Overview and Scope
Spend analytics refers to the process of collecting, cleansing, classifying, and analyzing expenditure data to minimize procurement costs, improve efficiency, and monitor controls and compliance. It involves identifying spending patterns, extracting insights, and making data-driven decisions aligned with company goals and objectives to optimize their supply chain, increase procurement value, and enhance supplier relationships.
Sizing and Forecast
The spend analytics market size has grown rapidly in recent years. It will grow from $2.15 billion in 2023 to $2.56 billion in 2024 at a compound annual growth rate (CAGR) of 19.1%. The growth in the historic period can be attributed to increasing globalization, growing adoption of digital technologies, regulatory compliance requirements, rising demand for cost reduction, awareness of potential benefits.
The spend analytics market size is expected to see rapid growth in the next few years. It will grow to $5.23 billion in 2028 at a compound annual growth rate (CAGR) of 19.6%. The growth in the forecast period can be attributed to advancements in artificial intelligence and machine learning, expansion of cloud-based solutions, emphasis on sustainability and ethical sourcing, focus on risk management, integration of internet of things (IoT) devices. Major trends in the forecast period include increased focus on predictive analytics, adoption of blockchain technology for enhanced transparency, proliferation of data-driven decision-making tools, emergence of augmented analytics for deeper insights, growth of spend analytics as a service (SaaS) offerings.
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Segmentation & Regional Insights
The spend analytics market covered in this report is segmented –
1) By Type: Software, Service
2) By Analysis: Descriptive, Prescriptive, Predictive
3) By Application: Financial Management, Risk Management, Governance And Compliance Management, Supplier Sourcing And Performance Management, Demand And Supply Forecasting, Other Applications
4) By End-User Industry: Manufacturing, Supply Chain And Logistic, Retail, Banking, Financial Services, And Insurance (BFSI), Information Technology (IT) And Telecommunication, Education, Healthcare, Other End-User Industries
North America was the largest region in the spend analytics market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the spend analytics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The rise in the retail and e-commerce sector is expected to propel the growth of the spend analytics market going forward. The retail and e-commerce sector refers to businesses that sell goods and services directly to consumers through physical stores or online platforms, facilitating transactions and distribution of products. The rise in the retail and e-commerce sector is due to changing consumer preferences, convenience, pricing advantages, and market expansion opportunities. Spend analytics in the retail and e-commerce sector involves analyzing purchasing data to optimize sourcing strategies, improve supplier relationships, and enhance cost efficiency across the supply chain. For instance, in February 2024, according to the United States Census Bureau, a US-based government agency, in 2023, total e-commerce sales reached an estimated $1,118.7 billion, reflecting a 7.6% increase compared to 2022. Therefore, the rise in the retail and e-commerce sector is driving the growth of the spend analytics market.
Key Industry Players
Major companies operating in the spend analytics market are International Business Machines Corporation (IBM), Oracle Corporation, SAP SE, Genpact, SAS Institute Inc., GEP, Coupa Software Inc., Anaplan Inc., Icertis Inc., Zycus Inc., Ivalua Inc., Jaggaer Inc., Zageno Inc., Sievo Oy, Insight Sourcing Group, Proxima Group, BirchStreet Systems LLC, Proactis Holdings Plc, Tejari Solutions Pvt Ltd., Apex Analytix LLC, Rosslyn Data Technologies PLC, Spendency AB, TealBook, Empronc Solutions Pvt. Ltd., Dhatim SAS
The spend analytics market report table of contents includes:
1. Executive Summary
2. Spend Analytics Market Characteristics
3. Spend Analytics Market Trends And Strategies
4. Spend Analytics Market - Macro Economic Scenario
5. Global Spend Analytics Market Size and Growth
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32. Global Spend Analytics Market Competitive Benchmarking
33. Global Spend Analytics Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Spend Analytics Market
35. Spend Analytics Market Future Outlook and Potential Analysis
36. Appendix
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Spend analysis or analytics refers to the process of collecting, categorizing as well as evaluating expenditure data, provided either by human or through any kind of software.
The spend analytics is usually performed by companies to increase their profitability through identifying the wasteful spending along with flagging contracts which can be renegotiated at any point in time.
There are three core areas of spend analytics that is taken care by the management which comprises of the visibility, analysis, and process.Factors such as increasing need for supplier and market intelligence, predictive analytics for businesses, need to better manage internal compliance policies and external contracts, and growing demand for cloud computing technology are driving the global market.
The challenges faced by the spend analytics market are issues in achieving consistency in business semantics and interpretations, data privacy and security concerns, and concerns about positive Return on Investment (RoI).
The demand for spend analytics software is rising as organizations are looking for solutions to obey strict governance and compliance policies related to their accounts and spend data, increasing adoption of market intelligence by suppliers, and the necessity to keep company’s expenditure to the minimum without affecting its operations.The spend analytics market is segmented by component, application, analytics type, business function, deployment model, organization size, and region.
However, it is the small and medium-sized enterprises or SMEs that are expected to account for one of the highest growth because of easy availability and scalability of cloud-based deployments that help in saving a lot of extra costs for the company.North America is estimated to hold the largest market size in 2018.
According to research report "Spend Analytics Market by Application (Financial Management, Risk Management, Governance and Compliance Management, Supplier Sourcing and Performance Management), Business Function, Deployment Model, and Vertical - Global Forecast to 2022", The spend analytics market size is expected to grow from USD 1.33 Billion in 2017 to USD 3.01 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 17.7%.
The key forces driving the spend analytics market include increasing need for supplier and market intelligence, predictive analytics for businesses, need to better manage internal compliance policies and external contracts, and growing demand for cloud computing technology.Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=259355881Browse 90 market data tables and 67 figures spread through 182 pages and in-depth TOC on "Spend Analytics Market - Global Forecast to 2022"The retail and eCommerce vertical is expected to have the largest market share during the forecast periodThe retail and eCommerce industry is undergoing a significant transformation with rapid economic and income growth in emerging nations, and big data has emerged as a pivotal element in building business development strategies.
The industry is facing various challenges such as long-term uptrend in commodity, raw material prices, changing supply chain architecture, and cost-trend dynamics.
Spend analytics helps to design, develop, and make cost-competitive global business strategies and enhance the business and lower the costs and optimize the transportation and logistics networks.Enquiry Before Buying: https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=259355881The cloud deployment model to grow at a high CAGR during the forecast periodThe spend analytics market by deployment model has been segmented into on-premises and cloud.
Cloud solutions support real-time visibility of the sourcing and procurement activities, enabling organizations to interconnect with employees and customers anytime, before, during, and after each appointment.North America is expected to constitute the largest market share; APAC to grow at the highest CAGRIn terms of market share, North America is expected to continue its dominance throughout the forecast period.
Growing technology expenditures in countries such as China and India and the demand for cost-effective analytical software and services among Small and Medium-Sized Enterprises (SMEs) are expected to drive the market growth during the forecast period.Speak to Our Expert Analyst: https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=259355881The major vendors providing spend analytics software and services are SAP SE (Germany), SAS Institute, Inc. (US), IBM Corporation (US), Oracle Corporation (US), Coupa Software Incorporated (US), Zycus Inc. (US), Proactis (UK), Empronc Solutions Pvt.
