Spend Analytics Market Scope
Spend Analytics is a process used by various organizations to optimize their supply performance by integrating data from the value chain. This analysis enables the executives of the business, employees, and managers to make better and actionable decisions for the organization future. Spend analytics helps in gaining visibility on spending as well as it helps to improve the processes. It also supports cut costs and maintain a relevant & concise supply base.
The market study is segmented, by Application (Financial Management, Risk Management, Governance and Compliance Management, Supplier Sourcing and Performance Management, Demand and Supply Forecasting and Others) and major geographies with country level break-up. According to AMA, the Global Spend Analytics market is expected to see growth rate of 17.12% and may see market size of USD4707.87 Million by 2024.
In Spend Analysis Market, it has been observed that most of the companies are upgrading or introducing innovative services. They rely on strategies such as mergers & acquisition, product development, geographical expansion, technological innovation and sourcing strategies to enhance their market share.The Manufacturers having a strong hold in the market are IBM Corporation, SAS Institute, Inc., JAGGAER Incorporation, SAP SE, and Coupa Software Inc.. Research Analyst at AMA estimates that United States Manufacturers will contribute to the maximum growth of Global Spend Analytics market throughout the predicted period.
SAP SE (Germany), SAS Institute, Inc. (United States), IBM Corporation (United States), Oracle Corporation (United States), Coupa Software Inc. (United States), Zycus Inc. (United States), Proactis (United Kingdom), Empronc Solutions Pvt. Ltd. (India), JAGGAER Incorporation (United States), Rosslyn Analytics, Ltd. (United Kingdom), Ivalua Inc. (United States) and BravoSolution SPA (United States). are some of the key players that are part of study coverage. Additionally, the Manufacturers which are also part of the research are Genpact (United States). and Sievo Oy (Finland).
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a
preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from total available market.
AdvanceMarketAnalytics has segmented the market of Global Spend Analytics market by Type, Application and Region.
On the basis of geography, the market of Spend Analytics has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). North America region held largest market share in the year 2018. Europe on the other hand stood as second largest market due to the presence of key companies into the region and high technological advancement.
Market Leaders and their expansionary development strategies
In January 2017, Coupa Software Inc. acquired all of the assets of Spend360 International Ltd. to help companies digitize antiquated processes for data classification. This acquisition integrated the Spend360’s well versed in deep analytics and algorithm development with Coupa Software
In October 2019, LevaData, a Supply chain & procurement optimization solution provider collaborated with IBM Corporation to augment its data analytics capabilities. Together the companies will roll out the DirectSpend IQ solution that deploys IBM managed services solutions with LevaData’s Cognitive Sourcing Platform.
- Rising Adoption in Procurement Process in Industries
- Increasing Need for Supplier and Market Intelligence
- Predictive Analytics for Businesses
- Need to Better Manage Internal Compliance Polices and External Contracts
- Rise in Mobile Applications
- Growing Demand for Cloud Computing Technology
- Difficulty in Migrating From Legacy Systems
- Lack of Standardized Process
Key Target AudienceService Providers and Distributors, Spend Analytics Application Builders, Independent Software Vendors (ISVs), Analytics Consulting Companies, Enterprises and End-Users
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