Market Overview

Business spend management solutions provide access to structured workflows and a clear overview of procurement analytics which help to identify the best ways to secure cost savings. Business spend management solutions centralize all spend in one place, these capabilities enable increase spend visibility, accountability and facilitate cross-functional collaboration.

Additionally, business spend management enables the identification of risks through a detailed analysis of supply market trends, contracts, and supplier performance scorecards. This solution also provides automated supply-market related alerts and receive regular contract status updates, which further help to identify and limit risk.

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Market Dynamics

On the basis of solution, the procure-to-pay solutions segment holds the largest market share in the business spend management software market, and is expected to retain its dominance over the forecast period owing to increasing adoption for efficiently managing end-to-end business spending, for sourcing and requisitions to payments and invoicing. Moreover, this solution will provide full synchronization between accounting and procurement departments, which enable them to maintain transparency across strategic financial planning. These processes help them to manage a large amount of business spend datasets by eliminating off-contract and maverick buying.

These solutions can be integrated with multiple enterprise resource planning tools (ERP), which help enterprises to manage their suppliers, employees, and all other business needs through a single platform. Cloud-based procure-to-pay solutions are efficient, seamless, easy-to-use, and require minimal training.

Based on deployment type, SaaS segment is expected to exhibit the highest growth rate of 11.7% over the forecast period, as it requires lower cost and less time for installation compared to on premise deployment option. Furthermore, organizations operating in various industries are adopting the SaaS-based deployment option, as this deployment option decreases the risk associated with cash flow oversight, increased productivity & efficiency, and provides improved reporting and analytic capabilities. For instance, according to Coherent Market Insights analysis, in the year 2017, SaaS-based services generated revenue of US$ 59.35 Billion and is expected to increase to US$ 114.6 Billion, which shows a lucrative opportunity for business spend management market.

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Some of the major players operating in the global Business Spend Management Software market include Advanced, Ariba, Inc. (SAP SE), Coupa Software Inc, GEP, Procurify, Sage Intacct, Inc. (The Sage Group PLC), Sievo, SutiSoft, Inc., TOUCHSTONE GROUP PLC, VA Tech Ventures Pvt Limited (Happay), and others.

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