Global Spend Analytics Market
The Global Spend Analytics Market was valued at USD 1.21 billion in 2016 and is projected to reach USD 5.33 billion by 2025, growing at a CAGR of 17.86% from 2017 to 2025.
Spend analytics is the process of collecting, cleansing, classifying and analyzing expenditure data with the purpose of decreasing procurement costs, improving efficiency, and monitoring compliance. It can also be used in other areas of business such as inventory management, budgeting and planning, and product development. Spend analytics solution can benefit the organization in several ways including - identify savings opportunities, drive policy and contract compliance, create an auditable record of enterprise spend, and ensures best practice helping in continuous improvements in sourcing and vendor management.
1. Market Drivers
1.1 Increasing use of mobile applications
1.2 Increasing demand for cloud computing technology
1.3 Increasing need for better management of internal compliance policies and external contracts
1.4 Rising need for suppliers and market intelligence
1.5 Growing demand for predictive analytics for business
2. Market Restraints
2.1 Increasing number of data sources
2.2 No standardized process
2.3 Complexities related to migrate from legacy systems
The Global Spend Analytics Market is segmented on the analytics type, business function, organization size, component, deployment model, application, vertical, and region.
1. By Analytics Type:
2. By Business Function:
2.1 Information Technology
3. Organization Size:
3.1 Large Enterprises
3.2 Small and Medium Organizations
4. By Component:
4.2.1 Managed services
4.2.2 Professional services
126.96.36.199 Support and maintenance services
188.8.131.52 Consulting services
5. By Deployment Mode:
6. By Application:
6.1 Financial management
6.2 Demand and supply forecasting
6.3 Risk management
6.4 Supplier sourcing and performance management
6.5 Governance and compliance management
7. By Vertical:
7.2 Government and Defense
7.3 IT and Telecom
7.4 Banking, Financial Services, and Insurance (BFSI)
7.5 Energy and Utilities
7.6 Retail and e-commerce
8. By Region:
8.1 North America (U.S., Canada, Mexico)
8.2 Europe (Germany, UK, France, Rest of Europe)
8.3 Asia Pacific (China, India, Japan, Rest of Asia Pacific)
8.4 Latin America (Brazil, Argentina, Rest of Latin America)
8.5 Middle East & Africa
The major players in the market are as follows:
1. IBM Corporation
3. Coupa Software
5. SAS Institute
9. Rosslyn Data Technologies
11. Empronc Solutions
These major players have adopted various organic as well as inorganic growth strategies such as mergers & acquisitions, new product launches, expansions, agreements, joint ventures, partnerships, and others to strengthen their position in this market.
RESEARCH METHODOLOGY OF VERIFIED MARKET INTELLIGENCE:
Research study on the Global Spend Analytics Market was performed in five phases which include Secondary research, Primary research, subject matter expert advice, quality check and final review.
The market data was analyzed and forecasted using market statistical and coherent models. Also market shares and key trends were taken into consideration while making the report. Apart from this, other data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Top to Bottom Analysis and Vendor Share Analysis.
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