"Smart Strategies, Giving Speed to your Growth Trajectory"

Business Spend Management (BSM) Software Market Size, Share & Industry Analysis, By Component (Solution, Services), By Deployment (Cloud, On-premises), By Enterprise Size (Small and Medium Enterprises (SMEs), Large Enterprises), By End-user (BFSI, Hospitality, Healthcare, IT & Telecom, Energy & Utility, Retail & e-Commerce, Others ) And Regional Forecast 2022-2029

Region : Global | Report ID: FBI104930 | Status : Ongoing



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

Key Players Covered:

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.

Regional Analysis:

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.

To gain extensive insights into the market, Request for Customization





By  Component

  • Solution

    • Procure-to-Pay Solutions

    • Supplier & Risk Management

    • Travel & Expense Management

    • Contract & e-Tender Management

    • Spend Management/Spend Analytics

    • Others ( Source-to-Contract, etc.)

  • Services

    • Managed Services

    • Professional Services

By  Deployment

  • Cloud

  • On-premises

By Enterprise Size

  • Small and Medium Enterprises (SMEs)

  • Large Enterprises

By End-user

  • BFSI

  • Hospitality

  • Healthcare

  • IT & Telecom

  • Energy & Utility

  • Retail & e-Commerce

  • Others (Construction, Education etc.)

By Geography

  • North America (U.S. and Canada)

  • Europe (UK, Spain, Italy, France, DACH, Benelux, Nordics, CIS, and Rest of Europe)

  • Asia-Pacific (China, India, Japan, South Korea, ASEAN, Oceania, and Rest of Asia Pacific)

  • The Middle East & Africa (Turkey, GCC, North Africa, South Africa, and Rest of MEA)

  • Latin America (South America, Central America, and Caribbean)

Key Industry Developments

  • July 2020: Coupa Software Inc. launcheded new product innovations for business resilience amid the COVID-19 pandemic. The aim is to extend its cloud-based business spend management platform to offer consumers increased spend visibility, increase business agility, and help mitigate supply chain risk.  

  • April 2020: Happay launched AI-powered invoice processing & accounts payable automation solution - "Happay Invoice". This solution is designed for mid-size to large corporates to digitally and effortlessly manage their Accounts Payable process.


  • Ongoing
  • 2021
  • 2018-2020


  • $4850
    Pre Book

Personalize this Research

  • Granular Research on Specified Regions or Segments
  • Companies Profiled based on User Requirement
  • Broader Insights Pertaining to a Specific Segment or Region
  • Breaking Down Competitive Landscape as per Your Requirement
  • Other Specific Requirement on Customization
Request Customization Banner

Information & Technology Clients

Go daddy

Client Testimonials

“We are happy with the professionalism of your in-house research team as well as the quality of your research reports. Looking forward to work together on similar projects”

- One of the Leading Food Companies in Germany

“We appreciate the teamwork and efficiency for such an exhaustive and comprehensive report. The data offered to us was exactly what we were looking for. Thank you!”

- Intuitive Surgical

“I recommend Fortune Business Insights for their honesty and flexibility. Not only that they were very responsive and dealt with all my questions very quickly but they also responded honestly and flexibly to the detailed requests from us in preparing the research report. We value them as a research company worthy of building long-term relationships.”

- Major Food Company in Japan

“Well done Fortune Business Insights! The report covered all the points and was very detailed. Looking forward to work together in the future”

- Ziering Medical

“It has been a delightful experience working with you guys. Thank you Fortune Business Insights for your efforts and prompt response”

- Major Manufacturer of Precision Machine Parts in India

“I had a great experience working with Fortune Business Insights. The report was very accurate and as per my requirements. Very satisfied with the overall report as it has helped me to build strategies for my business”

- Hewlett-Packard

“This is regarding the recent report I bought from Fortune Business insights. Remarkable job and great efforts by your research team. I would also like to thank the back end team for offering a continuous support and stitching together a report that is so comprehensive and exhaustive”

- Global Management Consulting Firm

“Please pass on our sincere thanks to the whole team at Fortune Business Insights. This is a very good piece of work and will be very helpful to us going forward. We know where we will be getting business intelligence from in the future.”

- UK-based Start-up in the Medical Devices Sector

“Thank you for sending the market report and data. It looks quite comprehensive and the data is exactly what I was looking for. I appreciate the timeliness and responsiveness of you and your team.”

- One of the Largest Companies in the Defence Industry
We use cookies to enhance your experience. By continuing to visit this site you agree to our use of cookies . Privacy.