Dublin, Oct. 15, 2020 (GLOBE NEWSWIRE) -- The "Business Spend Management (BSM) Software Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts, 2020 To 2028" report has been added to ResearchAndMarkets.com's offering.
Streamlining the business processes to optimize the spending is improving adoption of BSM software worldwide
Using BSM software solution, enterprises can reduce their cost of goods & services, increased procurement leverages, process efficiency, and also mitigate the risk which may cause by supplier non-performance or supplier non-compliance. Additionally, the increased transparency in the procurement process and increased visibility into spending and contract provides enhanced financial control, organizational agility, and increased productivity.
With the growth of enterprises, it is difficult to manage the spending of a large number of vendors and transactions. Also, with rising cost-effective software solutions, high growth start-ups and companies are data-driven and diligent in the way to manage and regulate their spending. This shifts the enterprises towards BSM software to manage their spending.
Enterprise Type Analysis
SMEs is Dominant in 2019 owing to its increasing numbers worldwide
Among the enterprise size, the small & medium enterprises (SMEs) segment expected to grow at the fastest rate during the forecast period. The increasing number of SMEs across the globe and their adoption of software solutions to manage their spending through a single platform is driving the demand for business spend management software. Further, the insurgence of SMEs in Europe from last year has a high impact on the growing adoption of software; thereby, increasing the market size in 2019.
The rising number of SMEs expected to grow Asia Pacific market at the fastest rate
Asia Pacific is home to a large number of SMEs which are adopting BSM software. These SMEs are affecting the rising wages and increasing the number of global enterprises in the region. To stay competitive in the growing competition, regional enterprises are shifting towards reducing their operational cost. This, in turn, aided the adoption of BSM software in the region.
However, some of the industrial factors which are reducing the adoption of BSM software in the region include the high cost of a new platform, integration of new software with existing system, and ROI.
Emerging Partnership Trend is keeping the Market Competitive
The overall business spend management software market is fragmented and market players are focusing on advancing their current technology and partnering with other companies to grab a major share of the market. For instance, in November 2019, American Express partnered with Coupa Software Inc. to launch virtual AmEx on Coupa's BSM platform. With this new virtual card, businesses can pay for its goods and services through the Coupa platform.
Key Industry Development:
In December 2019, BT Group selected Ariba Inc. as its technology partner to deploy its technology across its businesses that include, finance, procurement, and workforce management. This will help BT Group to manage its spending in a better way and increase the client base of Ariba Inc.
In November 2019, Serco Group plc. selected GEP as a strategic partner to manage its procurement services. This cloud-based, AI-powered digital platform will be used for direct and indirect procurement. With this partnership, GEP expected to increase market share in the near future.
Historical & Forecast Period
The research report presents the analysis of each segment from 2018 to 2028 considering 2019 as the base year for the research. Compounded annual growth rate (CAGR) for each respective segment calculated for the forecast period from 2020 to 2028.
The current report also comprehends qualitative market valuation factors such as key market drivers, market trends, restraints, and opportunities that give a better market understanding of the global business spend management software market. Additionally, the global report also comprises a graphical representation of a competitive landscape based on their market initiatives and strategies, product portfolio, and business strengths.
Key questions answered in this report
What was the market size of the business spend management software market in 2019 and forecast up to 2028?
What are the key factors driving the global business spend management software market?
What are the key market trends and high-growth opportunities observed in the business spend management software market?
Which is the largest regional market for the business spend management software market?
Which segment will grow at a faster pace? Why?
Which region will drive the market growth? Why?
Which players are leading the business spend management software market?
What are the key strategies adopted by the leading players operating in the market?
Key Topics Covered:
2. Executive Summary
3. Market Dynamics
3.1.1. Global Business Spend Management Software (BSMS) Market Value, 2018 - 2028, (US$ Bn)
3.2. Market Dynamics
3.2.1. Market Drivers
3.2.2. Market Restraints
3.3. Attractive Investment Proposition, by Geography, 2019
3.4. Market Positioning of Key Players, 2019
3.4.1. Major Strategies Adopted by Key Players
4. Global Business Spend Management Software Market, by Solution , 2018 - 2028 (US$ Bn)
4.2. Procure to pay
4.3. Travel & expense management
4.4. Spend Analysis
4.5. Contract Management
5. Global Business Spend Management Software Market, by Enterprise, 2018 - 2028 (US$ Bn)
6. Global Business Spend Management Software Market, by Deployment, 2018 - 2028 (US$ Bn)
7. Global Business Spend Management Software Market, by End-use, 2018 - 2028 (US$ Bn)
7.3. IT & Telecom
8. North America Business Spend Management Software Market Analysis, 2018 - 2028 (US$ Bn)
9. Europe Business Spend Management Software Market Analysis, 2018 - 2028 (US$ Bn)
10. Asia Pacific Business Spend Management Software Market Analysis, 2018 - 2028 (US$ Bn)
11. Rest of the World Business Spend Management Software Market Analysis, 2018 - 2028 (US$ Bn)
12. Company Profiles
12.2. Ariba Inc.
12.3. Coupa Software Inc.
12.9. SutiSoft, Inc.
For more information about this report visit https://www.researchandmarkets.com/r/jj3cx9
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