Key Market Insights

Streamlining the business processes to optimize spending is improving adoption of BSM software worldwide

Using BSM software solution, enterprises can reduce their cost of goods & services, increased procurement leverages, process efficiency, and also mitigate the risk which may cause by supplier non-performance or supplier non-compliance. Additionally, the increased transparency in the procurement process and increased visibility into spending and contract provides enhanced financial control, organizational agility, and increased productivity.

With the growth of enterprises, it is difficult to manage the spending of a large number of vendors and transactions. Also, with rising cost-effective software solutions, high growth start-ups and companies are data-driven and diligent in the way to manage and regulate their spending. This shifts the enterprises towards BSM software to manage their spending. 

Enterprise Type Analysis

"SMEs is Dominant in 2021 owing to its increasing numbers worldwide"

Among the enterprise size, the small & medium enterprises (SMEs) segment expected to grow at the fastest rate during the forecast period. The increasing number of SMEs across the globe and their adoption of software solutions to manage their spending through a single platform is driving the demand for business spend management software. Further, the insurgence of SMEs in Europe from last year has a high impact on the growing adoption of software; thereby, increasing the market size in 2021. 

Regional Analysis

"The rising number of SMEs expected to grow Asia Pacific market at the fastest rate"

Asia Pacific is home to a large number of SMEs which are adopting BSM software. These SMEs are affecting the rising wages and increasing the number of global enterprises in the region. To stay competitive in the growing competition, regional enterprises are shifting towards reducing their operational cost. This, in turn, aided the adoption of BSM software in the region.

However, some of the industrial factors which are reducing the adoption of BSM software in the region include the high cost of a new platform, integration of new software with existing system, and ROI.

"Emerging Partnership Trend is keeping the Market Competitive"

The overall business spend management software market is fragmented and market players are focusing on advancing their current technology and partnering with other companies to grab a major share of the market. For instance, in November 2019, American Express partnered with Coupa Software Inc. to launch virtual AmEx on Coupa’s BSM platform. With this new virtual card, businesses can pay for its goods and services through the Coupa platform.

List of Companies Covered:

Coupa Software Inc., IBM, SAP SE, Procurify, Tradogram, Fraxion, SutiSoft, Inc., Sievo, GEP, Proactis Holdings Plc., Basware, Ivalua Inc., Zycus Inc., Xeeva, Jaggaer And Other Notable Players.

Key Industry Development:

• In December 2019, BT Group selected Ariba Inc. as its technology partner to deploy its technology across its businesses that include, finance, procurement, and workforce management. This will help BT Group to manage its spending in a better way and increase the client base of Ariba Inc.
• In November 2019, Serco Group plc. selected GEP as a strategic partner to manage its procurement services. This cloud-based, AI-powered digital platform will be used for direct and indirect procurement. With this partnership, GEP expected to increase market share in the near future.

Historical & Forecast Period

This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Business Spend Management (BSM) Software market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the Business Spend Management (BSM) Software market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Business Spend Management (BSM) Software market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2032.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Business Spend Management (BSM) Software market?
• Which is the largest regional market for Business Spend Management (BSM) Software market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Business Spend Management (BSM) Software market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Business Spend Management (BSM) Software market worldwide?