The new report by Expert Market Research titled, ‘Global Business Spend Management (BSM) Software Market Size, Share, Growth, Analysis, Report and Forecast 2023-2028’, gives an in-depth analysis of the business spend management software market, assessing the market based on its segments like component, deployment, enterprise size, product, end-user and major regions.
The report tracks the newest trends within the industry and studies their impact on the general market. It also assesses the market dynamics, covering the key demand and price indicators, alongside analyzing the market based on the SWOT and Porter’s Five Forces models.
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Business Spend Management (BSM) Software Market Share, Size, Trends, Industry Report, Key Player, Major Segments, and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
• Forecast CAGR (2023-2028): 10.00%
Due to the increase in small and medium-sized businesses, North America currently controls the majority of the business software market. The growth of this market in the area will also be aided by the improvement of technology and rising R&D spending throughout the course of the projected period.
Owing to the increase in smartphone use and internet penetration, Asia-Pacific is expected to have considerable growth in the business spend software market. BSM software was adopted by end users to streamline business operations. Additionally, the ongoing trend of digitalization encourages businesses to create technologically cutting-edge solutions, which is further expected to fuel the expansion of the business spend software market in the region over the next few years.
Business Spend Management (BSM) Software Industry Definition and Major Segments
Business spend management (BSM) is a set of software-assisted business operations. Business spend management encompasses procurement, invoice management, cost management, and other ways money is spent (and associated processes) in organizations. Budgeting, inventory, contract lifecycle management, supplier management, strategic sourcing, and analytics are all components of business spend management, which collaborates with human capital management (HCM), customer relationship management (CRM), and enterprise resource planning (ERP) and encompasses all business processes.
The business spend management software market can be segmented on the basis of component, deployment, enterprise size, product, end-user and regions.
On the basis of component, the business spend management software market can be segmented into:
- Solutions (by type, it can further be divided into the following)
- Procure- to- Pay Solutions
- Supply and Risk Management
- Travel and Expense Management
- Contract and e-tender Management
- Spend Management/Spend Analytics
- Services (by type, it can further be divided into the following)
- Managed Services
- Professional Services
Based on deployment, the market can be segmented into:
Based on enterprise size, the market is divided into:
- Small and Medium Enterprises (SMEs)
- Large Enterprises
Based on product, the market is segmented into:
- Indirect Spending
- Direct Spending
- MRO Spending
Based on end-user, the market is divided into:
- IT and Telecom
- Energy and Utility
- Retail and E-commerce
The major regions in which the market can be segmented into are:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
Business Spend Management (BSM) Software Market Trends
It is envisaged that the market will be stimulated by contemporary solutions that offer integrated travel, corporate card, and expenditure management platforms employing real-time data to assist businesses in maintaining the safety of traveling staff, reducing spending, and increasing productivity. Finance automation platforms that combine software services to provide straightforward solutions for corporate cards, cost management, bill payments, accounting, and reporting are expected to rise in popularity.
In order to avoid bottlenecks, businesses aim to reduce supply chain risk, improve market routes, and automate maintenance, repair and overhaul (MRO) activities. These processes are facilitated by spend management software. These solutions should strengthen the market.
Key Market Players
The major players in the global business spend management (BSM) software market report are:
Medius Sverige AB, Coupa Software Inc., Proactis Holdings Limited, Ivalua Inc., SAP SE, Sage Intacct, Inc and others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of those market players.
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