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Spend Analytics Market

Spend Analytics Market Forecasts to 2028 – Global Analysis By Component (Software, Services), Analytics Type (Prescriptive, Descriptive), Application, and By Geography

4.3 (55 reviews)
Published: July 2022 ID: SMRC21635
4.3 (55 reviews)
Published: July 2022 ID: SMRC21635

This report covers the impact of COVID-19 on this global market
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According to Stratistics MRC, the Global Spend Analytics Market is accounted for $2.56 billion in 2021 and is expected to reach $9.00 billion by 2028 growing at a CAGR of 19.7% during the forecast period. Spend analytics is the method of gathering, identifying, cleansing, categorizing, and analyzing the organization's expenditures to reduce procurement costs and further develop efficiency. Spend analysis is implemented by organizations to acquire profitability by recognizing flagging contracts and the wasteful expenditure that can be renegotiated.

High demand for cloud-based procurement solutions, growth in adoption of procurement analytics for better decision making, and proliferation of customer channels are likely to propel the adoption of procurement analytics technologies and services. The procurement analytics market is likely to reach $10.02 billion by 2027. More than 50% of a company’s value chain is dependent on third parties, procurement has a unique role to play in navigating this complex set of drivers, and has the potential to do so by harnessing the power of analytics. According to the Right Scale's annual State of the Cloud Report 2019, public cloud adoption is 91% and private cloud adoption is 72% and also 69% of respondents use at least one public and one private cloud.

Market Dynamics:

Driver:

Rising adoption in procurement process in industries

Increasing adoption among procurement teams in organizations is propelling the market for growing to spend analytics. Spend analytics is empowering procurement leaders to be far better at their work through upgrading planning purchase timing and inventories to fulfill manufacturing and consumer demand schedules, identifying cost reserves, and predicting future risks. In step with cost-saving, with procurement typically spending budget, more and more organizations are empowering their finance and procurement teams to work closely together. Thus further fueling the market for spend analytics. The cost-saving benefit of spending analytics has helped organizations in increasing their technology expenditure. Hence, spend analytics are additionally encouraging business innovation and it is becoming essential that organizations can react to spending data they are collecting and processing as part of their business functions.

Restraint:

Concerns regarding data security

The sensitive issue of data privacy and security are faced by many organizations. With the implementation of GDPR, consumer and enterprise data privacy issues have been put to the forefront. Security concerns are cropping up as organizations feed more consumer and vendor information into advanced, AI-fuelled algorithms to create new bits of sensitive data, unbeknownst to affected consumers and employees. This is prevalent in the few sectors, where enterprise data could lead to trade secrets being revealed. These data privacy concerns will restrain the spend analytics market growth.

Opportunity:

Technological advancements

Increasing adoption of cloud services and expanding perforation of IoT applications is augmenting the market as digitization has exponentially expanded the data generation and has changed the data utilization methods. Clouds act as a vital catalyst in digital transformation. Spend analytics provide flexibility by providing real-time synchronization across the cloud or on-premises, overpassing the conventional data processing and accessing options. It constantly calculates statistical analytics while moving within the stream of data.

Threat:

Lack of analytical expertise

The platforms are normally handled by employees in deriving insights from the information. Rapidly developing big data across industry verticals should be properly displayed, integrated, wrangled, and then analyzed to acquire specific insights. From data ingestion to data reporting, the data scientist groups need specific skills to understand and uncover the patterns that assist marketers to make informed decisions. However, the lack of expertise in understanding the importance of procurement analytics is one of the major challenges faced by various industries. SMEs have experienced more losses because of budget constraints and a lack of awareness of the benefits of procurement analytics solutions.

The software segment is expected to be the largest during the forecast period

The software segment is estimated to have a lucrative growth 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 the company’s expenditure to the minimum without affecting its operations.

The risk management segment is expected to have the highest CAGR during the forecast period

The risk management segment is anticipated to witness the fastest CAGR growth during the forecast period due to the growing incidents of crucial data breaches, and information loss. Cyber hacks have compelled organizations to rethink their technological implementations and protect sensitive data. Organizations around the world face various risks related to security, finance, and operations. These risks rely on the sector that the business operates in and may pose short-term or long-term threats. They create vagaries in operational processes, paving the way for financial, workforce, and asset losses.

Region with highest share:

North America is projected to hold the largest market share during the forecast period due to the early adoption of new and emerging technologies and the presence of major industry players. High penetration of cloud technology, the internet of things, artificial intelligence, and big data, among others, is propelling the market in North America. In addition, the region is a hub for significant market vendors who are increasingly launching new products in the market.

Region with highest CAGR:

Asia Pacific is projected to have the highest CAGR over the forecast period owing to the growing adoption of cost-effective spend analytics software and services among SMEs and increased take-up of analytics tools among consumers as well as businesses. Asia-pacific is also a hub for manufacturing. Moreover, the exponentially growing availability of accessible, cheap data centers delivered by cloud vendors has brought down the costs of upfront investment for small and medium businesses, thereby encouraging the adoption of spend analytics solutions into their enterprises.

Key players in the market

Some of the key players profiled in the Spend Analytics Market include Zycus Inc., Sievo Oy, Genpact, Proactis Inc., JAGGAER Incorporation, IBM Corporation, SAP SE, Empronc Solutions Pvt. Ltd, Coupa Software and SAS Institute, Inc. 

Key Developments:

In May 2019, Coupa Software acquired Exari, to cement its position in Business Spend Management (BSM) and deliver measurable business value.  Coupa’s acquisition strategy is focused on adding key, advanced power applications around our unified, organic transactional engine. And so, this acquisition further delivers on our vision of Business Spend Management by extending and enhancing our Contract Management “Power User” application solution.

In Oct 2018, Oracle acquired DataFox, an AI-based data management provider, and unveiled a new CX Unity product designed to provide a comprehensive view into customer engagement and interactions across channels and applications.

Types Covered:
• Tail-Spend
• Indirect Spend
• Direct Spend
 
Components Covered:
• Software
• Services
 
Analytics Types Covered:
• Prescriptive
• Diagnostic
• Predictive
• Descriptive
 
Deployment Models Covered:
• Cloud
• On-Premises
 
Business Functions Covered:
• Procurement
• Marketing
• Information Technology (IT)
• Finance
 
Applications Covered:
• Supplier Sourcing and Performance Management
• Risk Management
• Governance and Compliance Management
• Financial Management
• Demand and Supply Forecasting
• Other Applications
 
Organization Sizes Covered:
• Small and Medium Enterprises (SMEs)
• Large Enterprises
 
End Users Covered:
• Telecommunications and IT
• Supply Chain & Logistic
• Retail and eCommerce
• Manufacturing
• Healthcare and Life Sciences
• Government and Defense
• Energy and Utilities
• Banking, Financial Services, and Insurance (BFSI)
• Other End Users 
 
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan       
o China       
o India       
o Australia 
o New Zealand
o South Korea
o Rest of Asia Pacific   
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances

 

1 Executive Summary               
                 
2 Preface                 
 2.1 Abstract               
 2.2 Stake Holders              
 2.3 Research Scope              
 2.4 Research Methodology             
  2.4.1 Data Mining             
  2.4.2 Data Analysis             
  2.4.3 Data Validation              
  2.4.4 Research Approach             
 2.5 Research Sources              
  2.5.1 Primary Research Sources            
  2.5.2 Secondary Research Sources            
  2.5.3 Assumptions             
                 
3 Market Trend Analysis               
 3.1 Introduction              
 3.2 Drivers               
 3.3 Restraints              
 3.4 Opportunities              
 3.5 Threats               
 3.6 Application Analysis             
 3.7 End User Analysis              
 3.8 Emerging Markets              
 3.9 Impact of Covid-19              
                 
4 Porters Five Force Analysis              
 4.1 Bargaining power of suppliers             
 4.2 Bargaining power of buyers             
 4.3 Threat of substitutes              
 4.4 Threat of new entrants             
 4.5 Competitive rivalry              
                 
5 Global Spend Analytics Market, By Type             
 5.1 Introduction              
 5.2 Tail-Spend              
 5.3 Indirect Spend               
 5.4 Direct Spend              
                 
6 Global Spend Analytics Market, By Component            
 6.1 Introduction              
 6.2 Software               
 6.3 Services               
  6.3.1 Managed services             
  6.3.2 Professional services            
   6.3.2.1 Support and Maintenance           
   6.3.2.2 Consulting Services            
                 
7 Global Spend Analytics Market, By Analytics Type            
 7.1 Introduction              
 7.2 Prescriptive              
 7.3 Diagnostic              
 7.4 Predictive              
 7.5 Descriptive              
                 
8 Global Spend Analytics Market, By Deployment Model           
 8.1 Introduction              
 8.2 Cloud                
 8.3 On-Premises              
                 
9 Global Spend Analytics Market, By Business Function           
 9.1 Introduction              
 9.2 Procurement              
 9.3 Marketing              
 9.4 Information Technology (IT)              
 9.5 Finance               
                 
10 Global Spend Analytics Market, By Application            
 10.1 Introduction              
 10.2 Supplier Sourcing and Performance Management           
 10.3 Risk Management              
 10.4 Governance and Compliance Management           
 10.5 Financial Management             
 10.6 Demand and Supply Forecasting            
 10.7 Other Applications               
  10.7.1 Category Analysis             
  10.7.2 Inventory Management             
  10.7.3 Product and Process Management           
                 
11 Global Spend Analytics Market, By Organization Size           
 11.1 Introduction              
 11.2 Small and Medium Enterprises (SMEs)            
 11.3 Large Enterprises              
                 
12 Global Spend Analytics Market, By End User            
 12.1 Introduction              
 12.2 Telecommunications and IT             
 12.3 Supply Chain & Logistic             
 12.4 Retail and eCommerce              
 12.5 Manufacturing              
 12.6 Healthcare and Life Sciences             
 12.7 Government and Defense             
 12.8 Energy and Utilities              
 12.9 Banking, Financial Services, and Insurance (BFSI)           
 12.10 Other End Users               
  12.10.1 Real Estate             
  12.10.2 Food & Beverage             
  12.10.3 Education             
  12.10.4 Construction             
                 
13 Global Spend Analytics Market, By Geography            
 13.1 Introduction              
 13.2 North America              
  13.2.1 US              
  13.2.2 Canada              
  13.2.3 Mexico              
 13.3 Europe               
  13.3.1 Germany              
  13.3.2 UK              
  13.3.3 Italy               
  13.3.4 France              
  13.3.5 Spain              
  13.3.6 Rest of Europe             
 13.4 Asia Pacific              
  13.4.1 Japan              
  13.4.2 China              
  13.4.3 India              
  13.4.4 Australia              
  13.4.5 New Zealand             
  13.4.6 South Korea             
  13.4.7 Rest of Asia Pacific             
 13.5 South America              
  13.5.1 Argentina             
  13.5.2 Brazil              
  13.5.3 Chile               
  13.5.4 Rest of South America            
 13.6 Middle East & Africa             
  13.6.1 Saudi Arabia             
  13.6.2 UAE              
  13.6.3 Qatar              
  13.6.4 South Africa             
  13.6.5 Rest of Middle East & Africa             
                 
14 Key Developments               
 14.1 Agreements, Partnerships, Collaborations and Joint Ventures          
 14.2 Acquisitions & Mergers             
 14.3 New Product Launch             
 14.4 Expansions               
 14.5 Other Key Strategies             
                 
15 Company Profiling               
 15.1 Zycus Inc.               
 15.2 Sievo Oy               
 15.3 Genpact               
 15.4 Proactis Inc.              
 15.5 JAGGAER Incorporation             
 15.6 IBM Corporation              
 15.7 SAP SE               
 15.8 Empronc Solutions Pvt. Ltd             
 15.9 Coupa Software              
 15.10 SAS Institute, Inc.              
                 
List of Tables                
1 Global Spend Analytics Market Outlook, By Region (2020-2028) ($MN)          
2 Global Spend Analytics Market Outlook, By Type (2020-2028) ($MN)          
3 Global Spend Analytics Market Outlook, By Tail-Spend (2020-2028) ($MN)         
4 Global Spend Analytics Market Outlook, By Indirect Spend (2020-2028) ($MN)         
5 Global Spend Analytics Market Outlook, By Direct Spend (2020-2028) ($MN)         
6 Global Spend Analytics Market Outlook, By Component (2020-2028) ($MN)         
7 Global Spend Analytics Market Outlook, By Software (2020-2028) ($MN)          
8 Global Spend Analytics Market Outlook, By Services (2020-2028) ($MN)          
9 Global Spend Analytics Market Outlook, By Managed Services (2020-2028) ($MN)         
10 Global Spend Analytics Market Outlook, By Professional Services (2020-2028) ($MN)        
11 Global Spend Analytics Market Outlook, By Analytics Type (2020-2028) ($MN)         
12 Global Spend Analytics Market Outlook, By Prescriptive (2020-2028) ($MN)         
13 Global Spend Analytics Market Outlook, By Diagnostic (2020-2028) ($MN)         
14 Global Spend Analytics Market Outlook, By Predictive (2020-2028) ($MN)         
15 Global Spend Analytics Market Outlook, By Descriptive (2020-2028) ($MN)         
16 Global Spend Analytics Market Outlook, By Deployment Model (2020-2028) ($MN)         
17 Global Spend Analytics Market Outlook, By Cloud (2020-2028) ($MN)          
18 Global Spend Analytics Market Outlook, By On-Premises (2020-2028) ($MN)         
19 Global Spend Analytics Market Outlook, By Business Function (2020-2028) ($MN)         
20 Global Spend Analytics Market Outlook, By Procurement (2020-2028) ($MN)         
21 Global Spend Analytics Market Outlook, By Marketing (2020-2028) ($MN)         
22 Global Spend Analytics Market Outlook, By Information Technology (IT) (2020-2028) ($MN)        
23 Global Spend Analytics Market Outlook, By Finance (2020-2028) ($MN)          
24 Global Spend Analytics Market Outlook, By Application (2020-2028) ($MN)          
25 Global Spend Analytics Market Outlook, By Supplier Sourcing and Performance Management (2020-2028) ($MN)      
26 Global Spend Analytics Market Outlook, By Risk Management (2020-2028) ($MN)         
27 Global Spend Analytics Market Outlook, By Governance and Compliance Management (2020-2028) ($MN)      
28 Global Spend Analytics Market Outlook, By Financial Management (2020-2028) ($MN)        
29 Global Spend Analytics Market Outlook, By Demand and Supply Forecasting (2020-2028) ($MN)       
30 Global Spend Analytics Market Outlook, By Other Applications (2020-2028) ($MN)         
31 Global Spend Analytics Market Outlook, By Category Analysis (2020-2028) ($MN)         
32 Global Spend Analytics Market Outlook, By Inventory Management (2020-2028) ($MN)        
33 Global Spend Analytics Market Outlook, By Product and Process Management (2020-2028) ($MN)       
34 Global Spend Analytics Market Outlook, By Organization Size (2020-2028) ($MN)         
35 Global Spend Analytics Market Outlook, By Small and Medium Enterprises (SMEs) (2020-2028) ($MN)       
36 Global Spend Analytics Market Outlook, By Large Enterprises (2020-2028) ($MN)         
37 Global Spend Analytics Market Outlook, By End User (2020-2028) ($MN)          
38 Global Spend Analytics Market Outlook, By Telecommunications and IT (2020-2028) ($MN)        
39 Global Spend Analytics Market Outlook, By Supply Chain & Logistic (2020-2028) ($MN)        
40 Global Spend Analytics Market Outlook, By Retail and eCommerce (2020-2028) ($MN)         
41 Global Spend Analytics Market Outlook, By Manufacturing (2020-2028) ($MN)         
42 Global Spend Analytics Market Outlook, By Healthcare and Life Sciences (2020-2028) ($MN)        
43 Global Spend Analytics Market Outlook, By Government and Defense (2020-2028) ($MN)        
44 Global Spend Analytics Market Outlook, By Energy and Utilities (2020-2028) ($MN)         
45 Global Spend Analytics Market Outlook, By Banking, Financial Services, and Insurance (BFSI) (2020-2028) ($MN)      
46 Global Spend Analytics Market Outlook, By Other End Users (2020-2028) ($MN)         
47 Global Spend Analytics Market Outlook, By Real Estate (2020-2028) ($MN)         
48 Global Spend Analytics Market Outlook, By Food & Beverage (2020-2028) ($MN)         
49 Global Spend Analytics Market Outlook, By Education (2020-2028) ($MN)          
50 Global Spend Analytics Market Outlook, By Construction (2020-2028) ($MN)         
                 
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.   
                 

 

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