Global Spend Analytics Software Market - Segmented by Deployment (On-premises and On-cloud), Application (Financial Management, Demand and Supply Forecasting, Risk Management), and Region - Growth, Trends, and Forecast (2018 - 2023)
The spend analytics software market is expected to register a CAGR of 18.2%, during the forecast period (2018 - 2023). The scope includes different application of spend analytics software market, such as financial management, supply and demand forecasting, risk management, and various others. The regions considered under the scope of the report includes North America, Europe, Asia-Pacific, Latin America, and Middle-East & Africa. As organizations are looking to adhere to strict governance and compliance policies related to accounts and spend data and the necessity to keep company’s expenditure to minimum without affecting operations are playing a key role in driving the market.
Growing Demand for Supplier and Market Intelligence
Business can adopt procurement strategies involving use of market and supplier intelligence information coupled with technology, like e-sourcing, spend analysis etc., so that procurement function can add value to the business by making a more informed and relevant decision. For example, if prices of iron have gone down beyond the limit mentioned in the supplier contract, businesses can demand the next stock at new reduced price, thus reducing the commodity cost. With the end-user industries understanding the advantage of the solution, the consumption of spend analytics solutions is growing.
Growing Need in Financial Management
Finance departments need constant monitoring, identifying and reacting to various changes being implemented because of changes in regulation and compliance. Organizations are coming up with strategies to restrict unwanted spending by analyzing financial data along with pricing data. Spend analytics software also provides a platform to bridge the gap between financial and operational performance and to monitor trends, optimize strategies that are important in allocating capital, managing assets, and reducing risks.
North America is accounted to have the largest share of the market during the forecast period due to early adoption of emerging technologies and a large number of spend analytics vendors in the region, which would help consolidate the majority of revenues in the market. Asia Pacific is expected to grow substantially mainly due to growing technology expenditures in countries, such as China and India and the demand for cost-effective analytical software among small and medium-sized enterprises (SMEs), which play a key role in driving the market.
Key Developments in Market
April 2018 : One of the poultry companies in US partnered with Zycus for five years to improve its procurement process by mitigating risks
March 2018: Zycus presented its customers with updated version of spend analytics solution enabling its customers to save 30-40% of time on existing refresh cycleMajor Players - BRAVOSOLUTION SPA, COUPA SOFTWARE, EMPRONC SOLUTIONS PVT. LTD., IBM CORPORATION, IVALUA INC., JAGGAER INC, ORACLE CORPORATION, PROACTIS INC, ROSSLYN DATA TECHNOLOGIES PLC, SAP SE, amongst others.
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