Global Spend Analytics Market Is Expected to Reach $13.27 Billion By 2032

Zion Market Research has published a new report titled “Spend Analytics Market by Component (Software and Services), by Deployment (On-Premises, Cloud, and Hybrid) by Analytics (Descriptive, Diagnostic, Predictive, and Prescriptive), and by End-Use Industry (Retail, BFSI, IT & Telecom, Healthcare, Manufacturing, Energy & Utilities, Government Sector, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2024–2032’’. According to the report, the global spend analytics market was USD 2.89 Billion in 2023. The market is forecast to reach USD 13.27 Billion by 2032, growing at a compound annual growth rate (CAGR) of 18.47% during the forecast period 2024-2032.

Spend analytics analyze purchase orders, contracts, discounts, rebates, price variances for similar items from the same or different vendors over a specific timeframe. The demand for spend analytics solutions is increasing owing to the rise of e-commerce sales. The global online sales in 2018 were valued at around USD 2.8 trillion in comparison to USD 2.3 trillion in 2017. Thus, it is anticipated that the demand for spend analytics solutions will grow in the upcoming years.

The global spend analytics market is also expected to grow in the future, owing to the increasing demand for spend analytics solutions in the IT and telecom sector. Spend analytics helps telecom organizations to monitor their daily expenses in an efficient and effective manner. With the increasing number of smartphone users, telecom organizations are focusing on solutions that help them to manage and reduce costs to increase their profitability.

Browse the full “Spend Analytics Market by Component (Software and Services), by Deployment (On-Premises, Cloud, and Hybrid) by Analytics (Descriptive, Diagnostic, Predictive, and Prescriptive), and by End-Use Industry (Retail, BFSI, IT & Telecom, Healthcare, Manufacturing, Energy & Utilities, Government Sector, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2024–2032” Report at https://www.zionmarketresearch.com/report/spend-analytics-market

The global spend analytics market is fragmented on the basis of deployment, component, analytics, and end-use industry. The deployment segment comprises cloud, hybrid, and on-premises. The cloud segment is anticipated to hold a substantial share in the future, owing to its several benefits over other deployment methods. By component, the market includes software and services. The services segment is expected to grow significantly in the upcoming years, due to the increasing need for expertise in technology and training purposes.

On the basis of analytics, the spend analytics market descriptive, prescriptive, predictive, and diagnostic. In terms of market share, descriptive analytics is expected to make notable contributions in the years ahead. Based on end-use industry, the market includes healthcare, retail, IT and telecom, BFSI, manufacturing, energy and utilities, government sector, and others. The manufacturing sector will grow significantly over the forecast timeframe, owing to the increasing use of online transactions for procurement.

By region, North America is estimated to hold a substantial share of the global spend analytics market over the forecasted timespan. The U.S. is expected to make notable contributions to this regional market. Furthermore, the presence of major players, such as IBM Corporation, Oracle Corporation, Coupa Software, etc., in this region is expected to further the North American spend analytics market in the future. The Middle Eastern and African region will witness notable growth in the spend analytics market in the upcoming years, owing to the increasing adoption of technology by the retail sector.

Spend Analytics Market: Competitive Analysis

The global spend analytics market is dominated by players like:

• SAS Institute
• IBM Corporation
• Zycus
• Coupa Software
• Proactis Holdings
• JAGGAER
• Empronc Solutions
• Rosslyn Data Technologies
• Oracle Corporation
• SAP SE

This report segments the global spend analytics market into:

Global Spend Analytics Market: Deployment Analysis

• On-Premises
• Cloud
• Hybrid

Global Spend Analytics Market: Component Analysis

• Software
• Services

Global Spend Analytics Market: Analytics Analysis

• Descriptive
• Diagnostic
• Predictive
• Prescriptive

Global Spend Analytics Market: End-Use Industry Analysis

• Retail
• BFSI
• IT and Telecom
• Healthcare
• Manufacturing
• Energy and Utilities
• Government Sector
• Others

Global Spend Analytics Market: Regional Analysis

• North America
  • The U.S.
• Europe
  • UK
  • France
  • Germany
• Asia Pacific
  • China
  • Japan
  • India
• Latin America
  • Brazil
• The Middle East and Africa

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