The global spend management software market size was USD 1.77 Billion in 2022 and is expected to register a revenue CAGR of 17.7% during the forecast period, according to the latest analysis by Emergen Research. Rising demand for real-time spend analysis and consolidated expense management, recent advances in Artificial Intelligence (AI) and machine learning algorithms, integration capabilities with existing Enterprise Resource Planning (ERP) systems, and rapid adoption of cloud-based solutions are some of the major factors driving the market revenue growth.
Spend management software is more crucial than ever for enterprises of all sizes, given the current economic situation and growing cost-cutting efforts. Spend management software provides precise and up-to-date expenditure statistics, allowing businesses to have a better understanding of their financial situation. These tools can help firms optimize their spending, gain control, and drive cost reductions. Software alternatives include expenditure management tools, spend management platforms, and Software-as-a-Service (SaaS) spend management software. Spend management tools are standalone pieces of software that specialize in specific aspects of spend management, such as cost tracking. Recent breakthroughs in Artificial Intelligence (AI) and machine learning algorithms are one of the major factors driving revenue growth of the market. Algorithms can accelerate a wide range of financial technology functions, including lending, accounting, investment, and spending management. This information is useful for swiftly detecting any purchasing irregularities, such as irregularities or duplication. Integration capabilities with existing Enterprise Resource Planning (ERP) systems are a key industry trend that is likely to drive revenue growth of the market. These solutions integrate with other systems, such as ERP accounting software, in addition to handling the entire spending process, from receipt capture to card controls.
Factors influencing the growth of the Spend Management Software market and impacting the growth of the industry are studied extensively in the report. The report considers the COVID-19 pandemic as one of the key influencing factors of the Spend Management Software market. The report discusses in detail the positive and negative impact of the pandemic on the Spend Management Software industry. The supply chain disruptions and economic volatility have altered the dynamics of the Spend Management Software industry. The report explores the effects of the pandemic on the market and its key segments and regions. It also offers a forecast estimation of the market growth in a post-COVID-19 scenario.
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Competitive Outlook: The leading companies operating in the Spend Management Software market have been enumerated in this report. This section of the report lays emphasis on the geographical reach and production facilities of these companies. To get ahead of their rivals, the leading players are focusing more on offering products at competitive prices, according to our analysts.
Top Companies Operating in the Spend Management Software Market and Profiled in the Report are:
Coupa Software, Inc., Sage Group plc., SAP SE.., Expensify, Inc., Vroozi, Procurify Technologies Inc., ROBOKITS INDIA, Xeeva., VV Finly Technology Pvt. Ltd.., and Order.co
Objectives of the Report:
Study of the global Spend Management Software market size by key regions, types, and applications with reference to historical data (2017-2018) and forecast (2020-2027)
Industrial structure analysis of the Spend Management Software market by identification of various sub-segments
Extensive analysis of key market players along with their SWOT analysis
Competitive landscape benchmarking
Analysis of Spend Management Software market based on growth trends, futuristic outlook, and contribution to the total growth of the market
Analysis of drivers, constraints, opportunities, challenges, and risks in the global Spend Management Software market
Comprehensive analysis of competitive developments such as expansions, agreements, new product launches, and other strategic alliances
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Segments Covered in this report are:
- Deployment Mode Outlook (Revenue, USD Billion; 2019-2032)
- Cloud-based
- On-premises
- Enterprise Outlook (Revenue, USD Billion; 2019-2032)
- Large Enterprises
- Small & Medium Enterprises
- Application Outlook (Revenue, USD Billion; 2019-2032)
- Consumer Goods
- Retail
- Manufacturing
- Healthcare & Pharmaceuticals
- Transportation & Logistics
- Others
Regional Segmentation:
North America (U.S., Canada)
Europe (U.K., Italy, Germany, France, Rest of EU)
Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
Latin America (Chile, Brazil, Argentina, Rest of Latin America)
Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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About Emergen Research
Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.
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