Business Spend Management (BSM) Software Market (Updated Version Available)

Business Spend Management (BSM) Software Market Size, Share & Trends Analysis, By Component (Solutions, and Services), Deployment (Cloud, and On-premises), Organization size (Large enterprise, and Small & Medium enterprise), End-User (BFSI, IT & Telecom, Healthcare, Travel & Tourism, and Others), By Region, Forecast Period-2022 - 2030

Report ID : RI_673757 | Date : February 2023 | Format : ms word ms Excel PPT PDF

This Report Includes The Most Up-To-Date Market Figures, Statistics & Data
Key Market Overview:

The Business Spend Management (BSM) Software Market was valued at USD 18.60 Billion in 2022, registering a CAGR of 10.8% during the forecast period (2022-2030), and the market is projected to be worth USD 43.80 Billion by 2030.

Business spend management is explained as a set of software and business practices used to manage, track, and analyze business operations such as enterprise supplier\'s relationships and expenditures. BSM maximize value of company by lowering procurement cost to mitigate financial risk. This includes various processes such as purchasing, sourcing, contracting, managing suppliers, invoices, and employee expenses, carries out by cloud-based system. The software is automated to eliminate human errors and provide high value of accuracy that helps to lower the cost and streamline procurement for businesses. BSM software manages supply chain, invoices, procurements, and contracts. BSM software have wide application in various industry verticals such as BFSI, IT & telecommunication, healthcare, travel & tourism, retail, manufacturing, and energy & utilities to manage and analyze business operations.

Further, increasing adoption of cloud-based system and rising demand for spend analytics in business is driving the growth of business spend management software market. Additionally, increasing smartphone and internet penetration has created an opportunity to fuel the market of business spend management software. Moreover, advancement in technologies such as artificial intelligence (AI), machine learning (ML), and IoT devices is driving the growth of business spend management (BSM) software market. For instance, Coupa AI Spend Categorization uses artificial intelligence (AI) and machine learning (ML) to classify and standardize ERP systems by eliminating manual classification labor.

Business Spend Management (BSM) Software Market Scope:-

Report AttributesReport Details
Study Timeline2016-2030
Market Size in 2030 (USD Billion)43.80 billion
CAGR (2022-2030)10.8 %
Base Year2021
By ComponentSolutions, and Services
By DeploymentCloud, and On-premises
By Organization sizeLarge enterprise, and Small & Medium enterprise
By End-UserBFSI, IT & Telecom, Healthcare, Travel & Tourism, and Others
By Geography
  • Asia-Pacific [China, Southeast Asia, India, Japan, Korea, Western Asia]

  • Europe [Germany, UK, France, Italy, Russia, Spain, Netherlands, Turkey]

  • North America [United States, Canada, Mexico]

  • Middle East & Africa [GCC, North Africa, South Africa]

  • South America [Brazil, Argentina, Columbia, Chile, Peru]
  • Key PlayersProcurify, IBM, Fraxion, SutiSoft, Inc., Sievo, GEP, Empronc Solutions Pvt. Ltd., Touchstone Group Plc., Medius Sverige AB, Coupa Software Inc., Proactis Holdings Limited, Ivalua Inc., SAP SE, Sage Intacct, Inc.


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    Market Dynamics:

    Driver:

    Increasing adoption of cloud-based system and rising demand for spend analytics in business is driving the growth of business spend management software market.

    Increasing adoption of cloud-based system and rising demand for spend analytics in business is driving the growth of business spend management software market.
    Development of emerging technologies and advancement of artificial intelligence led to increasing adoption of cloud-based system by businesses. Rising demand for spend management to analyze business expenditure is driving the growth of business spend management software market. Spend management helps the organizations to monitor supply chain management and purchasing operations. Thus, companies are adopting spend analytics to manage spendings. For instance, IBM travel manager in collaboration with Travelpor developed AI- based solution for management of business travel spend. The AI-based tool aid to manage, track, analyze, predict travel cost.

    COVID-19 Impact

    The COVID-19 pandemic has positive impact on business spend management market due to rising concern of effective spend management and risk of loss. Thus, sudden outbreak of COVID-19 pandemic fuel the demand of business spend management software to monitor and analyze business expenditures. The need of solution has augmented, and companies are adopting BSM software to improve business expenditure management. For instance, in June 2022, Coupa Ventures, raised USD 50 million funding to promote next generation business spend management system and to eliminate inefficiencies of expenditure management.

    Restraint:

    Risk to data security and lack of skilled experts are hampering the growth of business spend management software market.

    Risk to data security and lack of skilled experts are hampering the growth of business spend management software market.
    Security concern for confidential business data has restrain the growth of business spend management software market. Additionally, businessperson should have thorough knowledge and understanding of company\'s expenditures to access and develop strategies.
    Business Spend Management (BSM) Software Market Segmentation:



    By Component

    The component segment is bifurcated into Solutions, and Services.
    Solutions segment holds major market share for business spend management software owing to rising demand for spend management solutions. Solutions segment involve travel & expense management, supplier & risk management, contract & e-tender management, spend analytics, and procure-to-pay solutions.

    Solutions segment witness rapid growth of business spend management due to increasing adoption of spend management system to analyze business expenditures. Additionally, companies are focusing on implementation of spend analytics and enhancement of products. For instance, in March 2022, Xeeva launched advanced spend analytics with improved intelligent solutions, which helps customers to evaluate savings and sourcing.

    By Deployment

    The deployment segment is divided into Cloud, and On-premises.
    Cloud-based system holds major market share for business spend management. BSM include various processes such as purchasing, sourcing, contracting, managing suppliers, invoices, and employee expenses, carries out by cloud-based system. Thus, increasing adoption of cloud-based system and rising demand for spend analytics in business is driving the growth of business spend management software market.

    Cloud-based system witness surging the demand of business spend management software market owing to adoption of cloud technology for small & medium enterprises. For instance, in June 2022, Kissflow, a SaaS company, launched Kissflow Procurement cloud, which is a cloud-based procure-to-pay solution. The solution helps the organization for supplier management, inventory management, expense management, AP automation, and eProcurement.

    By Organization size

    The organization size segment is classified into large enterprise, and Small & Medium enterprise.
    Large enterprise segment demonstrates largest revenue share for business spend management software market. Rising demand for spend management solutions such as business spend management, procurement, travel & expense, contracts, and spending has augmented the growth of business spend management software in large enterprise.

    Small & medium enterprise segment anticipate rapid growth of business software market due to rising investments and fundings raised for spend analytics to monitor and analyze business expenditures. For instance, in April 2022, Enkash, India based spend management startup raised funding of USD 20 million, focusing on expansion of business spend and product offerings.

    By End-User

    The end-user segment is categorized into BFSI, IT & Telecom, Healthcare, Travel & Tourism, and Others.
    BFSI segment holds major share for business spend management software market due to increasing adoption od spend management solutions in banking and financial institutes. For instance, in May 2020, SAP Ariba collaborated with Standard Chartered Bank to improve its supply chain, thereby Ariba will support bank\'s customers throughout the procure-to-pay process. Thus, growing partnerships across the banking and financial institutes fuel the demand of business spend management software market.

    Travel and tourism segment witness fastest growth owing to rising adoption of BSM software for analysis of business management spend. For instance, Zoho Expense, an online expense report application provides end-to-end expense reporting and solutions to manage online and offline travel.

    By Region

    The regional segment includes North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America.
    North America holds major market share for business spend management software, owing to rising adoption of BSM software and existence of major market players such as Zycus, Coupa Software Inc., Ivalua Inc., and GEP. For instance, in January 2022, Ivalua Inc. collaborated with Parkland Corporation to deploy source-to-pay suites for accurate and raid purchase process.



    Asia Pacific region demonstrates fastest growth of business spend management software market due to rising investments in digital transformation and augmented demand of BSM software by developing countries such as Japan, India, and South Korea. For instance, Puma Energy, Singapore based energy company adopted GEP spend management tool for efficient operation and evaluation of global supply chain.

    Business Spend Management (BSM) Software Market Competitive Landscape:

    The competitive landscape of the market has been analyzed in the report, along with the detailed profiles of the major players operating in the industry. Further, the surge in Research and Development (R&D), product innovation, various business strategies, and application launches have accelerated the growth of the Global Business Spend Management (BSM) Software Market. Key players in the market include-

    • Procurify
    • IBM
    • Fraxion
    • SutiSoft, Inc.
    • Sievo
    • GEP
    • Empronc Solutions Pvt. Ltd.
    • Touchstone Group Plc.
    • Medius Sverige AB
    • Coupa Software Inc.
    • Proactis Holdings Limited
    • Ivalua Inc.
    • SAP SE
    Sage Intacct, Inc.

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