Spend Analytics Market

The spend analytics market is rapidly growing owing to the increasing need for supplier and market intelligence, predictive analytics for business, and need to better manage internal compliance policies and external contracts. The spend analytics market size is estimated to be USD 1.33 Billion in 2017 and is expected to reach USD 3.01 Billion by 2022, growing at a Compound Annual Growth Rate (CAGR) of 17.7%.

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). The players in this industry have adopted various strategies to expand their worldwide presence and enhance their market shares. Partnerships, collaborations, new product launches, and acquisitions are some of the significant strategies adopted by the players in recent years. Players such as SAP SE, IBM Corporation, and Coupa Software Incorporated have adopted these strategies to expand their product portfolios.

Oracle Corporation, a global spend analytics software and services provider, launched Oracle Supplier Warranty Management Solution under its E-Business Suite in 2013 as a part of its organic growth strategy. This solution helped manage claims management and partner collaboration tasks.

SAP SE has adopted collaborations and partnerships as its major development strategy to take a leading edge in the market. As a part of its inorganic strategy, in January 2016, SAP SE partnered with First Data Team, a global payment technology solution provider. The partnership helps eliminate the complexity from Business-to-Business (B2B) payments with the rollout of the AribaPay solution across Europe and Latin America, which helps buyers and suppliers complete the procure-to-pay process faster, easier, and with greater visibility. The partnership has also helped SAP Ariba create a stronger presence in America and Europe. In August 2016, SAP SE also entered into a collaboration with NTT DATA, an Information Technology (IT) services company. The collaboration helped develop a digital solution to be delivered on the Ariba Network that will enable companies to track and manage complex, global shipments in real time.

Coupa Software Incorporated (US) is another major provider of spend analytics software and services. As a part of its organic strategy, the company has adopted the ingenious approach of new product launch and product development to increase its foothold in the market. Recently, in May 2017, Coupa launched “Coupa Payments Today” to restructure the disparate and complex payment systems often used by buyers to transact with suppliers globally and unify them, so that any supplier can transfer currency electronically and securely. As a part of its inorganic strategy, Coupa entered into a partnership with OJC Conseil, a consulting firm in March 2016. The partnership helps with the implementation of Coupa’s Software-as-a-Service (SaaS) solutions for the mid-market segment in France. The partnership also enables OJC Conseil to market Coupa solutions and deliver value-added services to Small and Medium-Sized Businesses (SMBs) by offering assistance with activation, configuration, and deployment of Coupa’s applications.

Related 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

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