Spend analytics software allows enterprises to consolidate all the spending information that is scattered in different formats across various sources & systems. This information include data from diverse sources including accounts payable, purchase orders, and procurement cards among others. This software helps in cleaning, classifying, validating, and reporting the spend data to offer interactive analytics dashboards and reporting sheets. All the advantages offered by spend analytics software over legacy paper based systems are expected to drive the demand of spend analytics software across various industries.
MARKET DYNAMICS
The spend analytics software market is anticipated to grow in the forecast period owing to the growing demand for market intelligence, predictive analytics among enterprises for better operational efficiency. However, slow migration from legacy systems to advanced systems could affect the growth of the market during the forecast period of 2019 to 2028. On the other hand, the increasing demand for mobile applications among customers and growing demand for cloud based solutions among enterprises are some of the factors that are anticipated to offer ample growth opportunities for the global spend analytics software market in the coming years.
MARKET SCOPE
The "Global Spend Analytics Software Market Analysis to 2028" is a specialized and in-depth study of the Technology, Media and Telecommunications industry with a special focus on the global market trend analysis. The report aims to provide an overview of spend analytics software market with detailed market segmentation by component, application, type, deployment, end-user, and geography. The global spend analytics software market is expected to witness high growth during the forecast period. The report provides key statistics on the market status of the leading spend analytics software market players and offers key trends and opportunities in the market.
MARKET SEGMENTATION
The global spend analytics software market is segmented on the basis of component, application, type, deployment, end-user, and geography. By component, the market is segmented into software and services. On the basis of application, the market is segmented into financial management, risk management, governance and compliance management, supplier sourcing and performance management, demand and supply forecasting, and others. On the basis of type, the market is segmented into predictive analytics, prescriptive analytics, and descriptive analytics. Based on deployment, the market is segmented into on-premises and cloud-based. Based on end-user, the market is segmented into IT and telecommunications, government and defense, energy and utilities, BFSI, and others.
REGIONAL FRAMEWORK
The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global spend analytics software market based on various segments. It also provides market size and forecast estimates from the year 2020 to 2028 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South & Central America. The spend analytics software market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.
The report analyzes factors affecting spend analytics software market from both demand and supply side and further evaluates market dynamics affecting the market during the forecast period, i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive PEST analysis for all five regions namely; North America, Europe, APAC, MEA, and South & Central America after evaluating political, economic, social and technological factors affecting the spend analytics software market in these regions.
MARKET PLAYERS
The reports cover key developments in the spend analytics software market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals and others such as patents and events. Inorganic growth strategies activities witnessed in the market were acquisitions, and partnership & collaborations. These activities have paved the way for the expansion of business and customer base of market players. The market players from spend analytics software market are anticipated to lucrative growth opportunities in the future with the rising demand for spend analytics software in the global market. Below mentioned is the list of few companies engaged in the spend analytics software market.
The report also includes the profiles of key spend analytics software companies along with their SWOT analysis and market strategies. In addition, the report focuses on leading industry players with information such as company profiles, products and services offered, financial information of the last three years, key developments in the past five years.
- Coupa Software
- Determine (Corcentric)
- GEP
- Ivalua Inc.
- Jaggaer
- SAP SE
- Scanmarket
- Synertrade Inc.
- VORTAL
- Zycus
The Insight Partner's dedicated research and analysis team consist of experienced professionals with advanced statistical expertise and offer various customization options in the existing study.