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Global Business Spend Management (BSM) Software Market: By Component: Solutions, Services; By Deployment; By Enterprise Size; By Product; By End-User; Regional Analysis; Historical Market and Forecast (2017-2027); Market Dynamics: SWOT Analysis; Competitive Landscape; Industry Events and Developments
Global Business Spend Management (BSM) Software Market Outlook
The global business spend management (BSM) software market is expected to grow at a CAGR of 10.00% during the period 2022-2027. The market is expected to be driven by companies’ need to modernise business spend processes to manage and cope with challenges posed by the volatile and dynamic business environment, including skilled labour gaps and disruptions in the global supply chain.
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Market Likely to be Driven by Demand for Efficient Spend Management Solutions
Companies seek to decrease supply chain risk, optimize market routes, and automate maintenance, repair and overhaul (MRO) processes to prevent log jams. Spend management software facilitate these activities. Such solutions are expected to stimulate the market. North America, Europe and Asia are expected to be key markets.
Business spend management (BSM) represents a set of software supported business processes. Business spend management (BSM) entails procurement, invoice management, expense management, and other ways money is spent (and associated processes) in organizations. Thus, business spend management (BSM) includes budgeting, inventory, contract lifecycle management, supplier management, strategic sourcing and analytics; it works closely with human capital management (HCM), customer relationship management (CRM), and enterprise resource planning (ERP), and caters to all operating processes in firms. Business spend management (BSM) combines these aspects to form a single management system to manage business operations. Spend management offers extensive management solutions to almost all aspects associated with purchasing and vendor relationships in firms. It uses multiple technologies to computerize spend-related activities from procurement to pay (P2P) to enable planned purchasing; payments are made to suppliers according to contract terms. Use of electronic procurement (e-procurement software) enables real-time collection of spend data which offers superior spend visibility. Business spend management (BSM) allows a complete view of real-time spending which enables management to effectively analyse all spend areas.
Advantages Offered by Effective Enforcement of Business Spend Management (BSM) Could Lead to Growth of Global Business Spend Management (BSM) Software Market
Correct and effective implementation of business spend management (BSM) may add significant value to an organization by:
Improving productivity – Automation enables digitization and consolidation of management processes. Employees can thus focus more on strategic objectives and look to advance supplier relationships and discuss favourable terms.
Enabling effective collaboration – All activities are managed through a centralized, single system, allowing better and easier communication with cross-functional teams and trading partners, and consequently, superior supply chain management.
Facilitating greater efficiency – Automation of manual processes leads to saving of time and money associated with identifying and correcting man-made errors, and increased paperwork.
Reducing cost and risk – Business spend management (BSM) systems enable the identification and reduction of cost and risk, and allow to focus on developing relations with suppliers that may be categorised as low-risk for the business.
Popular spend management software include TripActions, Airbase, Ramp, Spendesk, Brex, Divvy, Center, Precoro, Expensya, and Mesh Payments, among others.
Advanced and Scalable Solutions Likely to Boost Growth of Global Business Spend Management (BSM) Software Market
Modern solutions that provide all-in-one travel, corporate card, and expense management platforms leveraging real-time data to help firms keep traveling employees safe, decrease spend, and enhance productivity are expected to stimulate the market. Finance automation platforms designed to save money and time through combined software offerings that consolidate corporate cards, expense management, bill payments, accounting, and reporting into simple solutions are likely to witness growth.
Market Segmentation
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By component, the market is segmented into:
- Solutions (further broken down by type as given below)
- Procure- to- Pay Solutions
- Supply and Risk Management
- Travel and Expense Management
- Contract and e-tender Management
- Spend Management/Spend Analytics
- Others
- Services (further broken down by type as given below)
- Managed Services
- Professional Services
By deployment, the market is divided into:
- Cloud
- On-Premises
By enterprise size, the market is classified into:
- Small and Medium Enterprises (SMEs)
- Large Enterprises
By product, the market is divided into:
- Indirect Spending
- Direct Spending
- MRO Spending
By end-user, the market is segmented into:
- BFSI
- Hospitality
- Healthcare
- IT and Telecom
- Energy and Utility
- Retail and E-commerce
- Others
By region, the market is classified into:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
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Key Industry Players in the Global Business Spend Management (BSM) Software Market
The report presents a detailed analysis of the following key players in the market, looking into their capacity, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions:
- Medius Sverige AB
- Coupa Software Inc.
- Proactis Holdings Limited
- Ivalua Inc.
- SAP SE
- Sage Intacct, Inc
- Others
The EMR report gives an in-depth insight into the industry by providing a SWOT analysis as well as an analysis of Porter’s Five Forces model.
*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Snapshot
6.1 Global
6.2 Regional
7 Industry Opportunities and Challenges
8 Global Business Spend Management (BSM) Software Market Analysis
8.1 Key Industry Highlights
8.2 Global Business Spend Management (BSM) Software Historical Market (2017-2021)
8.3 Global Business Spend Management (BSM) Software Market Forecast (2022-2027)
8.4 Global Business Spend Management (BSM) Software Market by Component
8.4.1 Solutions
8.4.1.1 Market Share
8.4.1.2 Historical Trend (2017-2021)
8.4.1.3 Forecast Trend (2022-2027)
8.4.1.4 Breakup by Type
8.4.1.4.1 Procure- to- Pay Solutions
8.4.1.4.2 Supply and Risk Management
8.4.1.4.3 Travel and Expense Management
8.4.1.4.4 Contract and e-tender Management
8.4.1.4.5 Spend Management/Spend Analytics
8.4.1.4.6 Others
8.4.2 Services
8.4.2.1 Market Share
8.4.2.2 Historical Trend (2017-2021)
8.4.2.3 Forecast Trend (2022-2027)
8.4.2.4 Breakup by Type
8.4.2.4.1 Managed Services
8.4.2.4.2 Professional Services
8.5 Global Business Spend Management (BSM) Software Market by Deployment
8.5.1 Cloud
8.5.1.1 Market Share
8.5.1.2 Historical Trend (2017-2021)
8.5.1.3 Forecast Trend (2022-2027)
8.5.2 On-Premises
8.5.2.1 Market Share
8.5.2.2 Historical Trend (2017-2021)
8.5.2.3 Forecast Trend (2022-2027)
8.6 Global Business Spend Management (BSM) Software Market by Enterprise Size
8.6.1 Small and Medium Enterprises (SMEs)
8.6.1.1 Market Share
8.6.1.2 Historical Trend (2017-2021)
8.6.1.3 Forecast Trend (2022-2027)
8.6.2 Large Enterprises
8.6.2.1 Market Share
8.6.2.2 Historical Trend (2017-2021)
8.6.2.3 Forecast Trend (2022-2027)
8.7 Global Business Spend Management (BSM) Software Market by Product
8.7.1 Indirect Spending
8.7.1.1 Market Share
8.7.1.2 Historical Trend (2017-2021)
8.7.1.3 Forecast Trend (2022-2027)
8.7.2 Direct Spending
8.7.2.1 Market Share
8.7.2.2 Historical Trend (2017-2021)
8.7.2.3 Forecast Trend (2022-2027)
8.7.3 MRO Spending
8.7.3.1 Market Share
8.7.3.2 Historical Trend (2017-2021)
8.7.3.3 Forecast Trend (2022-2027)
8.8 Global Business Spend Management (BSM) Software Market by End-User
8.8.1 BFSI
8.8.1.1 Market Share
8.8.1.2 Historical Trend (2017-2021)
8.8.1.3 Forecast Trend (2022-2027)
8.8.2 Hospitality
8.8.2.1 Market Share
8.8.2.2 Historical Trend (2017-2021)
8.8.2.3 Forecast Trend (2022-2027)
8.8.3 Healthcare
8.8.3.1 Market Share
8.8.3.2 Historical Trend (2017-2021)
8.8.3.3 Forecast Trend (2022-2027)
8.8.4 IT and Telecom
8.8.4.1 Market Share
8.8.4.2 Historical Trend (2017-2021)
8.8.4.3 Forecast Trend (2022-2027)
8.8.5 Energy and Utility
8.8.5.1 Market Share
8.8.5.2 Historical Trend (2017-2021)
8.8.5.3 Forecast Trend (2022-2027)
8.8.6 Retail and E-commerce
8.8.6.1 Market Share
8.8.6.2 Historical Trend (2017-2021)
8.8.6.3 Forecast Trend (2022-2027)
8.8.7 Others
8.9 Global Business Spend Management (BSM) Software Market by Region
8.9.1 Market Share
8.9.1.1 North America
8.9.1.2 Europe
8.9.1.3 Asia Pacific
8.9.1.4 Latin America
8.9.1.5 Middle East and Africa
9 Regional Analysis
9.1 North America
9.1.1 Historical Trend (2017-2021)
9.1.2 Forecast Trend (2022-2027)
9.1.3 Breakup by Country
9.1.3.1 United States of America
9.1.3.2 Canada
9.2 Europe
9.2.1 Historical Trend (2017-2021)
9.2.2 Forecast Trend (2022-2027)
9.2.3 Breakup by Country
9.2.3.1 United Kingdom
9.2.3.2 Germany
9.2.3.3 France
9.2.3.4 Italy
9.2.3.5 Others
9.3 Asia Pacific
9.3.1 Historical Trend (2017-2021)
9.3.2 Forecast Trend (2022-2027)
9.3.3 Breakup by Country
9.3.3.1 China
9.3.3.2 Japan
9.3.3.3 India
9.3.3.4 ASEAN
9.3.3.5 Australia
9.3.3.6 Others
9.4 Latin America
9.4.1 Historical Trend (2017-2021)
9.4.2 Forecast Trend (2022-2027)
9.4.3 Breakup by Country
9.4.3.1 Brazil
9.4.3.2 Argentina
9.4.3.3 Mexico
9.4.3.4 Others
9.5 Middle East and Africa
9.5.1 Historical Trend (2017-2021)
9.5.2 Forecast Trend (2022-2027)
9.5.3 Breakup by Country
9.5.3.1 Saudi Arabia
9.5.3.2 United Arab Emirates
9.5.3.3 Nigeria
9.5.3.4 South Africa
9.5.3.5 Others
10 Market Dynamics
10.1 SWOT Analysis
10.1.1 Strengths
10.1.2 Weaknesses
10.1.3 Opportunities
10.1.4 Threats
10.2 Porter’s Five Forces Analysis
10.2.1 Supplier’s Power
10.2.2 Buyer’s Power
10.2.3 Threat of New Entrants
10.2.4 Degree of Rivalry
10.2.5 Threat of Substitutes
10.3 Key Indicators for Demand
10.4 Key Indicators for Price
11 Competitive Landscape
11.1 Market Structure
11.2 Company Profiles
11.2.1 Medius Sverige AB
11.2.1.1 Company Overview
11.2.1.2 Product Portfolio
11.2.1.3 Demographic Reach and Achievements
11.2.1.4 Certifications
11.2.2 Coupa Software Inc.
11.2.2.1 Company Overview
11.2.2.2 Product Portfolio
11.2.2.3 Demographic Reach and Achievements
11.2.2.4 Certifications
11.2.3 Proactis Holdings Limited
11.2.3.1 Company Overview
11.2.3.2 Product Portfolio
11.2.3.3 Demographic Reach and Achievements
11.2.3.4 Certifications
11.2.4 Ivalua Inc.
11.2.4.1 Company Overview
11.2.4.2 Product Portfolio
11.2.4.3 Demographic Reach and Achievements
11.2.4.4 Certifications
11.2.5 SAP SE
11.2.5.1 Company Overview
11.2.5.2 Product Portfolio
11.2.5.3 Demographic Reach and Achievements
11.2.5.4 Certifications
11.2.6 Sage Intacct, Inc
11.2.6.1 Company Overview
11.2.6.2 Product Portfolio
11.2.6.3 Demographic Reach and Achievements
11.2.6.4 Certifications
11.2.7 Others
12 Industry Events and Developments
List of Figures and Tables
1. Global Business Spend Management (BSM) Software Market: Key Industry Highlights, 2017 and 2027
2. Global Business Spend Management (BSM) Software Historical Market: Breakup by Component (USD Million), 2017-2021
3. Global Business Spend Management (BSM) Software Market Forecast: Breakup by Component (USD Million), 2022-2027
4. Global Business Spend Management (BSM) Software Historical Market: Breakup by Deployment (USD Million), 2017-2021
5. Global Business Spend Management (BSM) Software Market Forecast: Breakup by Deployment (USD Million), 2022-2027
6. Global Business Spend Management (BSM) Software Historical Market: Breakup by Enterprise Size (USD Million), 2017-2021
7. Global Business Spend Management (BSM) Software Market Forecast: Breakup by Enterprise Size (USD Million), 2022-2027
8. Global Business Spend Management (BSM) Software Historical Market: Breakup by Product (USD Million), 2017-2021
9. Global Business Spend Management (BSM) Software Market Forecast: Breakup by Product (USD Million), 2022-2027
10. Global Business Spend Management (BSM) Software Historical Market: Breakup by End-User (USD Million), 2017-2021
11. Global Business Spend Management (BSM) Software Market Forecast: Breakup by End-User (USD Million), 2022-2027
12. Global Business Spend Management (BSM) Software Historical Market: Breakup by Region (USD Million), 2017-2021
13. Global Business Spend Management (BSM) Software Market Forecast: Breakup by Region (USD Million), 2022-2027
14. North America Business Spend Management (BSM) Software Historical Market: Breakup by Country (USD Million), 2017-2021
15. North America Business Spend Management (BSM) Software Market Forecast: Breakup by Country (USD Million), 2022-2027
16. Europe Business Spend Management (BSM) Software Historical Market: Breakup by Country (USD Million), 2017-2021
17. Europe Business Spend Management (BSM) Software Market Forecast: Breakup by Country (USD Million), 2022-2027
18. Asia Pacific Business Spend Management (BSM) Software Historical Market: Breakup by Country (USD Million), 2017-2021
19. Asia Pacific Business Spend Management (BSM) Software Market Forecast: Breakup by Country (USD Million), 2022-2027
20. Latin America Business Spend Management (BSM) Software Historical Market: Breakup by Country (USD Million), 2017-2021
21. Latin America Business Spend Management (BSM) Software Market Forecast: Breakup by Country (USD Million), 2022-2027
22. Middle East and Africa Business Spend Management (BSM) Software Historical Market: Breakup by Country (USD Million), 2017-2021
23. Middle East and Africa Business Spend Management (BSM) Software Market Forecast: Breakup by Country (USD Million), 2022-2027
24. Global Business Spend Management (BSM) Software Market Structure
Key Questions Answered in the Report
The global business spend management (BSM) software market is projected to grow at a CAGR of 10.00% between 2022 and 2027.
The major drivers of the market include the presence of a number of small and medium businesses, rising cost-effective software solutions, increased transparency in the procurement process, increasing internet and smartphone penetration, and integration of advanced technologies, such as AI and MI.
An increase in industrial production and increasing demand for efficient spend management solutions are among the key industry trends propelling the market's growth.
The major regions in the industry are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
The different components include solutions and services. Solutions are further divided into procure- to- pay solutions, supply and risk management, travel and expense management, contract and e-tender management, and spend management/spend analytics, among others, while services are sub-divided into managed services and professional services.
Based on deployment, the market is divided into cloud and on-premises.
The different enterprise sizes include small and medium enterprises (SMEs) and large enterprises.
The different products include indirect spending, direct spending, and MRO spending.
The end-users of the market are BFSI, hospitality, healthcare, IT and telecom, energy and utility, retail and e-commerce, among others.
The major players in the industry are Medius Sverige AB, Coupa Software Inc., Proactis Holdings Limited, Ivalua Inc., SAP SE, and Sage Intacct, Inc, among others.
Analyst Review
The global business spend management (BSM) software market was driven by the increasing demand for efficient spend management solutions in the historical period. Aided by the presence of a number of small and medium businesses and rising cost-effective software solutions, the market is expected to witness further growth in the forecast period of 2022-2027, growing at a CAGR of 10.00%.
EMR's meticulous research methodology delves deep into the market, covering the macro and micro aspects of the industry. The different components include solutions and services. Solutions are further divided into procure- to- pay solutions, supply and risk management, travel and expense management, contract and e-tender management, and spend management/spend analytics, among others while services are sub-divided into managed services and professional services. Based on deployment, the market is divided into cloud and on-premises. The different enterprise sizes include small and medium enterprises (SMEs) and large enterprises. The different products include indirect spending, direct spending, and MRO spending. The end-users of the market are BFSI, hospitality, healthcare, IT and telecom, energy and utility, retail and e-commerce, among others. The major regional markets for the business spend management (BSM) software are North America, Europe, the Asia Pacific, Latin America, the Middle East and Africa. The major players in the industry are Medius Sverige AB, Coupa Software Inc., Proactis Holdings Limited, Ivalua Inc., SAP SE, and Sage Intacct, Inc, among others.
EMR's research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with market insights that are accurate, actionable and help them remain ahead of their competition.
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