Icertis Inc., Zycus Inc., Ivalua Inc., Jaggaer Inc., Zageno Inc., Sievo Oy, Insight Sourcing Group, Proxima Group, BirchStreet Systems LLC, Proactis Holdings Plc, Tejari Solutions Pvt Ltd., Apex Analytix LLC, Rosslyn Data Technologies PLC, Spendency AB, TealBook, Empronc Solutions Pvt. Ltd., Dhatim SAS
Table of Contents
- Executive Summary
- Spend Analytics Market Characteristics
- Spend Analytics Market Trends And Strategies
- Spend Analytics Market – Macro Economic Scenario
- Global Spend Analytics Market Size and Growth
…..……..
- Global Spend Analytics Market Competitive Dashboard
- Key Mergers And Acquisitions In The Spend Analytics Market
- Spend Analytics Market Future Outlook and Potential Analysis
- Appendix
List Of Tables:
Table 1: Global Historic Market Growth, 2018-2023, $ Billion
Table 2: Global Forecast Market Growth, 2023-2028F, 2033F, $ Billion
Table 3: Global Spend Analytics Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 4: Global Spend Analytics Market, Segmentation By Analysis, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 5: Global Spend Analytics Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
………
Table 75: International Business Machines Corporation (IBM) Financial Performance
Table 76: Oracle Corporation Financial Performance
Table 77: SAP SE Financial Performance
Table 78: Genpact Financial Performance
Table 79: SAS Institute Inc. Financial Performance
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