Global Business Spend Management (BSM) Software Market to be Driven by the Companies’ Need to Modernise Business Spend Processes in the Forecast Period of 2022-2027
The new report by Expert Market Research titled, ‘Global Business Spend Management (BSM) Software Market Size, Share, Growth, Analysis, Report and Forecast 2022-2027’, gives an in-depth analysis of the global business spend management (BSM) software market, assessing the market based on its segments like components, deployments, enterprise sizes, products, end-users, and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2017-2027)
- Forecast CAGR (2022-2027): 00%
The global BSM market is expected to be driven by companies’ need to modernise business spend processes on managing and coping with challenges posed by the volatile and dynamic business environment, including skilled labour gaps and disruptions in the global supply chain. The demand for business spend management software is being driven by the growing number of SMEs throughout the world and their adoption of software solutions to control their spending through a single platform. Business spend management software automates the management of day-to-day expenditures and investments in a business venture, decreasing human error and maximising computing power. This will lead to growth in the global business spend management software market over the forecast period.
Industry Definition and Major Segments
BSM (business spend management) is a collection of software-assisted business operations. Procurement, invoice management, cost management, and other ways money is spent (and associated processes) in organisations are all covered by business spend management (BSM). Budgeting, inventory, contract lifecycle management, supplier management, strategic sourcing, and analytics are part of business spend management (BSM), which works closely with human capital management (HCM), customer relationship management (CRM), and enterprise resource planning (ERP) and covers all business processes.
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By component, the market is segmented into:
- Solutions
- Procure- to- Pay Solutions
- Supply and Risk Management
- Travel and Expense Management
- Contract and e-tender Management
- Spend Management/Spend Analytics
- Others
- Services
- Managed Services
- Professional Services
By deployment, the market is divided into:
- Cloud
- On-Premises
By enterprise size, the market is classified into:
- Small and Medium Enterprises (SMEs)
- Large Enterprises
By product, the market is divided into:
- Indirect Spending
- Direct Spending
- MRO Spending
By end-user, the market is segmented into:
- BFSI
- Hospitality
- Healthcare
- IT and Telecom
- Energy and Utility
- Retail and E-commerce
- Others
On the basis of region, the market is segmented into:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Market Trends
Enterprises may minimise their cost of goods and services, boost procurement leverages, process efficiency, and mitigate the risk of supplier non-performance or non-compliance by using BSM software solutions. Increased financial management, organisational agility, and productivity are all aided by increased transparency in the procurement process and increased visibility into expenditures and contracts. To stay competitive in the growing competition, regional enterprises are shifting toward reducing operational costs. This, in turn, is aiding the adoption of BSM software around the world. In addition, the presence of a strong and growing industrial sector is expected to offer the regional business spend management software market a continuous boost in the future.
Key Market Players
The major players in the market are Medius Sverige AB, Coupa Software Inc., Proactis Holdings Limited, Ivalua Inc., SAP SE, and Sage Intacct, Inc, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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