Global Spend Analytics Market (2020-2024) report highlights Significant dynamics and in-depth analysis of the market segment with concentrating on factual data, present industry activities, growth opportunities, new product inventions, and market forecast for the future prospective of time along with leading market players, market study based on several regions, and extensive product. Spend Analytics Market report can function as an assistive reference point for helping individuals as well as businesses from this segment. The leading industry players across the globe are explored in detail in this report. It demonstrates product overview, company summary, and manufacturing cost, capacity, and market shares for most of the participants.
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The objective of the study is to define market sizes of different segments and countries in previous years and to forecast the values to the next Five years. The report is designed to incorporate both qualify qualitative and quantitative aspects of the industry with respect to each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as drivers and restraining factors which will define the future growth of the Spend Analytics market.
The Spend Analytics Market business development trends and selling channels square measure analyzed. From a global perspective, it also represents overall industry size by analyzing qualitative insights and historical data.
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The Spend analytics market is expected to grow significantly at a CAGR of XX% during the forecast period (2018-2023). The scope includes different Deployment modes of spend analytics market, such as On-Cloud. The regions considered under the scope of the report include North America, Europe, Asia-Pacific, South America, and Middle East & Africa.
Spend analytics is now gaining traction in various end-user industries, and has caught the eye of various enterprises for better financial decision making. Some of the prominent trends that the market is witnessing include rising adoption of BI tools among SME, cloud adoption and IOT applications penetration and growing industrial concerns regarding cost saving to enhance performance are some main reasons owing to growth of spend analytics market growth. However, growing government stringent regulations related to data security and data breaching across the globe could be major hindrance for the growth of spend analytics market.
Rising Adoption in Procurement Process in Industries
Increasing adoption among Procurement teams in an organizations are driving the market for growing spend analytics. Spend analytics is enabling procurement leaders to be even better at their work through enhancing planning purchase timing and inventories to meet manufacturing and consumer demand schedules, identifying cost savings and predicting future risks. In step to cost saving, with procurement typically spending 40%–70% of a firm’s budget, more and more businesses are encouraging their finance and procurement teams to work closely together. Thus further fueling the market for spend analytics. With data proliferation and growing easily accessed and cheap data centers delivered by cloud vendors, has brought down the costs of upfront investment in spend analytics in procurement process among organizations. The cost saving benefit of spend analytics has helped organizations in increasing their technologies expenditure. Hence, spend analytics are also encouraging business innovation and it is becoming essential that organizations can react to spending data they are collecting and processing as part of their business functions.
Adoption of On-Cloud Streaming Analytics Seeing Fastest Growth
Cloud service solutions are growing exponentially with the data they contain, which in return is growing the demand for On-cloud spend analytics into the market. Due to cloud, the data could be taken from various streams like social media, which helps in improving decision making process during analysis. They also come with robust analytics capabilities that provide analytics on live data or per usage data as well as data lake analytics. On-cloud spend analytics bring predictive analytics to fraud detection, real-time personalization, Cloud Machine Learning models and APIs into your streaming data pipelines. With public cloud platforms maturing and providing secure on-premises connectivity, using them as extensions of core IT infrastructure, especially among SME’s, has become a reality. Therefore there is a high increase in adoption of spend analytics hosted on the cloud and this is estimated to grow significantly during forecast period.
North America is dominating the Spend Analytics Market
North America market is dominating global spend analytics market, owing to its early adoption of big data analytics companies in US and large number of spend analytics vendors in the region which would help consolidate the majority of revenues in the spend analytics market. Additionally, the adoption of cloud technologies, in this region is also very high. Automation trends among procurement and manufacturing are growing at a rapid pace in the region. North America is also the largest contributor to the global IT BFSI market, the major market for spend analytics, by region. With many industries implementing IoT to enable better operations, the usage of spend analytics to enhance performance is also increasing. Also, strict government regulations are resulting in companies working to provide secure services. Hence thriving the demand for spend analytics in the region.
Notable Developments in Spend Analytics Market
May 2018: Zycus, a global leader for comprehensive and end-to-end Source-to-Pay suite for procurement, announced that a key government regulatory body of Australia has selected Zycus for their procurement transformation. The client organization aims to standardize their procurement process to increase efficiency across their e-Sourcing, Contract Management and Supplier Information Management operations.
May 2018: JAGGAER, the world’s largest independent spend management company, showed a unique market offering, developed at the request of businesses seeking a new way to manage large Capex projects, Project Based Procurement (PBP). PBP represents a natural evolution in the spend management space, and creates a path to true digital conversion for many companies still managing large projects with paper and excel spreadsheets
Major Players: IBM CORPORATION, SAS INSTITUTE, INC., JAGGAERÂ INCORPORATION, ORACLE CORPORATION, SAP SE, COUPA SOFTWARE INC., PROACTIS INCORPORATION, EMPRONC SOLUTIONS PVT. LTD.,and ZYCUS INC., amongst other.
Reasons to Purchase Spend Analytics Market Report
To understand the impact of spend analytics applications on the market
Analyzing various perspectives of the market with the help of Porter’s five forces analysis
Asia-Pacific is expected to witness the fastest growth during the forecast period
Identify the latest developments, market shares, and strategies employed by the major market players
3 months analyst support, along with the Market Estimate sheet (in excel)
Customization of the Report
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Covered in this report
The Report Covers the Present Scenario and the Growth Prospects of the Global Spend Analytics Market for 2020-2024. To calculate the market size, the report considers new installations or sales and subscription payments of Spend Analytics.
The market is divided into the following segments based on geography:
- North America
- United States
- Canada
- Mexico
- Europe
- France
- Germany
Global Spend Analytics Market 2020-2024, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
Market Trend
- Growing research activities coupled with new product launches.
- For a full, detailed list, view our report
Market Driver
- High Opportunity in the Industry
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Market Challenge
- Complications associated with Spend Analytics procedures.
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Key questions answered in this report
- What will the market size be in 2024 and what will the growth rate be?
- What are the key market trends?
- What is driving this market?
- What are the challenges to market growth?
- Who are the key vendors in this market space?
- What are the market opportunities and threats faced by the key vendors?
- What are the strengths and weaknesses of the key vendors?
Some Major Points from Toc :-
1. Introduction
1.1 Research Phases
1.2 Study Deliverables
1.3 Scope of the Report
2. Executive Summary
3. Market Insights
3.1 Industry Value Chain Analysis
3.2 Industry Attractiveness – Porter’s Five Forces Analysis
3.2.5 Degree of Competition
3.3 Price Analysis
4. Market Dynamics
4.1 Drivers
4.2 Restraints
4.3 Opportunities
5. Market Segmentation and Analysis (Market Size, Growth & Forecast)
5.1 By Product Type
5.2 By Application
5.3 By End-user Industry
6. Regional Market Analysis
6.1 Production Analysis
6.1.1 Australia
6.1.2 Bolivia
6.1.3 Brazil
6.1.4 Democratic Republic of Congo
6.1.5 Indonesia
6.1.6 Malaysia
6.1.7 Myanmar
6.1.8 Peru
6.1.9 Russia
6.1.10 Thailand
6.1.11 Vietnam
6.1.12 Others
6.2 Consumption Analysis (Market Size, Growth and Forecast)
6.2.1 Asia-Pacific
6.2.1.1 India
6.2.1.2 China
6.2.1.3 Japan
6.2.1.4 South Korea
6.2.1.5 Rest of Asia-Pacific
6.2.2 North America
6.2.2.1 United States
6.2.2.2 Canada
6.2.2.3 Mexico
6.2.2.4 Rest of North America
6.2.3 Europe
6.2.3.1 Germany
6.2.3.2 United Kingdom
6.2.3.3 France
6.2.3.4 Italy
6.2.3.5 Austria
6.2.3.6 Rest of Europe
6.2.4 South America
6.2.4.1 Brazil
6.2.4.2 Argentina
6.2.4.3 Rest of South America
6.2.5 Middle East & Africa
6.2.5.1 UAE
6.2.5.2 South Africa
6.2.5.3 Rest of Middle East & Africa
7. Future of the Market
8. Competitive Landscape
8.1 Mergers & Acquisitions, Joint Ventures, Collaborations and Agreements
8.2 Market Share Analysis**
8.3 Strategies Adopted by Leading Players
9. Company Profiles (Overview, Financials**, Products & Services, and Recent Developments)
10. Disclaimer
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