The business spend management (bsm) software global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Business Spend Management (BSM) Software Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The business spend management (BSM) software market size has grown rapidly in recent years. It will grow from $21.62 billion in 2023 to $24.66 billion in 2024 at a compound annual growth rate (CAGR) of 14.1%. The growth in the historic period can be attributed to the increased complexity of procurement processes, growth in regulatory compliance requirements, increased focus on cost optimization, growth in digital transformation initiatives, and increased focus on sustainability.
The business spend management (BSM) software market size is expected to see rapid growth in the next few years. It will grow to $41.98 billion in 2028 at a compound annual growth rate (CAGR) of 14.2%. The growth in the forecast period can be attributed to the rise of AI-powered automation, expansion of mobile capabilities, growing importance of supplier diversity, rising concerns over cybersecurity, and increasing preference for subscription-based software models. Major trends in the forecast period include the adoption of artificial intelligence, cloud-based solutions, machine learning, and integration data analytics.
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Scope Of Business Spend Management (BSM) Software Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Business Spend Management (BSM) Software Market Overview
Market Drivers –
Major Driver Impacting Market Growth
Market Trends –
Major companies operating in the business spend management (BSM) software market are focusing their efforts on introducing intelligent and advanced solutions spend management platforms, to enhance operational efficiency. A spend management platform is a centralized system or software that simplifies, automates, and manages various organizational spend processes. For instance, in August 2021, Coupa Software Incorporated, a US-based software company, launched the Coupa App Marketplace. This platform gives users access to certified, pre-built solutions that enhance the capabilities of Coupa’s BSM platform. It connects businesses with various BSM partners, providing solutions to improve efficiency, automation, and value across many business processes, including procurement, costs, invoicing, supplier management, and more.
The business spend management (BSM) software market covered in this report is segmented –
1) By Type: Indirect Spending, Direct Spending, Maintenance, Repair, And Operations (MRO) Spending
2) By Solution: Procure-to-Pay Solutions, Supplier And Risk Management, Travel And Expense Management, Contract And E-Tender Management, Spend Management, Others Solutions
3) By Deployment: Cloud, On-premise
4) By Enterprise Type: Small And Medium-Sized Enterprises, Large Enterprises
5) By End-user: Banking, Financial Services, And Insurance, Travel And Tourism, Hospitality, Healthcare, Information Technology (IT) And Telecommunication, Energy And Utility, Retail And E-commerce, Others End-users
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Regional Insights –
North America was the largest region in the business spend management (BSM) software market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the business spend management (BSM) software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the business spend management (BSM) software market are International Business Machines Corporation, SAP SE, GEP Worldwide, Zycus Inc., Esker S.A., Basware Corporation, Tradeshift Inc., JAGGAER Inc., Divvy Pay Inc., Medius Software Ltd., Ivalua Inc., Sievo Oy, BirchStreet Systems Inc., Procurify Technologies Inc., SutiSoft Inc., Xeeva Inc., Bonfire Interactive Ltd., Teampay Inc., Fraxion Inc., Vroozi Inc., Apptricity Corporation, Empronc Solutions Pvt. Ltd., SynerTrade SE, TRADOGRAM Corporation, Precoro Inc
Table of Contents
1. Executive Summary
2. Business Spend Management (BSM) Software Market Report Structure
3. Business Spend Management (BSM) Software Market Trends And Strategies
4. Business Spend Management (BSM) Software Market – Macro Economic Scenario
5. Global Business Spend Management (BSM) Software Market Size and Growth
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32. Global Business Spend Management (BSM) Software Market Competitive Benchmarking
33. Global Business Spend Management (BSM) Software Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Business Spend Management (BSM) Software Market
35. Business Spend Management (BSM) Software Market Future Outlook and Potential Analysis
36. Appendix
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