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Business Spend Management (BSM) Software Market

Global Business Spend Management (BSM) Software Market Size: By Component: Solutions, Services; By Deployment: Cloud, On-Premises; By Enterprise Size: Small and Medium Enterprises (SMEs), Large Enterprises; By Product: Indirect Spending, Direct Spending, Others; By End-User; Regional Analysis; Competitive Landscape; 2024-2032

Global Business Spend Management (BSM) Software Market Outlook

The global business spend management (BSM) software market size is projected to grow at a CAGR of 10.00% between 2024 and 2032.

 

Key Takeaways

  • 90% of major businesses now use a multi-cloud infrastructure to store data and increase efficiency.
  • Using contract management software, administrative expenses can be reduced by 25% to 30%.
  • Popular spend management software includes TripActions, Airbase, Ramp, Spendesk, Brex, Divvy, Center, Precoro, Expensya, and Mesh Payments, among others.

 

Business spend management (BSM) software is a type of software that enables organisations to manage, optimise, and automate their spending across various categories, such as procurement, travel, expenses, invoices, contracts, and budgets. Business spend management (BSM) works closely with human capital management (HCM), enterprise resource planning (ERP), and customer relationship management (CRM), 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.

 

The global business spend management (BSM) software market is experiencing substantial growth driven by multiple factors. BSM software helps organisations to gain visibility and control over their spending, improve compliance and efficiency, reduce costs and risks, and enhance business performance. Also, organisations are now digitalising their spending processes to address challenges posed by supply chain disruptions and fluctuating cash flows. Additionally, the rise of cloud-based and Software-as-a-Service (SaaS) solutions offers advantages like greater scalability, flexibility, accessibility, and security, have resulted in business spend management (BSM) software market development.

 

Global Business Spend Management (BSM) Software Market

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Key Trends and Developments

High deployment of cloud-based model, availability of finance automation platforms, and increasing focus on regulations are boosting the market growth

 

Date Company Event
January 2024 SAP SE Introduced the RISE with SAP Migration and Modernisation initiative to help clients embrace a cloud-first corporate approach.
April 2023 Coupa Software Inc. Partnered with the transaction banking division of Goldman Sachs to introduce a smooth business payment solution.
February 2023 Medius Sverige AB Spend management solution received SAP certification for integration with RISE with SAP S/4HANA Cloud.
November 2022 Ivalua Inc. Formed a partnership with Raqmiyat to bring digitalisation in eProcurement solution across the UAE and Saudi Arabia.
April 2022 Brex Launched a new spend management tool with a software platform named Brex Empower.

 

 

Trend Impact
High cloud-based model deployment Reduces the upfront cost and maintenance of BSM software, increases scalability and accessibility, and enables faster updates and integration
Use of artificial intelligence and machine learning Enhances the automation, accuracy, and efficiency of BSM processes, such as invoice processing, expense management, budgeting, and forecasting
Integration of data analytics and visualisation Provides insights into the spending patterns, trends, and opportunities, helps optimise the BSM performance and strategy, and facilitates data-driven decision making
Availability of finance automation platforms Positively impacts the business spend management (BSM) software market outlook by saving money and time through combined software offerings that consolidate corporate cards, bill payments, accounting processes, and expense management
Focus on regulatory compliance and security Ensures that the BSM software meets the standards and requirements of different regions and industries, protects the data and transactions from unauthorised access and fraud, and builds trust and reputation

 

Global Business Spend Management (BSM) Software Market Trends

There is a growing demand for data-driven and analytical tools capable of providing valuable insights and optimisation opportunities within organisational spending. Emerging technologies such as AI and ML are enhancing the functionality of BSM software, enabling features like task automation, anomaly detection, trend prediction, and reporting generation. These factors have created a favourable environment for the business spend management (BSM) software market growth.

 

Moreover, the compliance requirements, such as General Data Protection Regulation (GDPR), Sarbanes-Oxley Act (SOX), and International Financial Reporting Standards (IFRS), necessitate organisations to maintain precise and transparent records of their spending activities, thereby fostering the adoption and demand of business spend management (BSM) software.

 

Additionally, companies seek to decrease supply chain risk, optimise market routes, and automate maintenance, repair, and overhaul (MRO) processes to prevent log jams. Spending management software facilitates these activities. Such solutions are expected to stimulate business spend management (BSM) software market expansion.

 

Global Business Spend Management (BSM) Software Market by Segments

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Market Segmentation

Global Business Spend Management (BSM) Software Market Report and Forecast 2024-2032 offers a detailed analysis of the market based on the following segments:

 

Market Breakup Categories
Component Solutions, Services
Deployment Cloud, On-Premises
Enterprise Size Small and Medium Enterprises (SMEs), Large Enterprises
Product Indirect Spending, Direct Spending, MRO Spending
End-User BFSI, Hospitality, Healthcare, IT and Telecom, Energy and Utility, Retail and E-commerce, Others
Region North America, Europe, Asia Pacific, Latin America, Middle East and Africa

 

Solutions is 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.

 

High demand for cost management software from healthcare industries aids in business spend management software market growth as it helps improve patient outcomes and reduce errors

The banking, financial services, and insurance (BFSI) sector is one of the major end users of BSM software, as it requires efficient management of various business processes such as procurement, contract management, invoicing, budgeting, and compliance. BSM software helps the BFSI sector to automate and streamline these processes, reduce operational costs, and mitigate risks, which, in turn, increases the business spend management (BSM) software market value for this segment.

 

The healthcare industry is also a prominent end user of business spend management system, as it faces challenges such as rising costs, regulatory compliance, quality of care, and data security. BSM software helps the healthcare sector to automate and simplify various business functions such as purchasing, invoicing, supplier management, contract management, and analytics. BSM software also helps the healthcare sector to improve patient outcomes, reduce errors, and ensure safety.

 

According to business spend management (BSM) software market analysis, IT and telecom sector is another key end user of BSM software, as it requires effective management of diverse and distributed business processes such as project management, vendor management, resource allocation, billing, and reporting. BSM software helps the IT and telecom sector to automate and integrate these processes, enhance efficiency and productivity, reduce costs and errors, and improve customer service.

 

The retail and e-commerce sectors are also a major end user of BSM platforms, as it involves multiple and complex business activities such as sourcing, merchandising, inventory, delivery, and customer service. BSM software helps this sector to manage and optimise their warehousing needs, increase sales and profitability, and enhance customer loyalty. High adoption of such software is likely to increase the business spend management (BSM) software market size across regions.

 

Small and medium enterprises hold a significant business spend management (BSM) software market share due to the rising need of managing expenses and optimise business performance

The SMEs accounted for a larger business spend management (BSM) software market share in the historic period and is expected to grow at a higher CAGR during the forecast period. The main factors driving the adoption of BSM software among SMEs are the need to optimise business processes, reduce operational costs, enhance compliance, and improve visibility and control over spending. Moreover, the availability of cloud-based and SaaS-based BSM solutions has made it easier and more affordable for SMEs to access and implement the software. Some of the key spend management vendors catering to the SME segment are Coupa Software Inc., Procurify, and AvidXchange.

 

On the other hand, the large enterprise segment is also expected to witness significant growth in the business spend management (BSM) software market, as these firms face complex and diverse challenges related to managing their spending across multiple geographies, business units, and categories. Large enterprises require BSM software that can integrate with their existing ERP systems, support multiple languages and currencies, and provide advanced analytics and reporting capabilities. Additionally, large enterprises are increasingly adopting BSM software to enhance their corporate social responsibility (CSR) initiatives, such as ensuring ethical sourcing, reducing environmental impact, and promoting diversity and inclusion among suppliers, aiding the business spend management (BSM) software market growth.

 

Global Business Spend Management (BSM) Software Market by Region

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Competitive Landscape

Prominent players are engaging in strategic partnerships to strengthen their position and market share

 

Company Year Founded Headquarters Products/Services
Medius Sverige AB 2001 Linköping, Sweden Cloud-based invoice automation and spend management solutions
Coupa Software Inc. 2006 California, United States Business spend management platform that covers procurement, invoicing, expenses, sourcing, contract management, analytics, and supplier management
Proactis Holdings Limited 1996 Wetherby, England Integrated spend management software that includes procurement, sourcing, contract management, supplier management, invoice processing, and payment solutions
Ivalua Inc. 2000 California, United States End-to-end spend management platform that covers sourcing, procurement, contract management, supplier management, invoice automation, analytics, and risk management

 

Other key players in the global business spend management (BSM) software market include SAP SE, and Sage Intacct, Inc, among others.

 

Global Business Spend Management (BSM) Software Market Analysis by Region

North America is one of the leading regions due to high adoption of cloud-based technologies

The North American region is anticipated to hold a dominant position in the business spend management (BSM) software market. This is due to the high adoption of cloud-based technologies, advanced IT infrastructure, and presence of key players such as Coupa, SAP, Oracle, and Workday. The increasing demand for automation, optimisation, and visibility of business spending across various industries is also driving the growth of the market in this region.

 

Europe business spend management (BSM) software market is expected to witness significant growth during the forecast period, due to the rising need for compliance management, risk management, and data analytics in business spending. The adoption of BSM software is also supported by the digital transformation initiatives and regulatory frameworks of the European Union. Some of the prominent spend management companies in this region include Basware, Proactis, Ivalua, and Jaggaer.

 

Asia Pacific region is projected to be the fastest-growing market for BSM software in the next five years, owing to the rapid economic development, globalisation, and growing adoption of cloud-based solutions in emerging countries such as China, India, Japan, and Australia. According to the business spend management (BSM) software market report, the demand for BSM software in this region is also driven by the growing need for cost reduction, efficiency improvement, and competitive advantage in business spending.

 

Key Highlights of the Report

REPORT FEATURES DETAILS
Base Year 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Scope of the Report

Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:

  • Component
  • Deployment
  • Enterprise Size
  • Product
  • End-User
  • Region
Breakup by Component
  • Solutions
  • Services
Breakup by Deployment
  • Cloud
  • On-Premises
Breakup by Enterprise Size
  • Small and Medium Enterprises (SMEs)
  • Large Enterprises
Breakup by Product
  • Indirect Spending
  • Direct Spending
  • MRO Spending
Breakup by End-User
  • BFSI
  • Hospitality
  • Healthcare
  • IT and Telecom
  • Energy and Utility
  • Retail and E-commerce
  • Others
Breakup by Region
  • North America
    • United States of America 
    • Canada
  • Europe
    • United Kingdom
    • Germany
    • France
    • Italy
    • Others
  • Asia Pacific
    • China
    • Japan
    • India
    • ASEAN
    • Australia
    • Others
  • Latin America
    • Brazil
    • Argentina
    • Mexico
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • United Arab Emirates
    • Nigeria
    • South Africa
    • Others
Market Dynamics
  • SWOT Analysis
  • Porter's Five Forces Analysis
  • Key Indicators for Demand
  • Key Indicators for Price
Competitive Landscape
  • Market Structure
  • Company Profiles
    • Company Overview
    • Product Portfolio
    • Demographic Reach and Achievements
    • Certifications
Companies Covered
  • Medius Sverige AB 
  • Coupa Software Inc.
  • Proactis Holdings Limited
  • Ivalua Inc.
  • SAP SE
  • Sage Intacct, Inc
  • Others
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.

 

*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.

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 (2018-2023) 
    8.3    Global Business Spend Management (BSM) Software Market Forecast (2024-2032)
    8.4    Global Business Spend Management (BSM) Software Market by Component
        8.4.1    Solutions
            8.4.1.1    Historical Trend (2018-2023)
            8.4.1.2    Forecast Trend (2024-2032)
            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 (2018-2023)
            8.4.2.2    Forecast Trend (2024-2032)
            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 (2018-2023)
            8.5.1.2    Forecast Trend (2024-2032)
        8.5.2    On-Premises
            8.5.2.1    Historical Trend (2018-2023)
            8.5.2.2    Forecast Trend (2024-2032)
    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 (2018-2023)
            8.6.1.2    Forecast Trend (2024-2032)
        8.6.2    Large Enterprises
            8.6.2.1    Historical Trend (2018-2023)
            8.6.2.2    Forecast Trend (2024-2032)
    8.7    Global Business Spend Management (BSM) Software Market by Product
        8.7.1    Indirect Spending 
            8.7.1.1    Historical Trend (2018-2023)
            8.7.1.2    Forecast Trend (2024-2032)
        8.7.2    Direct Spending 
            8.7.2.1    Historical Trend (2018-2023)
            8.7.2.2    Forecast Trend (2024-2032)
        8.7.3    MRO Spending 
            8.7.3.1    Historical Trend (2018-2023)
            8.7.3.2    Forecast Trend (2024-2032)
    8.8    Global Business Spend Management (BSM) Software Market by End-User
        8.8.1    BFSI
            8.8.1.1    Historical Trend (2018-2023)
            8.8.1.2    Forecast Trend (2024-2032)
        8.8.2    Hospitality
            8.8.2.1    Historical Trend (2018-2023)
            8.8.2.2    Forecast Trend (2024-2032)
        8.8.3    Healthcare
            8.8.3.1    Historical Trend (2018-2023)
            8.8.3.2    Forecast Trend (2024-2032)
        8.8.4    IT and Telecom
            8.8.4.1    Historical Trend (2018-2023)
            8.8.4.2    Forecast Trend (2024-2032)
        8.8.5    Energy and Utility
            8.8.5.1    Historical Trend (2018-2023)
            8.8.5.2    Forecast Trend (2024-2032)
        8.8.6    Retail and E-commerce
            8.8.6.1    Historical Trend (2018-2023)
            8.8.6.2    Forecast Trend (2024-2032)
        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 (2018-2023) 
            8.9.1.2    Forecast Trend (2024-2032)
        8.9.2    Europe
            8.9.2.1    Historical Trend (2018-2023) 
            8.9.2.2    Forecast Trend (2024-2032)
        8.9.3    Asia Pacific
            8.9.3.1    Historical Trend (2018-2023) 
            8.9.3.2    Forecast Trend (2024-2032)
        8.9.4    Latin America
            8.9.4.1    Historical Trend (2018-2023) 
            8.9.4.2    Forecast Trend (2024-2032)
        8.9.5    Middle East and Africa
            8.9.5.1    Historical Trend (2018-2023) 
            8.9.5.2    Forecast Trend (2024-2032)
9    North America Business Spend Management (BSM) Software Market Analysis
    9.1    United States of America 
        9.1.1    Historical Trend (2018-2023) 
        9.1.2    Forecast Trend (2024-2032)
    9.2    Canada
        9.2.1    Historical Trend (2018-2023) 
        9.2.2    Forecast Trend (2024-2032)
10    Europe Business Spend Management (BSM) Software Market Analysis
    10.1    United Kingdom
        10.1.1    Historical Trend (2018-2023) 
        10.1.2    Forecast Trend (2024-2032)
    10.2    Germany
        10.2.1    Historical Trend (2018-2023) 
        10.2.2    Forecast Trend (2024-2032)
    10.3    France
        10.3.1    Historical Trend (2018-2023) 
        10.3.2    Forecast Trend (2024-2032)
    10.4    Italy
        10.4.1    Historical Trend (2018-2023) 
        10.4.2    Forecast Trend (2024-2032)
    10.5    Others
11    Asia Pacific Business Spend Management (BSM) Software Market Analysis
    11.1    China
        11.1.1    Historical Trend (2018-2023) 
        11.1.2    Forecast Trend (2024-2032)
    11.2    Japan
        11.2.1    Historical Trend (2018-2023) 
        11.2.2    Forecast Trend (2024-2032)
    11.3    India
        11.3.1    Historical Trend (2018-2023) 
        11.3.2    Forecast Trend (2024-2032)
    11.4    ASEAN
        11.4.1    Historical Trend (2018-2023) 
        11.4.2    Forecast Trend (2024-2032)
    11.5    Australia
        11.5.1    Historical Trend (2018-2023) 
        11.5.2    Forecast Trend (2024-2032)
    11.6    Others
12    Latin America Business Spend Management (BSM) Software Market Analysis
    12.1    Brazil
        12.1.1    Historical Trend (2018-2023) 
        12.1.2    Forecast Trend (2024-2032)
    12.2    Argentina
        12.2.1    Historical Trend (2018-2023) 
        12.2.2    Forecast Trend (2024-2032)
    12.3    Mexico
        12.3.1    Historical Trend (2018-2023) 
        12.3.2    Forecast Trend (2024-2032)
    12.4    Others
13    Middle East and Africa Business Spend Management (BSM) Software Market Analysis
    13.1    Saudi Arabia
        13.1.1    Historical Trend (2018-2023) 
        13.1.2    Forecast Trend (2024-2032)
    13.2    United Arab Emirates
        13.2.1    Historical Trend (2018-2023) 
        13.2.2    Forecast Trend (2024-2032)
    13.3    Nigeria
        13.3.1    Historical Trend (2018-2023) 
        13.3.2    Forecast Trend (2024-2032)
    13.4    South Africa
        13.4.1    Historical Trend (2018-2023) 
        13.4.2    Forecast Trend (2024-2032)
    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 2032
2.    Global Business Spend Management (BSM) Software Historical Market: Breakup by Component (USD Million), 2018-2023
3.    Global Business Spend Management (BSM) Software Market Forecast: Breakup by Component (USD Million), 2024-2032
4.    Global Business Spend Management (BSM) Software Historical Market: Breakup by Deployment (USD Million), 2018-2023
5.    Global Business Spend Management (BSM) Software Market Forecast: Breakup by Deployment (USD Million), 2024-2032
6.    Global Business Spend Management (BSM) Software Historical Market: Breakup by Enterprise Size (USD Million), 2018-2023
7.    Global Business Spend Management (BSM) Software Market Forecast: Breakup by Enterprise Size (USD Million), 2024-2032
8.    Global Business Spend Management (BSM) Software Historical Market: Breakup by Product (USD Million), 2018-2023
9.    Global Business Spend Management (BSM) Software Market Forecast: Breakup by Product (USD Million), 2024-2032
10.    Global Business Spend Management (BSM) Software Historical Market: Breakup by End-User (USD Million), 2018-2023
11.    Global Business Spend Management (BSM) Software Market Forecast: Breakup by End-User (USD Million), 2024-2032
12.    Global Business Spend Management (BSM) Software Historical Market: Breakup by Region (USD Million), 2018-2023
13.    Global Business Spend Management (BSM) Software Market Forecast: Breakup by Region (USD Million), 2024-2032
14.    North America Business Spend Management (BSM) Software Historical Market: Breakup by Country (USD Million), 2018-2023
15.    North America Business Spend Management (BSM) Software Market Forecast: Breakup by Country (USD Million), 2024-2032
16.    Europe Business Spend Management (BSM) Software Historical Market: Breakup by Country (USD Million), 2018-2023
17.    Europe Business Spend Management (BSM) Software Market Forecast: Breakup by Country (USD Million), 2024-2032
18.    Asia Pacific Business Spend Management (BSM) Software Historical Market: Breakup by Country (USD Million), 2018-2023
19.    Asia Pacific Business Spend Management (BSM) Software Market Forecast: Breakup by Country (USD Million), 2024-2032
20.    Latin America Business Spend Management (BSM) Software Historical Market: Breakup by Country (USD Million), 2018-2023
21.    Latin America Business Spend Management (BSM) Software Market Forecast: Breakup by Country (USD Million), 2024-2032
22.    Middle East and Africa Business Spend Management (BSM) Software Historical Market: Breakup by Country (USD Million), 2018-2023
23.    Middle East and Africa Business Spend Management (BSM) Software Market Forecast: Breakup by Country (USD Million), 2024-2032
24.    Global Business Spend Management (BSM) Software Market Structure

Key Questions Answered in the Report

The business spend management (BSM) software market is expected to grow at a CAGR of 10% between 2024 and 2032.

The major drivers of the market include the presence of several 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.

Key trends aiding market expansion include an increase in industrial production and increasing demand for efficient spend management solutions.

The major regions in the market are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.

Based on deployment, the market is divided into cloud and on-premises.

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.

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.

Key players in the market 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 2024-2032, 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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