Scope of the Study
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 being classified by Type (Direct Spend, Indirect Spend and Tail-Spend), 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 18.12%
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 profiled in the study. Additionally, the Manufacturers which are also part of the research are Genpact (United States). and Sievo Oy (Finland).
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 predicts that United States, United Kingdom, and Indian Manufacturers will contribute to the maximum growth of Global Spend Analytics market throughout the predicted period.
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 2019. Europe on the other hand stood as second largest market due to the presence of key companies into the region and high technological advancement. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
- Increasing Need for Supplier and Market Intelligence
- Predictive Analytics for Businesses
- Need to Better Manage Internal Compliance Polices and External Contracts
- Rising Adoption in Procurement Process in Industries
- Difficulty in Migrating From Legacy Systems
- Rise in Mobile Applications
- Growing Demand for Cloud Computing Technology
- Lack of Standardized Process
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.
Key Target AudienceService Providers and Distributors, Spend Analytics Application Builders, Independent Software Vendors (ISVs), Analytics Consulting Companies, Enterprises and End-Users
Customization in the Report Available:The Study can be customized to meet your requirements. Please connect with our representative, who will ensure you get a report that suits your needs.
Data related to EXIM [Export- Import], production & consumption by country or regional level break-up can be provided based on client request**
** Confirmation on availability of data would be informed prior purchase