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The global business spend management (BSM) software market is expected to grow at a CAGR of 10.00% during the period 2023-2028. 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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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.
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.
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.
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By component, the market is segmented into:
By deployment, the market is divided into:
By enterprise size, the market is classified into:
By product, the market is divided into:
By end-user, the market is segmented into:
By region, the market is classified into:
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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:
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.
REPORT FEATURES | DETAILS |
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Base Year | 2022 |
Historical Period | 2018-2022 |
Forecast Period | 2023-2028 |
Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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Breakup by Component |
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Breakup by Deployment |
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Breakup by Enterprise Size |
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Breakup by Product |
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Breakup by End-User |
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Breakup by Region |
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Market Dynamics |
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Competitive Landscape |
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Companies Covered |
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Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR 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 Opportunities and Challenges in the Market
8 Global Business Spend Management (BSM) Software Market Analysis
8.1 Key Industry Highlights
8.2 Global Business Spend Management (BSM) Software Historical Market (2018-2022)
8.3 Global Business Spend Management (BSM) Software Market Forecast (2023-2028)
8.4 Global Business Spend Management (BSM) Software Market by Component
8.4.1 Solutions
8.4.1.1 Historical Trend (2018-2022)
8.4.1.2 Forecast Trend (2023-2028)
8.4.1.3 Breakup by Type
8.4.1.3.1 Procure- to- Pay Solutions
8.4.1.3.2 Supply and Risk Management
8.4.1.3.3 Travel and Expense Management
8.4.1.3.4 Contract and e-tender Management
8.4.1.3.5 Spend Management/Spend Analytics
8.4.1.3.6 Others
8.4.2 Services
8.4.2.1 Historical Trend (2018-2022)
8.4.2.2 Forecast Trend (2023-2028)
8.4.2.3 Breakup by Type
8.4.2.3.1 Managed Services
8.4.2.3.2 Professional Services
8.5 Global Business Spend Management (BSM) Software Market by Deployment
8.5.1 Cloud
8.5.1.1 Historical Trend (2018-2022)
8.5.1.2 Forecast Trend (2023-2028)
8.5.2 On-Premises
8.5.2.1 Historical Trend (2018-2022)
8.5.2.2 Forecast Trend (2023-2028)
8.6 Global Business Spend Management (BSM) Software Market by Enterprise Size
8.6.1 Small and Medium Enterprises (SMEs)
8.6.1.1 Historical Trend (2018-2022)
8.6.1.2 Forecast Trend (2023-2028)
8.6.2 Large Enterprises
8.6.2.1 Historical Trend (2018-2022)
8.6.2.2 Forecast Trend (2023-2028)
8.7 Global Business Spend Management (BSM) Software Market by Product
8.7.1 Indirect Spending
8.7.1.1 Historical Trend (2018-2022)
8.7.1.2 Forecast Trend (2023-2028)
8.7.2 Direct Spending
8.7.2.1 Historical Trend (2018-2022)
8.7.2.2 Forecast Trend (2023-2028)
8.7.3 MRO Spending
8.7.3.1 Historical Trend (2018-2022)
8.7.3.2 Forecast Trend (2023-2028)
8.8 Global Business Spend Management (BSM) Software Market by End-User
8.8.1 BFSI
8.8.1.1 Historical Trend (2018-2022)
8.8.1.2 Forecast Trend (2023-2028)
8.8.2 Hospitality
8.8.2.1 Historical Trend (2018-2022)
8.8.2.2 Forecast Trend (2023-2028)
8.8.3 Healthcare
8.8.3.1 Historical Trend (2018-2022)
8.8.3.2 Forecast Trend (2023-2028)
8.8.4 IT and Telecom
8.8.4.1 Historical Trend (2018-2022)
8.8.4.2 Forecast Trend (2023-2028)
8.8.5 Energy and Utility
8.8.5.1 Historical Trend (2018-2022)
8.8.5.2 Forecast Trend (2023-2028)
8.8.6 Retail and E-commerce
8.8.6.1 Historical Trend (2018-2022)
8.8.6.2 Forecast Trend (2023-2028)
8.8.7 Others
8.9 Global Business Spend Management (BSM) Software Market by Region
8.9.1 North America
8.9.1.1 Historical Trend (2018-2022)
8.9.1.2 Forecast Trend (2023-2028)
8.9.2 Europe
8.9.2.1 Historical Trend (2018-2022)
8.9.2.2 Forecast Trend (2023-2028)
8.9.3 Asia Pacific
8.9.3.1 Historical Trend (2018-2022)
8.9.3.2 Forecast Trend (2023-2028)
8.9.4 Latin America
8.9.4.1 Historical Trend (2018-2022)
8.9.4.2 Forecast Trend (2023-2028)
8.9.5 Middle East and Africa
8.9.5.1 Historical Trend (2018-2022)
8.9.5.2 Forecast Trend (2023-2028)
9 North America Business Spend Management (BSM) Software Market Analysis
9.1 United States of America
9.1.1 Historical Trend (2018-2022)
9.1.2 Forecast Trend (2023-2028)
9.2 Canada
9.2.1 Historical Trend (2018-2022)
9.2.2 Forecast Trend (2023-2028)
10 Europe Business Spend Management (BSM) Software Market Analysis
10.1 United Kingdom
10.1.1 Historical Trend (2018-2022)
10.1.2 Forecast Trend (2023-2028)
10.2 Germany
10.2.1 Historical Trend (2018-2022)
10.2.2 Forecast Trend (2023-2028)
10.3 France
10.3.1 Historical Trend (2018-2022)
10.3.2 Forecast Trend (2023-2028)
10.4 Italy
10.4.1 Historical Trend (2018-2022)
10.4.2 Forecast Trend (2023-2028)
10.5 Others
11 Asia Pacific Business Spend Management (BSM) Software Market Analysis
11.1 China
11.1.1 Historical Trend (2018-2022)
11.1.2 Forecast Trend (2023-2028)
11.2 Japan
11.2.1 Historical Trend (2018-2022)
11.2.2 Forecast Trend (2023-2028)
11.3 India
11.3.1 Historical Trend (2018-2022)
11.3.2 Forecast Trend (2023-2028)
11.4 ASEAN
11.4.1 Historical Trend (2018-2022)
11.4.2 Forecast Trend (2023-2028)
11.5 Australia
11.5.1 Historical Trend (2018-2022)
11.5.2 Forecast Trend (2023-2028)
11.6 Others
12 Latin America Business Spend Management (BSM) Software Market Analysis
12.1 Brazil
12.1.1 Historical Trend (2018-2022)
12.1.2 Forecast Trend (2023-2028)
12.2 Argentina
12.2.1 Historical Trend (2018-2022)
12.2.2 Forecast Trend (2023-2028)
12.3 Mexico
12.3.1 Historical Trend (2018-2022)
12.3.2 Forecast Trend (2023-2028)
12.4 Others
13 Middle East and Africa Business Spend Management (BSM) Software Market Analysis
13.1 Saudi Arabia
13.1.1 Historical Trend (2018-2022)
13.1.2 Forecast Trend (2023-2028)
13.2 United Arab Emirates
13.2.1 Historical Trend (2018-2022)
13.2.2 Forecast Trend (2023-2028)
13.3 Nigeria
13.3.1 Historical Trend (2018-2022)
13.3.2 Forecast Trend (2023-2028)
13.4 South Africa
13.4.1 Historical Trend (2018-2022)
13.4.2 Forecast Trend (2023-2028)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Competitive Landscape
15.1 Market Structure
15.2 Company Profiles
15.2.1 Medius Sverige AB
15.2.1.1 Company Overview
15.2.1.2 Product Portfolio
15.2.1.3 Demographic Reach and Achievements
15.2.1.4 Certifications
15.2.2 Coupa Software Inc.
15.2.2.1 Company Overview
15.2.2.2 Product Portfolio
15.2.2.3 Demographic Reach and Achievements
15.2.2.4 Certifications
15.2.3 Proactis Holdings Limited
15.2.3.1 Company Overview
15.2.3.2 Product Portfolio
15.2.3.3 Demographic Reach and Achievements
15.2.3.4 Certifications
15.2.4 Ivalua Inc.
15.2.4.1 Company Overview
15.2.4.2 Product Portfolio
15.2.4.3 Demographic Reach and Achievements
15.2.4.4 Certifications
15.2.5 SAP SE
15.2.5.1 Company Overview
15.2.5.2 Product Portfolio
15.2.5.3 Demographic Reach and Achievements
15.2.5.4 Certifications
15.2.6 Sage Intacct, Inc
15.2.6.1 Company Overview
15.2.6.2 Product Portfolio
15.2.6.3 Demographic Reach and Achievements
15.2.6.4 Certifications
15.2.7 Others
16 Key Trends and Developments in the Market
List of Figures and Tables
1. Global Business Spend Management (BSM) Software Market: Key Industry Highlights, 2018 and 2028
2. Global Business Spend Management (BSM) Software Historical Market: Breakup by Component (USD Million), 2018-2022
3. Global Business Spend Management (BSM) Software Market Forecast: Breakup by Component (USD Million), 2023-2028
4. Global Business Spend Management (BSM) Software Historical Market: Breakup by Deployment (USD Million), 2018-2022
5. Global Business Spend Management (BSM) Software Market Forecast: Breakup by Deployment (USD Million), 2023-2028
6. Global Business Spend Management (BSM) Software Historical Market: Breakup by Enterprise Size (USD Million), 2018-2022
7. Global Business Spend Management (BSM) Software Market Forecast: Breakup by Enterprise Size (USD Million), 2023-2028
8. Global Business Spend Management (BSM) Software Historical Market: Breakup by Product (USD Million), 2018-2022
9. Global Business Spend Management (BSM) Software Market Forecast: Breakup by Product (USD Million), 2023-2028
10. Global Business Spend Management (BSM) Software Historical Market: Breakup by End-User (USD Million), 2018-2022
11. Global Business Spend Management (BSM) Software Market Forecast: Breakup by End-User (USD Million), 2023-2028
12. Global Business Spend Management (BSM) Software Historical Market: Breakup by Region (USD Million), 2018-2022
13. Global Business Spend Management (BSM) Software Market Forecast: Breakup by Region (USD Million), 2023-2028
14. North America Business Spend Management (BSM) Software Historical Market: Breakup by Country (USD Million), 2018-2022
15. North America Business Spend Management (BSM) Software Market Forecast: Breakup by Country (USD Million), 2023-2028
16. Europe Business Spend Management (BSM) Software Historical Market: Breakup by Country (USD Million), 2018-2022
17. Europe Business Spend Management (BSM) Software Market Forecast: Breakup by Country (USD Million), 2023-2028
18. Asia Pacific Business Spend Management (BSM) Software Historical Market: Breakup by Country (USD Million), 2018-2022
19. Asia Pacific Business Spend Management (BSM) Software Market Forecast: Breakup by Country (USD Million), 2023-2028
20. Latin America Business Spend Management (BSM) Software Historical Market: Breakup by Country (USD Million), 2018-2022
21. Latin America Business Spend Management (BSM) Software Market Forecast: Breakup by Country (USD Million), 2023-2028
22. Middle East and Africa Business Spend Management (BSM) Software Historical Market: Breakup by Country (USD Million), 2018-2022
23. Middle East and Africa Business Spend Management (BSM) Software Market Forecast: Breakup by Country (USD Million), 2023-2028
24. Global Business Spend Management (BSM) Software Market Structure
The global business spend management (BSM) software market is projected to grow at a CAGR of 10.00% between 2023 and 2028.
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.
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 2023-2028, 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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