The demand for Spend Analytics Software is growing as organizations are looking for solutions to obey strict governance and compliance policies related to their accounts and spend data, increasing adoption of market intelligence by suppliers, and the necessity to keep company’s expenditure to the minimum without affecting its operations. Apart from this there is increasing need for supplier and market intelligence, predictive analytics for businesses, need to better manage internal compliance policies and external contracts.

The spend analytics market is expected to grow to USD 3.01 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 17.7%

The challenges faced by the spend analytics market are issues in achieving consistency in business semantics and interpretations, data privacy and security concerns, and concerns about positive Return on Investment (RoI). Difficulty in migrating from legacy systems might restrain the market growth.

Major vendors that offer spend analytics solutions include 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), and BravoSolution SPA (US).

Major vendors have adopted couple of growth strategies such as new product launches, partnerships and collaborations, and mergers and acquisitions, to expand their offerings in the market.

Industries that use Spend Analytics Software includes Manufacturing, Retail & E-Commerce, Government & Defence, Healthcare & Life Sciences, Telecommunications & IT, Energy & Utility, BFSI, Construction, Retail and Education.