Global Business Spend Management (BSM) Software Market to Grow at a CAGR of 10.00% During the Period 2024-2032, Driven by Firms’ Need to Automate Business Expenditure Processes

Companies' need to modernise business expenditure processes to manage problems posed by the volatile and dynamic business environment (such as skilled labour deficits and global supply chain disruptions) is likely to boost the global business spend management (BSM) software market. To avoid log jams, companies try to reduce supply chain risk, optimise market routes, and automate maintenance, repair, and overhaul (MRO) procedures. These activities are made easier with the help of spend management software. The market is projected to be stimulated by such solutions. Primary markets are likely to be North America, Europe, and Asia.

Business spend management (BSM) software solutions have been witnessing increased adoption, particularly in the manufacturing industry. Manufacturing firms are increasingly striving to upgrade their business spend procedures in order to deal with global disruptions. The manufacturing sector, like many other businesses, continues to face several issues, ranging from skilled labour shortages to global supply chain interruptions. Business spend management (BSM) software solutions enable businesses to unify supply chain, procurement, payments, and treasury in one place, allowing customers superior visibility and control over their firm’s spend to optimize cash flow and increase profitability.

In order to increase market share and expand operations, leading firms seek to offer advanced, compact and versatile solutions that reduce risk and costs, and provide real-time data collection and analysis features. For example, in 2022, Coupa Software achieved Moderate Authorization from the Federal Risk Authorization Management Program (FedRAMP). The authorisation allowed Coupa to be available on the FedRAMP Marketplace, enabling all federal agencies to start using Coupa’s all-in-one, cloud-based platform with the reliable layer of security and compliance.

In 2021, Coupa launched the Coupa App Marketplace, offering customers an easier and smarter way to expand the power of the business spend management (BSM) platform. The Coupa App Marketplace connected businesses with certified, pre-developed solutions that created a unified way to reach out to a trusted international community of BSM partners.

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In 2021, Ivalua announced that Parkland Corporation had deployed Ivalua’s Source-to-Pay suite.

In 2021, Ivalua announced that Asian Paints successfully deployed Ivalua’s Contract Management and Supplier Information solutions to improve their strategic sourcing processes. The deployment was a significant step towards digitally transforming their overall supply chain processes.

Key Findings of the Report:

• Firms' need to automate and modernise business expenditure processes is likely to drive the market.

• Advanced and compact solutions offering versatile travel, corporate card, and expense management platforms featuring real-time data collection and analysis options are expected to stimulate the market.

• North America, Europe and Asia are expected to be key markets.

Market Analysis by Component, Deployment, Enterprise Size, Product, End-user, and Region:

• By component, the market is segmented into Solutions (further broken down by type into Procure- to- Pay Solutions, Supply and Risk Management, Travel and Expense Management, Contract and e-tender Management, Spend Management/Spend Analytics, and Others) and Services (further broken down by type into Managed Services and Professional Services).

• By deployment, the market is divided into Cloud and On-Premises.

• By enterprise size, the market is classified into Small and Medium Enterprises (SMEs) and Large Enterprises.

• By product, the market is divided into Indirect Spending, Direct Spending and MRO Spending. 

• By end-user, the market is segmented into BFSI, Hospitality, Healthcare, IT and Telecom, Energy and Utility, Retail and E-commerce and Others.

• By region, the market is classified into North America, Europe, Asia Pacific, Latin America and Middle East and Africa.

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