Global Spend Management Platform Market Report 2024

The spend management platform market size has grown rapidly in recent years. It will grow from $20.13 billion in 2023 to $22.77 billion in 2024 at a compound annual growth rate (CAGR) of 13.2%. The growth observed in the historic period can be attributed to several factors, including the increased adoption of cloud-based solutions, the growing complexity of global supply chains, an increased emphasis on cost reduction initiatives, the expansion of e-commerce, a rising awareness of sustainability practices, and a heightened emphasis on data-driven decision-making processes.

The spend management platform market size is expected to see rapid growth in the next few years. It will grow to $37.65 billion in 2028 at a compound annual growth rate (CAGR) of 13.4%. The anticipated growth in the forecast period can be attributed to several factors, including the rising demand for mobile-first solutions, increasing adoption of blockchain technology, growing interest in decentralized procurement methods, increasing demand for real-time spend visibility, and a rising emphasis on ESG (environmental, social, and governance) criteria. Key trends expected in the forecast period encompass technological advancements, the proliferation of mobile applications, integration of AI technologies, adoption of blockchain integration, and the utilization of cloud-based solutions.

The rise of e-commerce is poised to drive the growth of the spend management platform market in the coming years. E-commerce, or electronic commerce, refers to the online buying and selling of goods and services. This growth in e-commerce can be attributed to factors such as widespread smartphone adoption, increased internet connectivity, changing consumer preferences favoring online shopping for its convenience and variety, and the expansion of digital payment options. Spend management platforms play a crucial role in streamlining procurement processes, optimizing vendor relationships, and analyzing purchasing data to improve cost efficiency and profitability for e-commerce businesses. For example, as of February 2024, the Census Bureau of the Department of Commerce reported that U.S. retail e-commerce sales for the fourth quarter of 2023 reached $285.2 billion, marking a 0.8% increase from the third quarter of 2023. Total retail sales for the same period were estimated at $1.83 trillion, showing a 0.4% increase from the third quarter of 2023. Therefore, the expansion of e-commerce is a driving force behind the growth of the spend management platform market.

Major players in the spend management platform market are focusing on integrating advanced technological features, such as artificial intelligence (AI) and machine learning (ML) technologies, into their solutions to deliver more efficient financial management solutions and gain a competitive advantage. AI and ML technologies involve using intelligent algorithms and data-driven models to automate and optimize various aspects of procurement and expense management processes. For instance, in January 2024, Corpay Inc., a U.S.-based spend management company, introduced Corpay Complete, a mobile spending management platform that consolidates multiple financial processes such as corporate cards, expense reimbursements, accounts payable (AP) automation, and supplier payments into a unified system. This platform aims to simplify payment processes for finance teams by eliminating silos between different software systems and creating a centralized hub for cost management. Key features include AI and ML technologies for invoice automation, vendor management, and expenditure management using optical character recognition.

In January 2022, Mitratech Holdings Inc., a U.S.-based provider of enterprise legal management solutions, acquired Quovant LLC to enhance its offerings, deliver more value to customers, and strengthen its position in the legal and compliance software market. Quovant LLC specializes in providing legal spend management software.

Major companies operating in the spend management platform market are Oracle Corporation, SAP SE, Workday Inc., The Sage Group plc, GEP Worldwide, BILL Operations LLC, Coupa Software Inc., Basware Corporation, Brex Inc., Zycus Inc., Jaggaer, Expensify Inc., Proactis Holdings Limited, Ivalua Inc., Airbase Inc., Sievo Oy, Payhawk Ltd., Procurify Technologies Inc., SynerTrade SA, SutiSoft Inc., BirchStreet Systems Inc., Vroozi Inc., TradoGram Inc., Mesh Payments Inc., BuyerQuest Holdings Inc.

North America was the largest region in the spend management platform market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the spend management platform market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the spend management platform market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

A spend management platform is a software solution designed to assist businesses in tracking, managing, and optimizing their expenditures across different categories. Its purpose is to enhance financial visibility, control costs, and drive efficiency by streamlining procurement processes, monitoring expenses, and analyzing spending patterns to optimize financial resources and improve budget allocation.

The primary deployment types of spend management platforms are on-premise and cloud-based. On-premise solutions are installed and operated from the client's in-house server and computing infrastructure, offering full control and customization. They find applications in various sectors such as consumer goods, retail, healthcare, pharmaceuticals, manufacturing, and others, serving enterprises of different sizes including large enterprises and small to medium enterprises.

The spend management platform market research report is one of a series of new reports that provides spend management platform market statistics, including the spend management platform industry global market size, regional shares, competitors with spend management platform market share, detailed spend management platform market segments, market trends, and opportunities, and any further data you may need to thrive in the spend management platform industry. These spend management platform market research reports deliver a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The spend management platform market includes revenues earned by entities by providing services, such as expense tracking, budgeting, and invoice processing services. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

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.


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