The report segments the spend analytics market based on components, which include software and services; the services segment is further segmented into managed services and professional services. Under professional services, the report is further segmented into support and maintenance, and consulting services. Based on deployment models, the market is segmented into on-premises and hosted. Under organization size, it is segmented into Small and Medium-Sized Enterprises (SMEs) and large organizations, whereas under the application segment.
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The spend analytics market is expected to grow from USD 1.33 Billion in 2017 to USD 3.01 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 17.7%. Factors such as increasing need for supplier and market intelligence, predictive analytics for businesses, need to better manage internal compliance policies and external contracts, and growing demand for cloud computing technology are driving the global market.
The report provides detailed insights into the global spend analytics market, which is segmented by application, component, analytics type, business function, deployment model, organization size, vertical, and region.
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In the component segment, spend analytics software segment is expected to have the largest market share during the forecast period. The demand for spend analytics software is rising as organizations are looking for solutions to obey strict governance and compliance policies related to their accounts and spend data, increasing adoption of market intelligence by suppliers, and the necessity to keep company’s expenditure to the minimum without affecting its operations.
Among applications, financial management is expected to continue its dominance during the forecast period. In order to bridge the gap between financial performance and operational performance, organizations are adopting spend analytics software and services.
In 2017, North America is expected to dominate the spend analytics market with the largest market size. This trend is expected to continue throughout the forecast period.
The spend analytics market is revealing a strong positive trend in this region, owing to the easy availability of spend analytics solutions. Various companies and industries are adopting spend analytics software and services to create business models that support real-time decision-making with data and improve productivity.
The Asia Pacific (APAC) region is expected to exhibit the highest growth rate. This growth can be attributed to growing awareness, surge in spend data, and increasing demand for real-time spend analytics.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews were conducted with key people. The break-up of the profiles of the primary participants is given below:
- By Company: Tier 1:22%, Tier 2: 30%, and Tier 3:48%
- By Designation: C-level:30%, Director level:45%, and Others:25%
- By Region: North America:48%, Europe:30%, and APAC:22%
Key Points From Table Of Content:
15 Company Profiles
15.1 SAP SE
15.1.2 Product Offering Scorecard
15.1.3 Business Strategy Scorecard
15.1.4 Recent Developments
15.1.5 Key Relationships
15.2 SAS Institute Inc.
15.2.2 Product Offering Scorecard
15.2.3 Business Strategy Scorecard
15.2.4 Recent Developments
15.2.5 Key Relationships
15.3 International Business Machines (IBM) Corporation
15.4 Oracle Corporation
15.5 Coupa Software Inc.
15.6 Zycus Inc.
15.8 Empronc Solutions Pvt. Ltd.
15.10 Rosslyn Analytics, Ltd.
15.11 Ivalua Inc.
15.12 Bravosolution Spa
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