Global Spend Management Software Market Size to Reach USD 9.08 Billion in 2032 | Emergen Research
Rising demand for real-time spend analysis and consolidated expense management is one of the major factors driving spend management software market revenue growth
Vancouver, Sept. 04, 2023 (GLOBE NEWSWIRE) — The size of the worldwide market for spend management software reached USD 1.77 Billion in 2022. Based on the most recent analysis conducted by Emergen Research, it is projected to achieve a Compound Annual Growth Rate (CAGR) of 17.7% in terms of revenue during the anticipated period. This growth is attributed to several key drivers. These include an increasing need for real-time analysis of expenditures, along with streamlined expense oversight. Additionally, the market is benefiting from recent advancements in Artificial Intelligence (AI) and machine learning algorithms. Moreover, the software’s capacity to seamlessly integrate with existing Enterprise Resource Planning (ERP) systems and the swift adoption of cloud-based solutions contribute significantly to the upward trajectory of market revenue.
In today’s economic landscape, enterprises of all sizes are recognizing the heightened significance of spend management software. This recognition is spurred by the prevailing economic conditions and the increasing emphasis on cost-saving endeavors. The utilization of spend management software offers enterprises precise and real-time data regarding their expenditures, furnishing them with an improved comprehension of their financial standing. These tools play a pivotal role in enabling businesses to refine their spending practices, establish control, and achieve cost efficiencies.
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Within the realm of software solutions, there exist several alternatives tailored to spend management. These include expenditure management tools, spend management platforms, and Software-as-a-Service (SaaS) spend management software. Expenditure management tools, in particular, focus on specific facets of spend management, like meticulous cost tracking. One of the leading catalysts for the growth in market revenue is the recent strides made in the realm of Artificial Intelligence (AI) and machine learning algorithms. These technological advancements offer substantial momentum, driving a host of financial technology applications, encompassing lending, accounting, investment, and spend management. This surge in capability contributes to expedited identification of irregularities in procurement processes, thereby enabling rapid detection of anomalies or duplications.
An emerging trend within the industry is the integration capabilities of spend management software with existing Enterprise Resource Planning (ERP) systems. This trend is poised to significantly augment market revenue. These solutions not only manage the complete spending lifecycle, extending from receipt capture to card controls, but also seamlessly integrate with other systems, including ERP accounting software.
A noteworthy obstacle impeding the market’s revenue growth pertains to concerns surrounding data security. Amidst the proliferation of networked devices and their expanding capabilities, apprehensions regarding cybersecurity are escalating. This evolving landscape introduces novel vulnerabilities, thereby underscoring the necessity for robust data security within spend management software. The repercussions of inadequate cybersecurity can encompass inefficiency and the loss of critical spend analysis data. Moreover, challenges such as hardware glitches, software bugs, susceptibility to cyber-attacks, and susceptibility to power outages collectively hinder the optimal functionality of spend management software. These challenges compromise the stability of financial operations, consequently tempering the market’s revenue growth projections.
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Scope of Research
|Market size in 2022||USD 1.77 Billion|
|Revenue forecast to 2032||USD 9.08 Billion|
|Base year for estimation||2022|
|Quantitative units||Revenue in USD Billion and CAGR in % from 2023 to 2032|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Segments covered||Deployment Mode, Enterprise, Application, and region|
|Regional scope||North America, Europe, Asia Pacific, Latin America, Middle East & Africa|
|Country scope||U.S., Canada, Mexico, Germany, France, U.K., Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, Rest of MEA|
|Key companies profiled||Coupa Software, Inc., Sage Group plc., SAP SE.., Expensify, Inc., Vroozi, Procurify Technologies Inc., ROBOKITS INDIA, Xeeva., VV Finly Technology Pvt. Ltd.., and Order.co.|
|Customization scope||10 hours of free customization and expert consultation|
Major Companies and Competitive Landscape
The global spend management software market is fairly fragmented, with many large and medium-sized players accounting for the majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective spend management software solutions. Some major players included in the global spend management software market report are:
- Coupa Software, Inc.
- Sage Group plc.
- SAP SE.
- Expensify, Inc.
- Procurify Technologies Inc.
- VV Finly Technology Pvt. Ltd.
- On 7 June 2023, Medius, a leading provider of Accounts Payable (AP) automation with offices in Stockholm, Paris, and Tunis, announced plans to purchase Expensya, a provider of expenditure management software. The basis for this acquisition remains the complementary nature of both organizations’ activities and their shared interest in AI-powered products. Although the deal’s value has not been disclosed, Medius’ strategic alignment signals significant investment.
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Some Key Highlights From the Report
- The cloud-based segment accounted for largest revenue share in 2022. Companies are now eliminating necessity for paper-based processes by employing a cloud-based spend management solution, gaining improved control and insight into their spending. A cloud-based solution can assist any organization in managing spending patterns and improving visibility into its demands, budgets, and prices, allowing for smarter spending. Many cloud systems offer important insights and precise analytics, as well as reporting functions to aid in identification of expenditure trends as data. These systems also enable enhanced forecasting. Cloud-based technologies can improve insight into a company’s various budgets. Organizations that have deployed such a technology have witnessed greater budget visibility, very effective reporting analytics, and increased productivity, which is driving revenue growth of this segment.
- The healthcare & pharmaceuticals segment is expected to register a steady revenue CAGR during the forecast period. Spend management software in healthcare whether running a small office or a large hospital, by handling employee expense reports, accounting, and billing, and making timely payments for medical supplies and software licensing are all part of sustaining staff and patient satisfaction. Hospitals utilize a variety of systems to support the day-to-day operations of their facilities, including ERP, Customer Relationship Management (CRM), accounting, and billing software. One of the most appealing aspects of medical expenditure management software is the ability to automate receipt creation, filing, and approval. These are the major factors that are contributing to revenue growth of this segment.
- The market in North America accounted for a significantly large revenue share in 2022. This is attributed to growing number of key strategic initiatives and funding in the field of spend management software, as well as growing investments and rapid adoption of spend management software applications, especially in the U.S., which has resulted in continued growth of this industry. For instance, on 26 October 2022, Center, a software startup that helps businesses gain visibility into and control employee spending, said today that its series B investment round has been completed, with an extra USD 15 million from previous investors. As Center outperforms key customer and growth Key Performance Indicators (KPIs), the investment will be utilized to scale the business, including increasing product offerings, meeting the evolving needs of a growing Small and Medium-sized Enterprise (SME) customer base, and bolstering innovation in other areas of spend management, which has resulted in continued growth of this industry.
- On 11 May 2023, OneStream, a global pioneer in Corporate Performance Management (CPM) solutions, announced a partnership with Coupa to streamline Business Spend Management (BSM) inside the organization. In addition, OneStream will create a dedicated expenditure analysis solution for shared clients on the OneStream platform. The committed expenditure solution from OneStream will enable joint clients to align and integrate their budget, forecasting, and reporting processes with BSM, as well as manage outstanding commitments to proactively monitor actual and committed spending versus budgets and projections.
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Emergen Research has segmented the global spend management software market on the basis of deployment mode, enterprise, application, and region:
- Deployment Mode Outlook (Revenue, USD Billion; 2019-2032)
- Enterprise Outlook (Revenue, USD Billion; 2019-2032)
- Large Enterprises
- Small & Medium Enterprises
- Application Outlook (Revenue, USD Billion; 2019-2032)
- Consumer Goods
- Healthcare & Pharmaceuticals
- Transportation & Logistics
- Regional Outlook (Revenue, USD Billion; 2019-2032)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
- North America
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