The latest market report published by Acute Market Reports “Business Spend Management Software Market: Growth, Future Prospects, and Competitive Analysis, 2020 – 2028” the global market is worth US$ 7.71 Bn in 2019 and expected to grow at a CAGR of 11.2% during the forecast period from 2020 to 2028.
“Optimization of business processes to increase enterprise profit has high demand for BSM software solution”
Business spend management (BSM) software offers strategic, operational, and financial benefits by automating the transactional processes. All over the world, organizations are focusing on increasing their profit and reducing operational costs by optimizing procurement, expense, contract management, and other business processes. This, in turn, influenced the global business spend management software market, reaching US$ 7.71 Bn in 2019.
Furthermore, an increasing number of SMEs in the developed and developing regions, especially, in the U.S., China, India, Israel, and the resurgence of SMEs in EU along with the increasing use of BSM software solutions have triggered the global market upward. It is estimated that the market will grow at a CAGR of 11.2% from 2020 – 2028.
The overall business spend management software market is fairly competitive in nature. The market players are more focused on advancing their current tools and provide the best solutions-at-one-place to their clients.
- In November 2019, Coupa Software Inc. announced its advanced tools for BSM for enterprises to improve visibility, control, and agility in its spending. This new cloud-based BSM tool provides a comprehensive platform for effective management of their business spend. With the new launch, the company is expected to further improve its market share.
- In August 2018, IBM, in partnership with Travelport, introduced “IBM Travel Manager”, an AI-based designed to manage corporate travel spend. This cloud-based uses IBM Watson to track, manage, predict, and analyze travel costs in one place. This helps companies to optimize their travel programs. This new platform has helped the company to increase its market share in the market.
Key Market Movements:
- Globally, the business spend management software market is growing at a CAGR of 11.2% for the period from 2020 to 2028.
- Based on deployment, the on-cloud segment captured the largest market share in 2019 owing to low cost and easy installation procedure. Further, the latest security technologies can be upgraded within seconds to reduce the risk of leak of enterprise information. Overall, the region has captured around 55% market share in 2019.
- On the basis of geography, North America is the largest regional market for business spend management software market in 2019. The region has the presence of a large number of enterprises that are investing in business management to operate their enterprises more efficiently. In 2019, the region has captured over 40% of the market share. It is estimated that the region will remain dominant during the forecast period. Furthermore, well-established BFSI, healthcare, IT & Telecom, and other industries will help the region to be dominant across the forecast period.
List of Companies Covered:
• Ariba Inc.
• Coupa Software Inc.
• SutiSoft, Inc.
Browse the full report at https://www.acutemarketreports.com/report/business-spend-management-software-market
The Global Business Spend Management (BSM) Software Market is Segmented into:
By Solution Segment (2018-2028; US$ Bn)
By Enterprise Segment (2018-2028; US$ Bn)
By Deployment Segment (2018-2028; US$ Bn)
By End-use (2018-2028; US$ Bn)
By Geography Segment (2018-2028; US$ Bn)
*Complete segmentation list is on the report page
Key questions answered in this report
- What are the current market trends and dynamics in the business spend management software market and valuable opportunities for emerging players?
- Estimated forecast and market projections up to 2029
- Which segment accounts for the fastest CAGR during the forecast period?
- Which is the largest regional market for business spend management software?
- What is the market trend and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
- The worldwide market value of the business spend management software market in 2019 and 2020
- Which are the key trends driving the global business spend management software market growth?
- Who are the leading service providers in the business spend management software market worldwide?
About Acute Market Reports
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