Spend Management Platform Market Key Findings by 2031
Thespend management platform marketsize is projected to reach US$ 49.25 billion by 2031 from US$ 19.66 billion in 2023. The market is expected to register a CAGR of 12.2% in 2023–2031. The increasing technological penetration in the financial industry is creating increasing demand for the growth of the spend management platform market.
Spend Management Platform Market Analysis
The increasing technological advancements in the financial sector are a major factor in the growth of the spend management platform market. Furthermore, the increasing internet penetration globally and the increasing need to achieve efficiency in a competitive business environment are boosting the demand for spend management platforms across various industries. Also, the demand for the spend management platform is increasing as it helps eliminate inaccuracy and provides advanced analytics for a greater understanding of the firm's financial condition. The increasing adoption of advanced technologies such as AI and ML is expected to lead to the growth of the spend management platform market in the forecast period. Moreover, the increasing use of cloud technology will lead to the growth of the spend management platform market in the forecast period.
Spend Management Platform Market Overview
The spend management platforms (SPM) are in high demand across all companies involved in a variety of sectors due to factors like the need for efficiency in a competitive corporate environment, the need to attain efficiency in a fast-paced technological innovation, and the increasing penetration of the internet. The spend management platform has seen a significant increase in demand since it reduces errors and offers sophisticated analytics to provide a deeper understanding of the company's financial situation. Furthermore, spend management software provides various benefits, such as it can assist in saving money and improving cash flow, reducing borrowing costs, providing insight, and maintaining compliance.
Customize Research To Suit Your Requirement
We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
Spend Management Platform Market: Strategic Insights
Market Size Value in US$ 18.24 billion in 2022 Market Size Value by US$ 42.26 billion by 2030 Growth rate CAGR of 11.1% from 2022 to 2030 Forecast Period 2022-2030 Base Year 2022
Naveen
Have a question?
Naveen will walk you through a 15-minute call to present the report’s content and answer all queries if you have any.
Speak to Analyst
Customize Research To Suit Your Requirement
We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
Spend Management Platform Market: Strategic Insights
| Market Size Value in | US$ 18.24 billion in 2022 |
| Market Size Value by | US$ 42.26 billion by 2030 |
| Growth rate | CAGR of 11.1% from 2022 to 2030 |
| Forecast Period | 2022-2030 |
| Base Year | 2022 |
Naveen
Have a question?
Naveen will walk you through a 15-minute call to present the report’s content and answer all queries if you have any.
Speak to Analyst
Spend Management Platform Market Drivers and Opportunities
Growing Use Of Spend Analytics Across Business to Favor Market
The spend management platform allows businesses to identify savings opportunities, enhance supplier management, and enhance procurement efficiency and strategic sourcing. Various businesses are utilizing spend analytics as it provides real-time analysis for the overall sourcing, purchasing of products and other items. Due to its huge application, businesses are deploying spend management platforms. Various players across the globe are providing a spend management platform. For example, IBM provides IBM Travel Manager, which is integrated with AI to improve the management of corporate travel spend. It intelligently tracks, manages, predicts and analyzes travel costs and trends in one place.
AI-Driven Spend Optimization – An Opportunity in the Spend Management Platform Market
The spend management solution provides businesses with more control over their spending, resulting in increased transparency, reduced costs, and improved financial management. It helps organizations optimize their procurement processes, minimize wasteful spending, and align their expenses with strategic objectives. AI-driven spends management solutions can analyze vast amounts of data in real time, providing up-to-date insights. This facilitates businesses to make informed decisions quickly, adapting to market changes and optimizing spending strategies. AI reduces manual effort, automates routine tasks, and minimizes errors. This efficiency not only saves time but also allows teams to focus on strategic activities rather than mundane operational tasks.
Spend Management Platform Market Report Segmentation Analysis
Key segments that contributed to the derivation of the spend management platform market analysis are deployment, enterprise size, and industry vertical.
- Based on deployment, the spend management platform market is divided into cloud, on-premise
- Based on enterprise size, the market is bifurcated into SME large enterprises.
- In terms of industry vertical, the market is segmented into BFSI, IT and telecom, retail, healthcare, manufacturing, and others.
Spend Management Platform Market Share Analysis by Geography
The geographic scope of the spend management platform market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America. North America has a high presence of IT and telecom companies. These companies offer their products and services across the globe, thereby generating revenue from several countries. Additionally, the traffic of telecommunication services is very competitive, thereby raising the need for these companies to efficiently analyze every aspect of their service provided and competitive pricing. These factors are increasing the demand for spend management platforms across the IT and telecom sectors of the region. Further, various spend management platform providers are present in North America, and the players are Coupa, LodgeLink, Expensify, and others.
Spend Management Platform Market Report Scope
Spend Management Platform Market News and Recent Developments
The spend management platform market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for innovations, business expansion, and strategies:
- In January 2024, Corpay, a FLEETCOR trademark, introduced a spend management platform aimed at transforming corporate payments and spending into a mobile-friendly solution. The new Corpay Complete offers a full solution for finance teams by integrating corporate cards, expense reimbursements, accounts payable (AP) automation, and supplier payments. (Source: Corpay, Press Release)
- In July 2023, EnKash, Asia’s 1st and smartest spend Management platform, launched “Olympus,” an industry-first solution that automates business payables and receivables. Midsize and especially traditional businesses lack experience and accessibility of digital payments, considering the high costs and efforts involved. While larger companies get desired technology solutions from banks and their software providers, startups and small-to-midsize businesses have struggled for a long time. (Source: EnKash, Newsletter)
Spend Management Platform Market Report Coverage and Deliverables
The “Spend Management Platform Market Size and Forecast (2023–2031)” report provides a detailed analysis of the market covering the following areas:
- Spend Management PlatformMarket size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Market dynamics such as drivers, restraints, and key opportunities
- Spend Management Platform Markettrends
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Spend Management Platform market analysis covering key market trends, Global and regional framework, major players, regulations, and recent market developments.
- Spend Management PlatformIndustry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments.
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Deployment, Enterprise Size, and Industry Vertical
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
Frequently Asked Questions
The market is expected to register a CAGR of 12.2% during 2023–2031.
The global spend management platform market is expected to reach US$ 49.25 billion by 2031.
The leading players operating in the global spend management platform market are Coupa Software Inc., GEP, IBM Corporation, Procurify, SAP SE, Sievo, SutiSoft, Inc., Touchstone Group Ltd, Expensify Inc., and Sage Group PLC.
Integration of Analytics to play a significant role in the global spend management platform market in the coming years.
The growing use of spend analytics across businesses is the major factors that propel the global spend management platform market.
North America dominated the spend management platform market in 2023.
- Coupa Software Inc.
- GEP
- IBM Corporation
- Procurify
- SAP SE
- Sievo
- SutiSoft, Inc.
- Touchstone Group Ltd
- Expensify Inc.
- Sage Group PLC
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
Get Free Sample For