Spend Analytics Market Growing at 7% CAGR to 2022: North America Accounted For The Largest Share of The Global Market

Spend analytics market size grows from $1.33 billion to $3.01 billion CAGR of 17.7% from 2017-2022. Finance business function is expected to record the largest market while APAC is projected to grow at the highest rate during the forecast period

Pune, India – June 13, 2017 /MarketersMedia/ —

The global spend analytics market size is estimated to grow from USD 1.33 billion in 2017 to USD 3.01 billion by 2022, at a Compound Annual Growth Rate (CAGR) of 17.7%. Need for predictive analytics for businesses, requirement for better managing internal compliance policies and external contracts, and growing demand for cloud computing technology are other factors fueling the growth of this market. However, difficulty in migrating from legacy systems is the biggest restraint for the spend analytics market.

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Finance departments need to constantly monitor, identify, and react with speed to various changes being implemented because of changes in regulation, risk, and compliance. By analyzing financial data along with pricing data, organizations can come up with strategies to improve profits and restrict unwanted spending. Spend analytics provides a platform to measure and standardize performance, monitor trends, and optimize strategies, which are instrumental in allocating capital, managing assets, and mitigating risks.

In 2017, North America is expected to dominate the spend analytics market with the largest market size. This trend is expected to continue throughout the forecast period. The spend analytics market is revealing a strong positive trend in this region, owing to the easy availability of spend analytics solutions. Various companies and industries are adopting spend analytics software and services to create business models that support real-time decision-making with data and improve productivity. The Asia Pacific (APAC) region is expected to exhibit the highest growth rate. This growth can be attributed to growing awareness, surge in spend data, and increasing demand for real-time spend analytics.

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In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews were conducted with key people.

The key vendors profiled in the report are as follows:

• SAP SE (Germany)
• SAS Institute, Inc. (US)
• IBM Corporation (US)
• Oracle Corporation (US)
• Coupa Software Inc.(US)
• Zycus Inc. (US)
• Proactis (UK)
• Empronc Solutions Pvt. Ltd. (India)
• JAGGAER (US)
• Rosslyn Analytics, Ltd. (UK)
• Ivalua Inc. (US)
• BravoSolution SPA (US)

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Source: MarketersMedia

Release ID: 207403