GVR Report cover Spend Management Platform Market Size, Share & Trends Report

Spend Management Platform Market Size, Share & Trends Analysis Report By Deployment, By Enterprise, By Application, By Region, And Segment Forecasts, 2021 To 2028

  • Published Date: ---
  • Base Year for Estimate: ---
  • Report ID: GVR452008
  • Format: Electronic (PDF)
  • Historical Data: ---
  • Number of Pages: 0

The global spend management platform market is expected to witness significant growth over the forecast period. The growth of the market can be attributed to the growing adoption of spend management software by organizations to manage business expenses and operations, and optimize the management of the supply chain and human resources to reduce operational costs and augment profitability. The benefits offered by spend management platforms, such as real-time visibility, operational efficiency, improved risk management, and better internal controls, are expected to contribute to the growth of the market. The ability of spend management platforms to facilitate accurate financial data and a clear expense process and spend policy while providing deeper insights to drive business decisions also bodes well for the growth of the market over the forecast period.

Spend Management Platform Market Segmentation

Segments

Details

Deployment

On-premise; Cloud-based

Application

Consumer Goods; Retail; Healthcare & Pharmaceuticals; Manufacturing; Others

Enterprise

Large Enterprises; Small & Medium Enterprises

Region

North America; Europe; Asia Pacific; Latin America; Middle East & Africa

 

The demand for spend management software particularly increased in the wake of the outbreak of the COVID-19 pandemic. A myriad of unexpected issues stemming from the lockdowns, the restrictions on the movement of people and goods, and the subsequent supply chain disruptions prompted companies to consider adopting spend management platforms to track expenses and identify the areas to improve and reduce operational costs. As a result, vendors of spending management platforms witnessed an exponential growth in their customer base and transaction volumes. For instance, payments news and insights company Payments Dive cited in April 2021 that the customer base of Teampay, a spend management platform based in New York, U.S., increased by almost 60% over the past 12 months.

In recent years, venture capital companies have been focusing on start-ups and helping them in raising funding to enhance their product portfolio and cement their position in the market. For instance, in June 2021, spend management platform provider Airbase Inc raised USD 60 million in Series B funding at a USD 600 million valuation. Menlo Ventures, an investment company based in the U.S., led the funding round, which also included new investor Craft Ventures and existing investors Quiet Capital, Bain Capital Ventures, First Round Capital, BoxGroup, and Webb Investment Network. The company envisages utilizing the funding to drive product improvements and innovations that can potentially transform the way organizations manage their spending. Such venture capital investments are expected to create new opportunities for the growth of the market over the forecast period.

The key players in the market include Coupa Software Inc., Procurify Technologies Inc., Airbase Inc., Vroozi, Inc., SAP Ariba, and JAGGAER. Market players are focusing on strategic mergers & acquisitions as part of the efforts to gain access to new technology, increase their market share, and enhance their product portfolio. For instance, in July 2021, multinational technology provider Microsoft announced the acquisition of SUPLARI, a spend intelligence cloud technology provider. Microsoft envisages bringing SUPLARI’s spend intelligence insights together with the capabilities of Microsoft Dynamics 365 to help customers in maximizing their financial visibility using artificial intelligence. Market players are also pursuing other growth strategies, such as strategic partnerships and new product development, to expand their market presence. For instance, in August 2021, Coupa Software Inc announced the launch of Coupa App Marketplace, a business spends management app that potentially provides customers with an easier and smarter way to track their spending. The new app allowed the company to expand its product portfolio.

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