Global Business Spend Management (BSM) Software Market is valued at approximately USD 19.07 billion in 2022 and is anticipated to grow with a healthy growth rate of more than 11.9% over the forecast period 2023-2030. Business spend management (BSM) software is used to gather, aggregate, preserve, categorize and evaluate expenditure data in order to reduce procurement costs, manage and monitor workflows, enforce compliance and boost productivity. This software offers real-time spend visibility, assisting organizations to centralize their cash flow management into a single platform. The surging demand for cost-effective solutions, growing need for better visibility into spending, growing internet and smartphone penetration and rising emphasis on risk management are the most prominent factors that are propelling the market demand across the globe.
Additionally, the growth of the e-commerce sector is playing a vital role, which is leading the market development during the estimated period. The e-commerce industry growth has made it easier for companies to purchase goods and services from a variety of suppliers. BSM software helps companies manage these transactions and ensures compliance with procurement policies. For instance, according to the India Brand Equity Foundation (IBEF), in India, the e-commerce sector has been recorded with USD 52.57 billion in 2020 and the amount is projected to grow and reach to USD 350 billion by 2030. Likewise, according to Statista, in 2019, the e-commerce market in the United Kingdom was valued at USD 75.4 billion, and the market increased significantly and reached USD 129 billion in 2021. Hence, the development of e-commerce is fostering market growth at a considerable rate. Moreover, the increasing adoption of cloud-based solutions, as well as the growing technological advancements presents various lucrative opportunities over the forecasting years.
However, the rising security concerns and complexities associated with designs and implementation are hindering the market growth throughout the forecast period of 2023-2030.
The key regions considered for the Global Business Spend Management (BSM) Software Market study include Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. North America dominated the market in 2022 with largest market share owing to the high demand for spend analytics in businesses, rising emphasis on the integration of advanced technologies, and the presence of leading companies such as Ivalua Inc., JAGGAER, Xeeva, Coupa Software Inc., and others. Whereas, Asia Pacific is expected to grow at the highest CAGR over the forecast years. Progressive digitalization, emergence of cloud-based deployment options, and rising adoption of cost-effective solutions are significantly propelling the market demand across the region.
Major market players included in this report are:
Coupa Software Inc. (U.S.)
Proactis Holdings Plc. (U.K.)
SAP SE (Germany)
Ivalua Inc. (U.S.)
SutiSoft Inc. (U.S.)
Zycus Inc. (U.S.)
Xeeva Inc. (U.S.)
Recent Developments in the Market:
Ø In February 2023, Taxback International and Conovum entered into a collaboration In order to handle the client’s VAT process. This agreement facilitates the integration of Conovum’s solutions with Taxback’s VAT and compliance solutions.
Ø In November 2022, Ivalua and Raqmiyat, a top system integrator and digital enabler, partnered to introduce digitalization to eProcurement solutions throughout the UAE and Saudi Arabia.
Global Business Spend Management (BSM) Software Market Report Scope:
ü Historical Data – 2020 – 2021
ü Base Year for Estimation – 2022
ü Forecast period – 2023-2030
ü Report Coverage – Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
ü Segments Covered – Solution, Deployment, Enterprise Type, End-user, Region
ü Regional Scope – North America; Europe; Asia Pacific; Latin America; Middle East & Africa
ü Customization Scope – Free report customization (equivalent up to 8 analyst’s working hours) with purchase. Addition or alteration to country, regional & segment scope*
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.
The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
Supplier & Risk Management
Travel & Expense Management
Contract & e-Tender Management
Spend Management/Spend Analytics
By Enterprise Type:
IT & Telecom
Energy & Utility
Retail & E-commerce
Middle East & Africa
Rest of Middle East & Africa