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Business spend management (BSM) solutions provide a proper overview of procurement analytics and access to structured workflows that support to recognize the best ways to secure cost savings. The BSM solution can manage the end-to-end supply chain, procurement, invoice, and contracts & tenders processes effectively. In today’s technological era, information technology broadened its application area to move all essential business tasks into the digital space. The business spend management (BSM) software tools are then becoming popular that streamline the approval and request processes, helping organizations to work remotely and save money & time.
The increasing internet and smartphone penetration are also likely to propel the market growth. In addition, the integration of advanced technologies such as artificial intelligence (AI), cloud, and machine learning (ML) with a BSM is anticipated to boost the demand for BSM solutions. Key players in this market are focusing on new product launches to expand its product portfolio. For instance, in May 2020, Paramount WorkPlace launched its new travel management solution – “WorkPlace Travel”. The aim is to offer a powerful, easy-to-use, and cost-effective travel management solutions for enterprises and midmarket organizations. However, the data security concerns associated with BSM software is anticipated to hinder the market growth.
Key Market Driver -
• Rising adoption of cloud-based business spend management (BSM) solutions among organizations to aid market growth • Increasing internet and smartphone penetration to propel growth of the market
Key Market Restraint -
• Information security and privacy concerns proving to be inhibiting factor for market growth
Several key players are focussing to enhance their BSM solution by using advanced technologies such as cloud, SaaS, artificial intelligence (AI), machine learning (ML), and others. In this way, players are primarily spending their attention on research and development activities to launch new product offerings. Strategic collaborations and partnerships support market players to expand their business portfolio. Some of the key players in the market are Control Data Inc. (ProcurePort), Coupa Software Inc., Proactis Holdings Plc., Ivalua Inc., Advanced, MetricStream Inc., TOUCHSTONE GROUP PLC, Concur Technologies, Inc. (SAP SE), Basware, Sievo, Expensify, Inc., Sage Intacct, Inc., TRADOGRAM, Ariba, Inc. (SAP SE), VA Tech Ventures Pvt Limited (Happay), SutiSoft, Inc., and others.
North America is anticipated to witness major market share, owing to the presence of prominent market players such as Coupa Software Inc., Expensify, Inc., and others. Technological development and rising R&D investments led North America to become a dominant region in the adoption of business spend management (BSM) software solution. Thus, North America is forestalling to emerge as a market leader. BSM solution providers in this region are investing heavily in research and development activities to enhance their software capabilities. For instance, in 2018, Coupa Software Inc. spent around USD 62 million (23.7%) of its annual revenue on research and development activities. The aim is to increase the company’s visibility in terms of performance, operational processes, and organizational spending.
Asia-Pacific is the most developing region across the world. In the region, growing smartphone and internet penetration led end-users to adopt business spend management (BSM) software s to optimize their business operations. The ongoing trend of digitization encourages organizations across the region to develop technologically advanced solutions. Key players are focusing on an expansion strategy to enhance their product portfolio. For instance, in April 2019, SAP Concur launched an “SAP Concur China Development Center” in Shanghai, China. The aim is to develop and provide end-to-end spend management solutions across end-users and improve the customer-centric experience. Thus, Asia-pacific is expected to emerging as a prominent market contributor during forecast period.
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