The spend analytics market size has grown rapidly in recent years. It will grow from $2.15 billion in 2023 to $2.56 billion in 2024 at a compound annual growth rate (CAGR) of 19.1%. The growth observed during the historic period can be attributed to several factors, including increasing globalization, the growing adoption of digital technologies, regulatory compliance requirements, rising demand for cost reduction, and increased awareness of the potential benefits associated with spend analytics.
The spend analytics market size is expected to see rapid growth in the next few years. It will grow to $5.23 billion in 2028 at a compound annual growth rate (CAGR) of 19.6%. The forecasted growth can be attributed to advancements in artificial intelligence and machine learning, expansion of cloud-based solutions, emphasis on sustainability and ethical sourcing, focus on risk management, integration of Internet of Things (IoT) devices. Major trends in the forecast period include increased focus on predictive analytics, adoption of blockchain technology for enhanced transparency, proliferation of data-driven decision-making tools, emergence of augmented analytics for deeper insights, growth of spend analytics as a service (SaaS) offerings.
The ascendancy of the retail and e-commerce sector is poised to be a significant catalyst for the expansion of the spend analytics market in the foreseeable future. This sector encompasses businesses engaged in the direct sale of goods and services to consumers through physical retail outlets or digital platforms, facilitating the seamless exchange and distribution of products. The surge in the retail and e-commerce realm can be attributed to evolving consumer preferences, the allure of convenience, competitive pricing dynamics, and ripe opportunities for market expansion. Spend analytics, a pivotal practice within the retail and e-commerce domain, entails scrutinizing purchasing data to fine-tune sourcing strategies, foster stronger supplier relations, and bolster cost efficiency across the supply chain. A noteworthy example of this trend is evident in the figures reported by the United States Census Bureau in February 2024, which indicate a robust 7.6% year-on-year increase in total e-commerce sales, reaching an estimated $1.11 trillion in 2023. Consequently, the burgeoning retail and e-commerce landscape emerges as a primary driver fueling the growth trajectory of the spend analytics market.
Key players within the spend analytics arena are intensifying their focus on developing advanced solutions to gain a competitive edge, particularly in the realm of legal spend analytics. This specialized domain pertains to the meticulous analysis and management of financial outlays associated with legal services within organizational contexts. For instance, in January 2021, Epiq Systems, a prominent legal services entity based in the United States, unveiled an innovative offering in the form of advanced spend analytics, leveraging the capabilities of Microsoft Power BI. Positioned to revolutionize legal operations, Epiq's advanced spend analytics solution empowers legal teams with data-driven insights to enhance decision-making efficacy. By furnishing targeted insights and comprehensive tools for managing legal expenditures, this integration drives operational efficiency, optimizes costs, and empowers clients with a competitive edge.
In November 2021, Banyan Software Inc., an investment firm headquartered in the US, completed the acquisition of Atamis Ltd. for an undisclosed sum. This strategic move bolstered Banyan Software's presence in the enterprise software market by expanding its portfolio and securing access to Atamis Ltd.'s established customer base and expertise in procurement solutions. This acquisition enhances Banyan Software's capabilities and growth prospects in the industry. Atamis Ltd., based in the UK, specializes in providing contract lifecycle management (CLM) and spend analysis solutions.
Major companies operating in the spend analytics market are International Business Machines Corporation (IBM), Oracle Corporation, SAP SE, Genpact, SAS Institute Inc., GEP, Coupa Software Inc., Anaplan Inc., Icertis Inc., Zycus Inc., Ivalua Inc., Jaggaer Inc., Zageno Inc., Sievo Oy, Insight Sourcing Group, Proxima Group, BirchStreet Systems LLC, Proactis Holdings Plc, Tejari Solutions Pvt Ltd., Apex Analytix LLC, Rosslyn Data Technologies PLC, Spendency AB, TealBook, Empronc Solutions Pvt. Ltd., Dhatim SAS.
North America was the largest region in the spend analytics market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the spend analytics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the spend analytics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Spend analytics involves collecting, cleansing, classifying, and analyzing expenditure data to reduce procurement costs, enhance efficiency, and ensure compliance. It encompasses identifying spending patterns, extracting insights, and making data-driven decisions to optimize supply chains, increase procurement value, and improve supplier relationships.
The primary types of spend analytics include software and services. Software is utilized to gather, process, and analyze financial data from various sources to gain insights into procurement patterns and optimize expenditure strategies. It offers descriptive, prescriptive, and predictive analytics for financial management, risk management, governance and compliance, supplier sourcing and performance, demand and supply forecasting, and other applications across manufacturing, supply chain, logistics, retail, BFSI, IT and telecommunications, education, healthcare, and other industries.
The spend analytics market research report is one of a series of new reports that provides spend analytics market statistics, including spend analytics industry global market size, regional shares, competitors with a spend analytics market share, detailed spend analytics market segments, market trends and opportunities, and any further data you may need to thrive in the spend analytics industry. This spend analytics market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The spend analytics market consists of revenues earned by entities by providing services such as software licenses, subscription fees, implementation and consulting services, training programs, support and maintenance services, and professional services. The market value includes the value of related goods sold by the service provider or included within the service offering. The spend analytics market also includes sales of servers, data collection devices, networking equipment, computers, data processing units, backup systems and security hardware. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
This product will be delivered within 3-5 business days.
The spend analytics market size is expected to see rapid growth in the next few years. It will grow to $5.23 billion in 2028 at a compound annual growth rate (CAGR) of 19.6%. The forecasted growth can be attributed to advancements in artificial intelligence and machine learning, expansion of cloud-based solutions, emphasis on sustainability and ethical sourcing, focus on risk management, integration of Internet of Things (IoT) devices. Major trends in the forecast period include increased focus on predictive analytics, adoption of blockchain technology for enhanced transparency, proliferation of data-driven decision-making tools, emergence of augmented analytics for deeper insights, growth of spend analytics as a service (SaaS) offerings.
The ascendancy of the retail and e-commerce sector is poised to be a significant catalyst for the expansion of the spend analytics market in the foreseeable future. This sector encompasses businesses engaged in the direct sale of goods and services to consumers through physical retail outlets or digital platforms, facilitating the seamless exchange and distribution of products. The surge in the retail and e-commerce realm can be attributed to evolving consumer preferences, the allure of convenience, competitive pricing dynamics, and ripe opportunities for market expansion. Spend analytics, a pivotal practice within the retail and e-commerce domain, entails scrutinizing purchasing data to fine-tune sourcing strategies, foster stronger supplier relations, and bolster cost efficiency across the supply chain. A noteworthy example of this trend is evident in the figures reported by the United States Census Bureau in February 2024, which indicate a robust 7.6% year-on-year increase in total e-commerce sales, reaching an estimated $1.11 trillion in 2023. Consequently, the burgeoning retail and e-commerce landscape emerges as a primary driver fueling the growth trajectory of the spend analytics market.
Key players within the spend analytics arena are intensifying their focus on developing advanced solutions to gain a competitive edge, particularly in the realm of legal spend analytics. This specialized domain pertains to the meticulous analysis and management of financial outlays associated with legal services within organizational contexts. For instance, in January 2021, Epiq Systems, a prominent legal services entity based in the United States, unveiled an innovative offering in the form of advanced spend analytics, leveraging the capabilities of Microsoft Power BI. Positioned to revolutionize legal operations, Epiq's advanced spend analytics solution empowers legal teams with data-driven insights to enhance decision-making efficacy. By furnishing targeted insights and comprehensive tools for managing legal expenditures, this integration drives operational efficiency, optimizes costs, and empowers clients with a competitive edge.
In November 2021, Banyan Software Inc., an investment firm headquartered in the US, completed the acquisition of Atamis Ltd. for an undisclosed sum. This strategic move bolstered Banyan Software's presence in the enterprise software market by expanding its portfolio and securing access to Atamis Ltd.'s established customer base and expertise in procurement solutions. This acquisition enhances Banyan Software's capabilities and growth prospects in the industry. Atamis Ltd., based in the UK, specializes in providing contract lifecycle management (CLM) and spend analysis solutions.
Major companies operating in the spend analytics market are International Business Machines Corporation (IBM), Oracle Corporation, SAP SE, Genpact, SAS Institute Inc., GEP, Coupa Software Inc., Anaplan Inc., Icertis Inc., Zycus Inc., Ivalua Inc., Jaggaer Inc., Zageno Inc., Sievo Oy, Insight Sourcing Group, Proxima Group, BirchStreet Systems LLC, Proactis Holdings Plc, Tejari Solutions Pvt Ltd., Apex Analytix LLC, Rosslyn Data Technologies PLC, Spendency AB, TealBook, Empronc Solutions Pvt. Ltd., Dhatim SAS.
North America was the largest region in the spend analytics market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the spend analytics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the spend analytics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Spend analytics involves collecting, cleansing, classifying, and analyzing expenditure data to reduce procurement costs, enhance efficiency, and ensure compliance. It encompasses identifying spending patterns, extracting insights, and making data-driven decisions to optimize supply chains, increase procurement value, and improve supplier relationships.
The primary types of spend analytics include software and services. Software is utilized to gather, process, and analyze financial data from various sources to gain insights into procurement patterns and optimize expenditure strategies. It offers descriptive, prescriptive, and predictive analytics for financial management, risk management, governance and compliance, supplier sourcing and performance, demand and supply forecasting, and other applications across manufacturing, supply chain, logistics, retail, BFSI, IT and telecommunications, education, healthcare, and other industries.
The spend analytics market research report is one of a series of new reports that provides spend analytics market statistics, including spend analytics industry global market size, regional shares, competitors with a spend analytics market share, detailed spend analytics market segments, market trends and opportunities, and any further data you may need to thrive in the spend analytics industry. This spend analytics market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The spend analytics market consists of revenues earned by entities by providing services such as software licenses, subscription fees, implementation and consulting services, training programs, support and maintenance services, and professional services. The market value includes the value of related goods sold by the service provider or included within the service offering. The spend analytics market also includes sales of servers, data collection devices, networking equipment, computers, data processing units, backup systems and security hardware. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
This product will be delivered within 3-5 business days.
Table of Contents
1. Executive Summary2. Spend Analytics Market Characteristics3. Spend Analytics Market Trends and Strategies32. Global Spend Analytics Market Competitive Benchmarking33. Global Spend Analytics Market Competitive Dashboard34. Key Mergers and Acquisitions in the Spend Analytics Market
4. Spend Analytics Market - Macro Economic Scenario
5. Global Spend Analytics Market Size and Growth
6. Spend Analytics Market Segmentation
7. Spend Analytics Market Regional and Country Analysis
8. Asia-Pacific Spend Analytics Market
9. China Spend Analytics Market
10. India Spend Analytics Market
11. Japan Spend Analytics Market
12. Australia Spend Analytics Market
13. Indonesia Spend Analytics Market
14. South Korea Spend Analytics Market
15. Western Europe Spend Analytics Market
16. UK Spend Analytics Market
17. Germany Spend Analytics Market
18. France Spend Analytics Market
19. Italy Spend Analytics Market
20. Spain Spend Analytics Market
21. Eastern Europe Spend Analytics Market
22. Russia Spend Analytics Market
23. North America Spend Analytics Market
24. USA Spend Analytics Market
25. Canada Spend Analytics Market
26. South America Spend Analytics Market
27. Brazil Spend Analytics Market
28. Middle East Spend Analytics Market
29. Africa Spend Analytics Market
30. Spend Analytics Market Competitive Landscape and Company Profiles
31. Spend Analytics Market Other Major and Innovative Companies
35. Spend Analytics Market Future Outlook and Potential Analysis
36. Appendix
Executive Summary
Spend Analytics Global Market Report 2024 provides strategists, marketers and senior management with the critical information they need to assess the market.This report focuses on spend analytics market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
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- All data from the report will also be delivered in an excel dashboard format.
Description
Where is the largest and fastest growing market for spend analytics ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The spend analytics market global report answers all these questions and many more.The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.
- The market characteristics section of the report defines and explains the market.
- The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
- The forecasts are made after considering the major factors currently impacting the market. These include:
- The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
- The impact of higher inflation in many countries and the resulting spike in interest rates.
- The continued but declining impact of COVID-19 on supply chains and consumption patterns.
- Market segmentations break down the market into sub markets.
- The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
- The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
- The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.
Scope
Markets Covered:
1) By Type: Software; Service2) By Analysis: Descriptive; Prescriptive; Predictive
3) By Application: Financial Management; Risk Management; Governance And Compliance Management; Supplier Sourcing And Performance Management; Demand And Supply Forecasting; Other Applications.
4) By End-User Industry: Manufacturing; Supply Chain And Logistic; Retail; Banking, Financial Services, And Insurance (BFSI); Information Technology (IT) And Telecommunication; Education; Healthcare; Other End-User Industries.
Key Companies Mentioned: International Business Machines Corporation (IBM); Oracle Corporation; SAP SE; Genpact; SAS Institute Inc.
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time Series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita.
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
Delivery Format: PDF, Word and Excel Data Dashboard.
Companies Mentioned
- International Business Machines Corporation (IBM)
- Oracle Corporation
- SAP SE
- Genpact
- SAS Institute Inc.
- GEP
- Coupa Software Inc.
- Anaplan Inc.
- Icertis Inc.
- Zycus Inc.
- Ivalua Inc.
- Jaggaer Inc.
- Zageno Inc.
- Sievo Oy
- Insight Sourcing Group
- Proxima Group
- BirchStreet Systems LLC
- Proactis Holdings Plc
- Tejari Solutions Pvt Ltd.
- Apex Analytix LLC
- Rosslyn Data Technologies PLC
- Spendency AB
- TealBook
- Empronc Solutions Pvt. Ltd.
- Dhatim SAS
Table Information
Report Attribute | Details |
---|---|
No. of Pages | 175 |
Published | May 2024 |
Forecast Period | 2024 - 2028 |
Estimated Market Value ( USD | $ 2.56 Billion |
Forecasted Market Value ( USD | $ 5.23 Billion |
Compound Annual Growth Rate | 19.6% |
Regions Covered | Global |
No. of Companies Mentioned | 25 |