The report "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", 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 key forces driving the spend analytics 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.
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The retail and eCommerce vertical is expected to have the largest market share during the forecast period
The retail and eCommerce industry is undergoing a significant transformation with rapid economic and income growth in emerging nations, and big data has emerged as a pivotal element in building business development strategies. The industry is facing various challenges such as long-term uptrend in commodity, raw material prices, changing supply chain architecture, and cost-trend dynamics. In such a scenario, the role of retail sourcing departments becomes crucial to boost brand equity and operating margins, drive differentiation, and harvest insights from big data as much as possible. Spend analytics helps to design, develop, and make cost-competitive global business strategies and enhance the business and lower the costs and optimize the transportation and logistics networks.
The cloud deployment model to grow at a high CAGR during the forecast period
The spend analytics market by deployment model has been segmented into on-premises and cloud. The cloud deployment model is expected to witness a high CAGR during the forecast period, owing to its cost effectiveness, scalability, and ease of deployment. Cloud solutions support real-time visibility of the sourcing and procurement activities, enabling organizations to interconnect with employees and customers anytime, before, during, and after each appointment.
North America is expected to constitute the largest market share; APAC to grow at the highest CAGR
In terms of market share, North America is expected to continue its dominance throughout the forecast period. Early adoption of new and emerging technologies and a large number of spend analytics vendors in the region would help consolidate the majority of revenues in the market. The Asia Pacific (APAC) region is expected to grow at the highest CAGR during the forecast period. Growing technology expenditures in countries such as China and India and the demand for cost-effective analytical software and services among Small and Medium-Sized Enterprises (SMEs) are expected to drive the market growth during the forecast period.
The major vendors providing spend analytics software and services are SAP SE (Germany), SAS Institute, Inc. (US), IBM Corporation (US), Oracle Corporation (US), Coupa Software Incorporated (US), Zycus Inc. (US), Proactis (UK), Empronc Solutions Pvt. Ltd. (India), JAGGAER SciQuest, Inc. (US), Rosslyn Analytics, Ltd. (UK), Ivalua Inc. (US), and BravoSolution SPA (US).
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