HOME Top Market Reports Spend Analytics Market by Application (Financial Management, Risk Management, Governance and Compliance Management, Supplier Sourcing and Performance Management), Business Function, Deployment Model, and Vertical - Global Forecast to 2022

Spend Analytics Market by Application (Financial Management, Risk Management, Governance and Compliance Management, Supplier Sourcing and Performance Management), Business Function, Deployment Model, and Vertical - Global Forecast to 2022

By: marketsandmarkets.com
Publishing Date: June 2017
Report Code: TC 5338

 

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The spend analytics market size 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%. The report segments the market by component, application, analytics type, business function, deployment model, organization size, vertical, and region. The major growth drivers of the market include 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. The base year considered for this report is 2016, and the market forecast period is 2017–2022.

Objectives of the Study

The main objective of the report is to define, describe, and forecast the global spend analytics market on the basis of component, application, analytics type, business function, deployment model, organization size, vertical, and region. The report provides detailed information regarding the major factors influencing the growth of the market (drivers, restraints, opportunities, and industry-specific challenges). The report aims to strategically analyze micromarkets with respect to individual growth trends, future prospects, and contributions to the total market. The report attempts to forecast the market size with respect to five main regions, namely, North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and Latin America. The report strategically profiles key players and comprehensively analyzes their core competencies. It also tracks and analyzes competitive developments, such as partnerships, collaborations, and agreements; mergers and acquisitions; new product developments; and Research and Development (R&D) activities in the market.

Research Methodology

The research methodology used to estimate and forecast the spend analytics market begins with capturing data on key vendor revenues through secondary research, which includes directories and databases (D&B Hoovers, Bloomberg Businessweek, and Factiva). The vendor offerings have also been taken into consideration to determine the market segmentation. The bottom-up procedure was employed to arrive at the overall market size of the global market that was derived from the revenue of the key players in the market. After arriving at the overall market size, the total market was split into several segments and subsegments, which were then verified through primary research by conducting extensive interviews with key people, such as Chief Executive Officers (CEOs), Vice Presidents (VPs), directors, and executives. The data triangulation and market breakdown procedures were employed to complete the overall market engineering process and arrive at the exact statistics for all segments and subsegments. The breakdown of profiles of primary participants is depicted in the figure below:

Spend Analytics Market

To know about the assumptions considered for the study, download the pdf brochure

The spend analytics ecosystem comprises vendors such as SAP SE (Germany), SAS Institute, Inc. (US), IBM Corporation (US), Oracle Corporation (US), Coupa Software Inc. (US), Zycus Inc. (US), Proactis (UK), Empronc Solutions Pvt. Ltd. (India), JAGGAER (US), Rosslyn Analytics, Ltd. (UK), Ivalua Inc. (US), and BravoSolution SPA (US). Other stakeholders of the spend analytics market include spend analytics vendors, research organizations, network and system integrators, spend analytics managed service providers, Business Intelligence (BI) solution providers, marketing analytics executives, predictive analytics providers, third-party providers, and technology providers.

Spend Analytics Key Target Audience:

  • Service providers and distributors
  • Spend analytics application builders
  • Independent Software Vendors (ISVs)
  • Analytics consulting companies
  • Enterprises
  • End-users

“The study answers several questions for the stakeholders, primarily which market segments to focus on in the next 2–5 years for prioritizing efforts and investments.”

Scope of the Report

The research report categorizes the spend analytics market to forecast the revenues and analyze trends in each of the following subsegments:

By Application

  • Financial management
  • Risk management
  • Governance and compliance management
  • Supplier sourcing and performance management
  • Demand and supply forecasting
  • Others (product and process management, inventory management, and category analysis)

By Component

  • Software
  • Services
    • Managed services
    • Professional services
      • Consulting services
      • Support and maintenance

By Analytics Type

  • Predictive
  • Prescriptive
  • Descriptive

By Business Function

  • Finance
  • Information Technology (IT)
  • Marketing
  • Procurement

By Deployment Model

  • On-premises
  • Cloud

By Organization Size

  • Small and Medium Enterprises (SMEs)
  • Large enterprises

By Industry Vertical

  • Manufacturing
  • Retail and eCommerce
  • Government and defense
  • Healthcare and life sciences
  • Telecommunications and IT
  • Energy and utilities
  • Banking, Financial Services, and Insurance (BFSI)
  • Others (construction, real estate, and education)

By Region

  • North America
  • Europe
  • APAC
  • Latin America
  • MEA

Available Customizations

With the given market data, MarketsandMarkets offers customizations as per the company’s specific needs. The following customization options are available for the report:

Product Analysis

  • Product matrix gives a detailed comparison of the product portfolio of each company

Geographic Analysis

  • Further breakdown of the North American spend analytics market
  • Further breakdown of the European market
  • Further breakdown of the APAC market
  • Further breakdown of the Latin American market
  • Further breakdown of the MEA market

Company Information

  • Detailed analysis and profiling of additional market players

Table of Contents

1 Introduction (Page No. - 17)
    1.1 Objectives of the Study
    1.2 Market Definition
    1.3 Market Scope
    1.4 Years Considered for the Study
    1.5 Currency
    1.6 Stakeholders

2 Research Methodology (Page No. - 21)
    2.1 Research Data
           2.1.1 Secondary Data
           2.1.2 Primary Data
                    2.1.2.1 Breakdown of Primaries
                    2.1.2.2 Key Industry Insights
    2.2 Market Size Estimation
    2.3 Microquadrant Research Methodology
    2.4 Research Assumptions
    2.5 Limitations

3 Executive Summary (Page No. - 29)

4 Premium Insights (Page No. - 35)
    4.1 Attractive Opportunities in Spend Analytics Market
    4.2 Market Share, By Region
    4.3 Market By Vertical and Region
    4.4 Life Cycle Analysis, By Region, 2017

5 Market Overview and Industry Trends (Page No. - 39)
    5.1 Market Overview
           5.1.1 Introduction
           5.1.2 Market Dynamics
           5.1.3 Drivers
                    5.1.3.1 Increasing Need for Supplier and Market Intelligence
                    5.1.3.2 Predictive Analytics for Businesses
                    5.1.3.3 Need to Better Manage Internal Compliance Polices and External Contracts
           5.1.4 Restraints
                    5.1.4.1 Difficulty in Migrating From Legacy Systems
           5.1.5 Opportunities
                    5.1.5.1 Rise in Mobile Applications
                    5.1.5.2 Growing Demand for Cloud Computing Technology
           5.1.6 Challenges
                    5.1.6.1 Lack of Standardized Process
                    5.1.6.2 Large Number of Data Sources
    5.2 Industry Trends
           5.2.1 Market: Use Cases
                    5.2.1.1 Introduction
                    5.2.1.2 Use Case 1: Manufacturing
                    5.2.1.3 Use Case 2: Agriculture
                    5.2.1.4 Use Case 3: Education
                    5.2.1.5 Use Case 4: Outsourcing/Offshoring
                    5.2.1.6 Use Case 5: Education
    5.3 Spend Analytics Process
    5.4 Technologies in Market
           5.4.1 Big Data
           5.4.2 Artificial Intelligence
           5.4.3 Cloud Computing
           5.4.4 Advanced Analytics
           5.4.5 Business Intelligence (BI)

6 Spend Analytics Market Analysis, By Application (Page No. - 50)
    6.1 Introduction
    6.2 Financial Management
    6.3 Risk Management
    6.4 Governance and Compliance Management
    6.5 Supplier Sourcing and Performance Management
    6.6 Demand and Supply Forecasting
    6.7 Others

7 Spend Analytics Market Analysis, By Component (Page No. - 58)
    7.1 Introduction
    7.2 Software
    7.3 Services
           7.3.1 Managed Services
           7.3.2 Professional Services
           7.3.3 Support and Maintenance
           7.3.4 Consulting

8 Spend Analytics Market Analysis, By Analytics Type (Page No. - 66)
    8.1 Introduction
    8.2 Predictive Analytics
    8.3 Prescriptive Analytics
    8.4 Descriptive Analytics

9 Spend Analytics Market Analysis, By Business Function (Page No. - 71)
    9.1 Introduction
    9.2 Finance
    9.3 Information Technology (IT)
    9.4 Marketing
    9.5 Procurement

10 Spend Analytics Market Analysis, By Deployment Model (Page No. - 76)
     10.1 Introduction
     10.2 On-Premises
     10.3 Cloud

11 Spend Analytics Market Analysis, By Organization Size (Page No. - 80)
     11.1 Introduction
     11.2 Small and Medium-Sized Businesses (SMBS)
     11.3 Large Enterprises

12 Spend Analytics Market Analysis, By Vertical (Page No. - 84)
     12.1 Introduction
     12.2 Manufacturing
     12.3 Retail and Ecommerce
     12.4 Government and Defense
     12.5 Healthcare and Life Sciences
     12.6 Telecommunications and IT
     12.7 Banking, Financial Services, and Insurance (BFSI)
     12.8 Energy and Utilities
     12.9 Others

13 Geographic Analysis (Page No. - 93)
     13.1 Introduction
     13.2 North America
     13.3 Europe
     13.4 APAC
     13.5 Middle East and Africa (MEA)
     13.6 Latin America

14 Competitive Landscape (Page No. - 118)
     14.1 Microquadrant Overview
             14.1.1 Vanguards
             14.1.2 Innovators
             14.1.3 Dynamic
             14.1.4 Emerging
     14.2 Competitive Benchmarking
             14.2.1 Business Strategies Adopted By Major Players in Spend Analytics Market
             14.2.2 Analysis of Product Portfolio of Major Players in Spend Analytics Market

15 Company Profiles (Page No. - 122)
(Business Overview, Product Offerings & Business Strategies, Key Insights, Recent Developments, MnM View)*
     15.1 SAP
     15.2 SAS Institute
     15.3 IBM
     15.4 Oracle
     15.5 Coupa Software
     15.6 Zycus
     15.7 Proactis
     15.8 Empronc Solutions
     15.9 Jaggaer
     15.10 Rosslyn Data Technologies
     15.11 Ivalua
     15.12 Bravosolution

*Details on Business Overview, Product Offerings & Business Strategies, Key Insights, Recent Developments, MnM View Might Not Be Captured in Case of Unlisted Companies.

16 Appendix (Page No. - 173)
     16.1 Key Insights of Industry Experts
     16.2 Discussion Guide
     16.3 Knowledge Store: Marketsandmarkets’ Subscription Portal
     16.4 Introducing RT: Real-Time Market Intelligence
     16.5 Available Customizations
     16.6 Related Reports
     16.7 Author Details


List of Tables (90 Tables)

Table 1 USD Exchange Rate, 2014–2016
Table 2 Evaluation Criteria
Table 3 Spend Analytics Market Size and Growth, 2017–2022 (USD Million, Y-O-Y %)
Table 4 Market Size By Application, 2015–2022 (USD Million)
Table 5 Financial Management Application: Market Size, By Region, 2015–2022 (USD Million)
Table 6 Risk Management Application: Market Size, By Region, 2015–2022 (USD Million)
Table 7 Governance and Compliance Management Application: Market Size, By Region, 2015–2022 (USD Million)
Table 8 Supplier Sourcing and Performance Management Application: Market Size, By Region, 2015–2022 (USD Million)
Table 9 Demand and Supply Forecasting Application: Market Size, By Region, 2015–2022 (USD Million)
Table 10 Others Application Segment: Market Size, By Region, 2015–2022 (USD Million)
Table 11 Spend and Procurement Analytics Market Size, By Component, 2015–2022 (USD Million)
Table 12 Software: Market Size, By Region, 2015–2022 (USD Million)
Table 13 Services: Market Size, By Region, 2015–2022 (USD Million)
Table 14 Services: Market Size, By Type, 2015–2022 (USD Million)
Table 15 Managed Services: Market Size, By Region, 2015–2022 (USD Million)
Table 16 Professional Services: Market Size, By Region, 2015–2022 (USD Million)
Table 17 Professional Services: Market Size, By Type, 2015–2022 (USD Million)
Table 18 Support and Maintenance: Professional Services Market Size, By Region, 2015–2022 (USD Million)
Table 19 Consulting Services: Professional Services Market Size, By Region, 2015–2022 (USD Million)
Table 20 Spend Analytics Market Size, By Analytics Type, 2015–2022 (USD Million)
Table 21 Predictive Analytics: Market Size, By Region, 2015–2022 (USD Million)
Table 22 Prescriptive Analytics: Market Size, By Region, 2015–2022 (USD Million)
Table 23 Descriptive Analytics: Market Size, By Region, 2015–2022 (USD Million)
Table 24 Spend Analytics Market Size, By Business Function, 2015–2022 (USD Million)
Table 25 Finance Business Function: Market Size, By Region, 2015–2022 (USD Million)
Table 26 IT Business Function: Market Size, By Region, 2015–2022 (USD Million)
Table 27 Marketing Business Function: Market Size, By Region, 2015–2022 (USD Million)
Table 28 Procurement Business Function: Market Size, By Region, 2015–2022 (USD Million)
Table 29 Spend and Procurement Analytics Market Size, By Deployment Model, 2015–2022 (USD Million)
Table 30 On-Premises Deployment Model: Market Size, By Region, 2015–2022 (USD Million)
Table 31 Cloud Deployment Model: Market Size, By Region, 2015–2022 (USD Million)
Table 32 Spend and Procurement Analytics Market Size, By Organization Size, 2015–2022 (USD Million)
Table 33 SMBS: Market Size, By Region, 2015–2022 (USD Million)
Table 34 Large Enterprises: Market Size, By Region, 2015–2022 (USD Million)
Table 35 Spend Analytics Market Size, By Vertical, 2015–2022 (USD Million)
Table 36 Manufacturing Vertical: Market Size, By Region, 2015–2022 (USD Million)
Table 37 Retail and Ecommerce Vertical: Market Size, By Region, 2015–2022 (USD Million)
Table 38 Government and Defense Vertical: Market Size, By Region, 2015–2022 (USD Million)
Table 39 Healthcare and Life Sciences Vertical: Market Size, By Region, 2015–2022 (USD Million)
Table 40 Telecommunications and IT Vertical: Market Size, By Region, 2015–2022 (USD Million)
Table 41 BFSI Vertical: Market Size, By Region, 2015–2022 (USD Million)
Table 42 Energy and Utilities Vertical: Market Size, By Region, 2015–2022 (USD Million)
Table 43 Others Vertical: Market Size, By Region, 2015–2022 (USD Million)
Table 44 Spend Analytics Market Size, By Region, 2015–2022 (USD Million)
Table 45 North America: Market Size, By Component, 2015–2022 (USD Million)
Table 46 North America: Market Size, By Service, 2015–2022 (USD Million)
Table 47 North America: Spend and Procurement Analytics Professional Services Market Size, By Type, 2015–2022 (USD Million)
Table 48 North America: Spend Analytics Market Size, By Application, 2015–2022 (USD Million)
Table 49 North America: Market Size, By Analytics Type, 2015–2022 (USD Million)
Table 50 North America: Market Size, By Business Function, 2015–2022 (USD Million)
Table 51 North America: Market Size, By Deployment Model, 2015–2022 (USD Million)
Table 52 North America: Market Size, By Organization Size, 2015–2022 (USD Million)
Table 53 North America: Market Size, By Vertical, 2015–2022 (USD Million)
Table 54 Europe: Spend Analytics Market Size, By Component, 2015–2022 (USD Million)
Table 55 Europe: Market Size, By Service, 2015–2022 (USD Million)
Table 56 Europe: Spend and Procurement Analytics Professional Service Market Size, By Type, 2015–2022 (USD Million)
Table 57 Europe: Market Size, By Application, 2015–2022 (USD Million)
Table 58 Europe: Market Size, By Analytics Type, 2015–2022 (USD Million)
Table 59 Europe: Market Size, By Business Function, 2015–2022 (USD Million)
Table 60 Europe: Market Size, By Deployment Model, 2015–2022 (USD Million)
Table 61 Europe: Market Size, By Organization Size, 2015–2022 (USD Million)
Table 62 Europe: Spend Analytics Market Size, By Vertical, 2015–2022 (USD Million)
Table 63 APAC: Market Size, By Component, 2015–2022 (USD Million)
Table 64 APAC: Market Size, By Service, 2015–2022 (USD Million)
Table 65 APAC: Spend and Procurement Analytics Professional Service Market Size, By Type, 2015–2022 (USD Million)
Table 66 APAC: Market Size, By Application, 2015–2022 (USD Million)
Table 67 APAC: Market Size, By Analytics Type, 2015–2022 (USD Million)
Table 68 APAC: Market Size, By Business Function, 2015–2022 (USD Million)
Table 69 APAC: Spend Analytics Market Size, By Deployment Model, 2015–2022 (USD Million)
Table 70 APAC: Market Size, By Organization Size, 2015–2022 (USD Million)
Table 71 APAC: Market Size, By Vertical, 2015–2022 (USD Million)
Table 72 MEA: Market Size, By Component, 2015–2022 (USD Million)
Table 73 MEA: Market Size, By Service, 2015–2022 (USD Million)
Table 74 MEA: Spend and Procurement Analytics Professional Service Market Size, By Type, 2015–2022 (USD Million)
Table 75 MEA: Market Size, By Application, 2015–2022 (USD Million)
Table 76 MEA: Market Size, By Analytics Type, 2015–2022 (USD Million)
Table 77 MEA: Market Size, By Business Function, 2015–2022 (USD Million)
Table 78 MEA: Market Size, By Deployment Model, 2015–2022 (USD Million)
Table 79 MEA: Market Size, By Organization Size, 2015–2022 (USD Million)
Table 80 MEA: Market Size, By Vertical, 2015–2022 (USD Million)
Table 81 Latin America: Spend Analytics Market Size, By Component, 2015–2022 (USD Million)
Table 82 Latin America: Market Size, By Service, 2015–2022 (USD Million)
Table 83 Latin America: Spend and Procurement Analytics Professional Service Market Size, By Type, 2015–2022 (USD Million)
Table 84 Latin America: Market Size, By Application, 2015–2022 (USD Million)
Table 85 Latin America: Market Size, By Analytics Type, 2015–2022 (USD Million)
Table 86 Latin America: Market Size, By Business Function, 2015–2022 (USD Million)
Table 87 Latin America: Market Size, By Deployment Model, 2015–2022 (USD Million)
Table 88 Latin America: Market Size, By Organization Size, 2015–2022 (USD Million)
Table 89 Latin America: Market Size, By Vertical, 2015–2022 (USD Million)
Table 90 Market Ranking for Spend and Procurement Analytics Market, 2017


List of Figures (67 Figures)

Figure 1 Spend Analytics Market Segmentation
Figure 2 Market Research Design
Figure 3 Breakdown of Primary Interviews: By Company, Designation, and Region
Figure 4 Data Triangulation
Figure 5 Market Size Estimation Methodology: Bottom-Up Approach
Figure 6 Market Size Estimation Methodology: Top-Down Approach
Figure 7 Spend Analytics Market: Assumptions
Figure 8 Better Management of Compliance and Predictive Analytics to Drive Growth of Spend and Procurement Analytics Market (USD Million)
Figure 9 Market Snapshot By Component (2017 vs 2022)
Figure 10 Market Snapshot By Service (2017 vs 2022)
Figure 11 Market Snapshot By Application (2017–2022)
Figure 12 Market Snapshot By Deployment Model (2017– 2022)
Figure 13 Spend and Procurement Analytics Market Snapshot, By Analytics Type (2017– 2022)
Figure 14 Market Snapshot By Business Function (2017–2022)
Figure 15 Market Snapshot By Organization Size (2017–2022)
Figure 16 Market Snapshot By Vertical (2017–2022)
Figure 17 Need to Generate Valuable Insights From Spend Data and Increase in Industry-Specific Spend and Procurement Analytics Applications to Drive Market Growth
Figure 18 North America to Hold Largest Market Share in 2017
Figure 19 Manufacturing Vertical and North America to Hold Largest Market Share in 2017
Figure 20 APAC to Record Exponential Growth During 2017-2022
Figure 21 Spend and Procurement Analytics Market: Drivers, Restraints, Opportunities, and Challenges
Figure 22 Spend Analytics Process
Figure 23 Risk Management Application Segment to Record Highest Growth During 2017-2022 (USD Million)
Figure 24 Services Segment to Record Higher Growth During 2017-2022 (USD Million)
Figure 25 Managed Services to Record Higher Growth During 2017-2022 (USD Million)
Figure 26 Consulting Services Sub-Segment to Record Higher Growth During 2017-2022 (USD Million)
Figure 27 Descriptive Analytics Segment to Record Highest Growth During 2017-2022 (USD Million)
Figure 28 Marketing Business Function to Record Highest Growth During 2017-2022 (USD Million)
Figure 29 Cloud Deployment Model to Record Higher Growth During 2017-2022 (USD Million)
Figure 30 SMBS Segment to Record Higher Growth During 2017-2022 (USD Million)
Figure 31 Energy and Utilities Vertical to Record Highest Growth During 2017-2022 (USD Million)
Figure 32 Global Market Snapshot: APAC to Record Highest Growth During Forecast Period
Figure 33 APAC Market to Record Highest Growth During 2017-2022 (USD Million)
Figure 34 North America: Spend Analytics Market Snapshot
Figure 35 APAC: Spend Analytics Market Snapshot
Figure 36 Microquadrant
Figure 37 SAP: Company Snapshot
Figure 38 SAP: Product Offering Scorecard
Figure 39 SAP: Business Strategy Scorecard
Figure 40 SAS Institute: Company Snapshot
Figure 41 SAS Institute: Product Offering Scorecard
Figure 42 SAS Institute: Business Strategy Scorecard
Figure 43 IBM: Company Snapshot
Figure 44 IBM: Product Offering Scorecard
Figure 45 IBM: Business Strategy Scorecard
Figure 46 Oracle: Company Snapshot
Figure 47 Oracle: Product Offering Scorecard
Figure 48 Oracle: Business Strategy Scorecard
Figure 49 Coupa Software: Company Snapshot
Figure 50 Coupa Software: Product Offering Scorecard
Figure 51 Coupa Software: Business Strategy Scorecard
Figure 52 ZycUS: Product Offering Scorecard
Figure 53 ZycUS: Business Strategy Scorecard
Figure 54 Proactis: Company Snapshot
Figure 55 Proactis: Product Offering Scorecard
Figure 56 Proactis: Business Strategy Scorecard
Figure 57 Empronc Solutions: Product Offering Scorecard
Figure 58 Empronc Solutions: Business Strategy Scorecard
Figure 59 Jaggaer: Product Offering Scorecard
Figure 60 Jaggaer: Business Strategy Scorecard
Figure 61 Rosslyn Data Technologies: Company Snapshot
Figure 62 Rosslyn Data Technologies: Product Offering Scorecard
Figure 63 Rosslyn Data Technologies: Business Strategy Scorecard
Figure 64 Ivalua: Product Offering Scorecard
Figure 65 Ivalua: Business Strategy Scorecard
Figure 66 Bravosolution: Product Offering Scorecard
Figure 67 Bravosolution: Business Strategy Scorecard

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.

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.

The cloud deployment model is expected to exhibit a higher adoption, compared to the on-premises deployment model. The demand for cloud-driven Application Program Interfaces (APIs) is rising among customers, which in turn is supporting the growth of cloud-based deployment models.

The Retail & eCommerce vertical is expected to constitute the largest market share and continue to lead the market during the forecast period. The need to generate insights from spend data by organizations in supplier performance management, working capital performance, parts standardization, and sourcing strategy development is expected to foster the demand in this vertical.

Large enterprises dominate the market in terms of revenue generation with the widespread adoption of spend analytics for various applications, such as governance and compliance management, and risk management. However, Small and Medium-Sized Enterprises (SMEs) are expected to exhibit the highest CAGR owing to easy availability and scalability of cloud-based deployments.

The descriptive analytics type segment is growing at the fastest CAGR due to the increasing adoption of digital technologies and the need for analytics to determine the cause of events and behaviors related to spend data.

The marketing business function is expected to grow at the highest CAGR, as organizations need to gather and analyze spend data from disparate sources, such as marketing, sales, and CRM systems, to get a holistic view and real-time insights into the effectiveness of their marketing campaigns.

Spend Analytics Market

The report covers all the major aspects of the spend analytics market and provides an in-depth analysis across the regions of North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and Latin America. North America, owing to the early adoption of new and emerging technologies and the presence of major industry players, is expected to continue to dominate the market throughout the forecast period. The APAC region is expected to grow at the highest CAGR during the forecast period, owing to the growing adoption of cost-effective spend analytics software and services among SMEs.

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 global spend analytics market is fragmented in nature, as no single vendor dominates the market. Major vendors that offer spend analytics solutions include SAP SE (Germany), SAS Institute, Inc. (US), IBM Corporation (US), Oracle Corporation (US), Coupa Software Inc. (US), Zycus Inc. (US), Proactis (UK), Empronc Solutions Pvt. Ltd. (India), JAGGAER (US), Rosslyn Analytics, Ltd. (UK), Ivalua Inc. (US), and BravoSolution SPA (US).  These vendors have adopted different types of organic and inorganic growth strategies, such as new product launches, partnerships and collaborations, and mergers and acquisitions, to expand their offerings in the market.

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