Global Spend Analytics Market - Growth, Trend and Forecasts (2018 - 2023)
The Spend analytics market is expected to grow significantly at a CAGR of XX% during the forecast period (2018-2023). The scope includes different Deployment modes of spend analytics market, such as On-Cloud. The regions considered under the scope of the report include North America, Europe, Asia-Pacific, South America, and Middle East & Africa.
Spend analytics is now gaining traction in various end-user industries, and has caught the eye of various enterprises for better financial decision making. Some of the prominent trends that the market is witnessing include rising adoption of BI tools among SME, cloud adoption and IOT applications penetration and growing industrial concerns regarding cost saving to enhance performance are some main reasons owing to growth of spend analytics market growth. However, growing government stringent regulations related to data security and data breaching across the globe could be major hindrance for the growth of spend analytics market.
Rising Adoption in Procurement Process in Industries
Increasing adoption among Procurement teams in an organizations are driving the market for growing spend analytics. Spend analytics is enabling procurement leaders to be even better at their work through enhancing planning purchase timing and inventories to meet manufacturing and consumer demand schedules, identifying cost savings and predicting future risks. In step to cost saving, with procurement typically spending 40%–70% of a firm’s budget, more and more businesses are encouraging their finance and procurement teams to work closely together. Thus further fueling the market for spend analytics. With data proliferation and growing easily accessed and cheap data centers delivered by cloud vendors, has brought down the costs of upfront investment in spend analytics in procurement process among organizations. The cost saving benefit of spend analytics has helped organizations in increasing their technologies expenditure. Hence, spend analytics are also encouraging business innovation and it is becoming essential that organizations can react to spending data they are collecting and processing as part of their business functions.
Adoption of On-Cloud Streaming Analytics Seeing Fastest Growth
Cloud service solutions are growing exponentially with the data they contain, which in return is growing the demand for On-cloud spend analytics into the market. Due to cloud, the data could be taken from various streams like social media, which helps in improving decision making process during analysis. They also come with robust analytics capabilities that provide analytics on live data or per usage data as well as data lake analytics. On-cloud spend analytics bring predictive analytics to fraud detection, real-time personalization, Cloud Machine Learning models and APIs into your streaming data pipelines. With public cloud platforms maturing and providing secure on-premises connectivity, using them as extensions of core IT infrastructure, especially among SME’s, has become a reality. Therefore there is a high increase in adoption of spend analytics hosted on the cloud and this is estimated to grow significantly during forecast period.
North America is dominating the Spend Analytics Market
North America market is dominating global spend analytics market, owing to its early adoption of big data analytics companies in US and large number of spend analytics vendors in the region which would help consolidate the majority of revenues in the spend analytics market. Additionally, the adoption of cloud technologies, in this region is also very high. Automation trends among procurement and manufacturing are growing at a rapid pace in the region. North America is also the largest contributor to the global IT BFSI market, the major market for spend analytics, by region. With many industries implementing IoT to enable better operations, the usage of spend analytics to enhance performance is also increasing. Also, strict government regulations are resulting in companies working to provide secure services. Hence thriving the demand for spend analytics in the region.
Notable Developments in Spend Analytics Market
May 2018: Zycus, a global leader for comprehensive and end-to-end Source-to-Pay suite for procurement, announced that a key government regulatory body of Australia has selected Zycus for their procurement transformation. The client organization aims to standardize their procurement process to increase efficiency across their e-Sourcing, Contract Management and Supplier Information Management operations.
May 2018: JAGGAER, the world’s largest independent spend management company, showed a unique market offering, developed at the request of businesses seeking a new way to manage large Capex projects, Project Based Procurement (PBP). PBP represents a natural evolution in the spend management space, and creates a path to true digital conversion for many companies still managing large projects with paper and excel spreadsheets
Major Players: IBM CORPORATION, SAS INSTITUTE, INC., JAGGAER INCORPORATION, ORACLE CORPORATION, SAP SE, COUPA SOFTWARE INC., PROACTIS INCORPORATION, EMPRONC SOLUTIONS PVT. LTD.,and ZYCUS INC., amongst other.
Reasons to Purchase Spend Analytics Market Report
To understand the impact of spend analytics applications on the market
Analyzing various perspectives of the market with the help of Porter’s five forces analysis
Asia-Pacific is expected to witness the fastest growth during the forecast period
Identify the latest developments, market shares, and strategies employed by the major market players
3 months analyst support, along with the Market Estimate sheet (in excel)
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