The spend management platform market size is expected to see rapid growth in the next few years. It will grow to $37.65 billion in 2028 at a compound annual growth rate (CAGR) of 13.4%. The growth in the forecast period can be attributed to rising demand for mobile-first solutions, increasing adoption of blockchain technology, growing interest in decentralized procurement, rising demand for real-time spend visibility, and rising emphasis on ESG (environmental, social, and governance) criteria. Major trends in the forecast period include technological advancements, mobile applications, integration of AI, blockchain integration, and cloud-based solutions.
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Segmentation & Regional Insights
The spend management platform market covered in this report is segmented –
1) By Deployment: On-Premise, Cloud-Based
2) By Application: Consumer goods, Retail, Healthcare And Pharmaceutical, Manufacturing, Other Applications
3) By Enterprise: Large Enterprises, Small And Medium Enterprises
North America was the largest region in the spend management platform market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the spend management platform 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 expansion of e-commerce is expected to propel the growth of the spend management platform market going forward. E-commerce, short for electronic commerce, refers to the buying and selling of goods and services over the Internet. Growing E-commerce can be attributed to various factors, including the widespread adoption of smartphones and internet connectivity, changing consumer preferences towards online shopping for convenience and variety, and the expansion of digital payment options. Spend management platforms streamline procurement processes, optimize vendor relationships, and analyze purchasing data to enhance cost efficiency and profitability for e-commerce. For instance, in February 2024, according to the Census Bureau of the Department of Commerce, a US-based principal agency, the estimate of U.S. retail e-commerce sales for the fourth quarter of 2023 was $285.2 billion, an increase of 0.8% (±1.1%)* from the third quarter of 2023. Total retail sales for the fourth quarter of 2023 were estimated at $1,831.4 billion, an increase of 0.4% (±0.4%)* from the third quarter of 2023. Therefore, the expansion of e-commerce is driving the growth of the spend management platform market.
Key Industry Players
Major companies operating in the spend management platform market are Oracle Corporation, SAP SE, Workday Inc., The Sage Group plc, GEP Worldwide, BILL Operations LLC, Coupa Software Inc., Basware Corporation, Brex Inc., Zycus Inc., Jaggaer, Expensify Inc., Proactis Holdings Limited, Ivalua Inc., Airbase Inc., Sievo Oy, Payhawk Ltd., Procurify Technologies Inc., SynerTrade SA, SutiSoft Inc., BirchStreet Systems Inc., Vroozi Inc., TradoGram Inc., Mesh Payments Inc., BuyerQuest Holdings Inc.
The spend management platform market report table of contents includes:
1. Executive Summary
2. Spend Management Platform Market Characteristics
3. Spend Management Platform Market Trends And Strategies
4. Spend Management Platform Market – Macro Economic Scenario
5. Global Spend Management Platform Market Size and Growth
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32. Global Spend Management Platform Market Competitive Benchmarking
33. Global Spend Management Platform Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Spend Management Platform Market
35. Spend Management Platform Market Future Outlook and Potential Analysis
36. Appendix
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