Global Spend Analysis Software Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Spend Analysis Software Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Market Overview:

The latest research study on the global Spend Analysis Software market finds that the global Spend Analysis Software market reached a value of USD 2465.83 million in 2022. It’s expected that the market will achieve USD 6623.0 million by 2028, exhibiting a CAGR of 17.9% during the forecast period.

High performance and large range in downstream application

Spend Analysis Software is widely used in large enterprises to analyze expenditures for enterprises to facilitate better day-to-day operations and procurement planning. Expenditure analysis software is not only applicable to certain types of enterprises, but is generally applicable to almost all enterprises. In addition, it can also be used in personal or retail stores to adjust management purchases through payment analysis.

Achievement of cutting cost

The goal of cost reduction can be achieved with Spend Analysis Software. When all the numbers have been processed, the resulting metrics will show potential savings in the expense category and in several categories. At the same time, expenditure analysis can help increase the cost-effectiveness of many organizations and Process efficiency. In the process of spending analysis, a more efficient procurement function will establish a deeper relationship with fewer key suppliers, and less labor costs will be added.

Difficulty in Data acquisition

One of the obstacles to effective spending analysis is the difficulty of obtaining appropriate data. There are many reasons why this data is not easily available. In some cases, expenditure data exists in multiple systems, and different codes are used to describe the same vendor or item on each platform. If this information cannot be linked, there is no way to determine the opportunity to save money by combining expenditures across commodities, regions, suppliers, and programs. Get accurate and accurate information on where the city's future spending analysis software can be further developed.

Region Overview:

Geographically, United States held the largest market share – 29.22% in 2022.

Company Overview:

Ariba is one of the major players operating in the Spend Analysis Software market, holding a share of 17.69% in 2023.

Ariba

SAP Ariba is the world’s largest business commerce network. SAP Ariba combines industry-leading cloud-based applications with the world's largest Internet-based trading community to help companies discover and collaborate with a global network of partners.

GEP

Named a Leader in the Gartner Magic Quadrant and Best Provider at the World Procurement Awards and EPIC Procurement Excellence Awards, GEP is frequently honored as an innovator and leader in source-to-pay procurement software by Gartner, Forrester, IDC, Procurement Leaders, Spend Matters, PayStream and Ardent Partners.

Segmentation Overview:

Among different product types, Cloud-based segment is anticipated to contribute the largest market share in 2028.

Application Overview:

The market's largest segment by application is the segment Enterprise, with a market share of 72.12% in 2022.

Key Companies in the global Spend Analysis Software market covered in Chapter 3:

Ignite Procurement
Ivalua
AppZen
Ariba
InstaSupply
SpikeFli Analytics
Insight Sourcing Group
Conciliator (Dhatim)
Claritum
AnyData Solutions
Coupa Software
ProcurePort
Reducer
Oversight Systems
GEP

In Chapter 4 and Chapter 14.2, on the basis of types, the Spend Analysis Software market from 2018 to 2029 is primarily split into:

On-premise
Cloud-based

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Spend Analysis Software market from 2018 to 2029 covers:

Individual
Enterprise
Others

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)