The spend analytics global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Spend Analytics Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size -
The
spend analytics market size has grown rapidly in recent years. It will
grow from $2.15 billion in 2023 to $2.56 billion in 2024 at a compound
annual growth rate (CAGR) of 19.1%. The growth in the historic period
can be attributed to increasing globalization, growing adoption of
digital technologies, regulatory compliance requirements, rising demand
for cost reduction, awareness of potential benefits.
The spend analytics market size is expected to see rapid growth in the next few years. It will grow to $5.23 billion in 2028 at a compound annual growth rate (CAGR) of 19.6%. The growth in the forecast period can be attributed to advancements in artificial intelligence and machine learning, expansion of cloud-based solutions, emphasis on sustainability and ethical sourcing, focus on risk management, integration of internet of things (IoT) devices. Major trends in the forecast period include increased focus on predictive analytics, adoption of blockchain technology for enhanced transparency, proliferation of data-driven decision-making tools, emergence of augmented analytics for deeper insights, growth of spend analytics as a service (SaaS) offerings.
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Scope Of Spend Analytics Market
The Business Research Company's reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market's historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Spend Analytics Market Overview
Market Drivers -
The
rise in the retail and e-commerce sector is expected to propel the
growth of the spend analytics market going forward. The retail and
e-commerce sector refers to businesses that sell goods and services
directly to consumers through physical stores or online platforms,
facilitating transactions and distribution of products. The rise in the
retail and e-commerce sector is due to changing consumer preferences,
convenience, pricing advantages, and market expansion opportunities.
Spend analytics in the retail and e-commerce sector involves analyzing
purchasing data to optimize sourcing strategies, improve supplier
relationships, and enhance cost efficiency across the supply chain. For
instance, in February 2024, according to the United States Census
Bureau, a US-based government agency, in 2023, total e-commerce sales
reached an estimated $1,118.7 billion, reflecting a 7.6% increase
compared to 2022. Therefore, the rise in the retail and e-commerce
sector is driving the growth of the spend analytics market.
Market Trends -
Major
companies operating in the spend analytics market are developing legal
spend analytics, such as advanced spend analytics, to gain a competitive
edge in the market. Advanced spend analytics is a legal spend analytics
that analyzes and manages the financial expenditures related to legal
services within an organization. For instance, in January 2021, Epiq
Systems, a US-based legal services company, launched an advanced spend
analytics offering to assist legal teams in making data-backed decisions
to manage their legal business more effectively. Epiq's advanced spend
analytics offering, powered by Microsoft Power BI, is poised to
revolutionize legal operations by providing targeted insights and
comprehensive solutions for managing legal expenditures. This
integration enhances efficiency, optimizes costs, and enables informed
decision-making, ultimately driving greater operational effectiveness
and competitive advantage for Epiq's clients.
The spend analytics market covered in this report is segmented –
1) By Type: Software, Service
2) By Analysis: Descriptive, Prescriptive, Predictive
3)
By Application: Financial Management, Risk Management, Governance And
Compliance Management, Supplier Sourcing And Performance Management,
Demand And Supply Forecasting, Other Applications
4) By End-User
Industry: Manufacturing, Supply Chain And Logistic, Retail, Banking,
Financial Services, And Insurance (BFSI), Information Technology (IT)
And Telecommunication, Education, Healthcare, Other End-User Industries
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Regional Insights -
North
America was the largest region in the spend analytics market in 2023.
Asia-Pacific is expected to be the fastest-growing region in the
forecast period. The regions covered in the spend analytics market
report are Asia-Pacific, Western Europe, Eastern Europe, North America,
South America, Middle East, Africa.
Key Companies -
Major
companies operating in the spend analytics market are International
Business Machines Corporation (IBM), Oracle Corporation, SAP SE,
Genpact, SAS Institute Inc., GEP , Coupa Software Inc., Anaplan Inc.,
Icertis Inc., Zycus Inc., Ivalua Inc., Jaggaer Inc., Zageno Inc., Sievo
Oy, Insight Sourcing Group, Proxima Group, BirchStreet Systems LLC,
Proactis Holdings Plc, Tejari Solutions Pvt Ltd., Apex Analytix LLC,
Rosslyn Data Technologies PLC, Spendency AB, TealBook, Empronc Solutions
Pvt. Ltd., Dhatim SAS
Table of Contents
1. Executive Summary
2. Spend Analytics Market Report Structure
3. Spend Analytics Market Trends And Strategies
4. Spend Analytics Market – Macro Economic Scenario
5. Spend Analytics Market Size And Growth
…..
27. Spend Analytics Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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