Spend analytics software allows enterprises to consolidate all the spending information that is scattered in different formats across various sources & systems. This information include data from diverse sources including accounts payable, purchase orders, and procurement cards among others. This software helps in cleaning, classifying, validating, and reporting the spend data to offer interactive analytics dashboards and reporting sheets. All the advantages offered by spend analytics software over legacy paper based systems are expected to drive the demand of spend analytics software across various industries.
The spend analytics software market is anticipated to grow in the forecast period owing to the growing demand for market intelligence, predictive analytics among enterprises for better operational efficiency. However, slow migration from legacy systems to advanced systems could affect the growth of the market during the forecast period of 2019 to 2027. On the other hand, the increasing demand for mobile applications among customers and growing demand for cloud based solutions among enterprises are some of the factors that are anticipated to offer ample growth opportunities for the global spend analytics software market in the coming years.
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The List of Companies
– Coupa Software
– Determine (Corcentric)
– Ivalua Inc.
– SAP SE
– Synertrade Inc.
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The report aims to provide an overview of spend analytics software market with detailed market segmentation by component, application, type, deployment, end-user, and geography. The global spend analytics software market is expected to witness high growth during the forecast period. The report provides key statistics on the market status of the leading spend analytics software market players and offers key trends and opportunities in the market.
The global spend analytics software market is segmented on the basis of component, application, type, deployment, end-user, and geography. By component, the market is segmented into software and services. On the basis of application, the market is segmented into financial management, risk management, governance and compliance management, supplier sourcing and performance management, demand and supply forecasting, and others. On the basis of type, the market is segmented into predictive analytics, prescriptive analytics, and descriptive analytics. Based on deployment, the market is segmented into on-premises and cloud-based. Based on end-user, the market is segmented into IT and telecommunications, government and defense, energy and utilities, BFSI, and others.
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