Spend Analytics Market was around US$ 4.21 Bn in 2018 and is expected to grow at a CAGR of around XX % in the forecast period of 2019-2026.
Spend analysis or analytics refers to the process of collecting, categorizing as well as evaluating expenditure data, provided either by human or through any kind of software. The spend analytics is usually performed by companies to increase their profitability through identifying the wasteful spending along with flagging contracts, which can be renegotiated at any point in time. There are three core areas of spend analytics that is taken care by the management, which comprises of the visibility, analysis, and process.
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 challenges faced by the spend analytics market are issues in achieving consistency in business semantics and interpretations, data privacy and security concerns, and concerns about positive Return on Investment (RoI). Difficulty in migrating from legacy systems might restrain the market growth.
The spend analytics market is segmented by component, application, analytics type, business function, deployment model, organization size, and region. Large enterprises are expected to dominate the spend analytics market with factors such as the widespread to manage various applications, such as governance and compliance management, and risk management form some of the major factors driving the overall growth. However, it is the small and medium-sized enterprises or SMEs that are expected to account for one of the highest growth because of easy availability and scalability of cloud-based deployments that help in saving a lot of extra costs for the company.
North America is estimated to hold the largest market size in 2018. Early adoption of new and emerging technologies together with the presence of major industry players, is expected to act as some of the chief factors driving the spend analytics market in North America as well as globally. The Asia Pacific (APAC) region will monitor one of the highest growth in with presence of a large number of SMEs forming a major contributing factor to drive the overall business growth.
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Spend Analytics Market scope:-
Spend Analytics Market, By Component
• Software
• Services
o Professional
o Managed
Spend Analytics Market, By Application
• Financial Management
• Demand and Supply Forecasting
• Governance and Compliance Management
• Risk Management
• Others
Spend Analytics Market, By Analytics Type
• Predictive Analytics
• Descriptive Analytics
• Prescriptive Analytics
Spend Analytics Market, By Business Function
• Finance
• Marketing
• Information Technology (IT)
• Operations
Spend Analytics Market, By Deployment Model
• On-Premises
• Cloud
Spend Analytics Market, By Organization Size
• Small and Medium-Sized Enterprises
• Large Enterprises
Spend Analytics Market, By Geography
• North America
• Europe
• Asia-Pacific
• Middle East & Africa
• Latin America
Key Players operating in the Spend Analytics Market:
• SAP SE
• Zycus Inc.
• Proactis
• SAS Institute, Inc.
• Ivalua Inc.
• BravoSolution SPA
• Rosslyn Analytics, Ltd.
• Coupa Software Inc
• IBM Corporation
• Oracle Corporation
• JAGGAER
• Empronc Solutions Pvt. Ltd.
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