Europe, US, and Australia Total Spend Management Market Size By Type(Purchasing card, Invoice management, Expense and Others), By Vertical(BSFI, IT & Telecom, Retail & E-Commerce, Transportation & Logistics, Manufacturing), By Geographic Scope And Forecast

Europe, US, and Australia Total Spend Management Market Size And Forecast

Europe, US, and Australia Total Spend Management Market size was valued at USD 14,575.86 Million in 2020 and is projected to reach USD 29,251.25 Million by 2028, growing at a CAGR of 9.97% from 2021 to 2028.

The rise in the adoption of smart and compatible devices and feasible networks is significantly aiding in the growth of the Europe, Australia, and US Spend Management Industry market over the forecasted period. The Europe, US, and Australia report provides a holistic evaluation of the market. The report offers comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.

What is Total Spend Management?

Spend management refers to a set of business practices that integrate and automate the spend-related operations or processes from procurement to the sales of the product and services to provide improved and efficient decisions. It helps the companies to build a potential relationship with the suppliers through strategic sourcing and improved procurement. The adoption of spend management across the company architecture makes the operations transparent with increasing spend visibility throughout the business processes.Spend management offers various benefits to the enterprises including more cost savings, increasing profitability, improved compliance policies, reduced product cycles, managing risks related to procurement and other processes, and improved internal systems, amongst others. It helps the companies to identify excess cost incurrence and apply the savings wherever necessary; thus, aiding the improvement in the company’s productivity. It provides strict governance on spend visibility and transparency complying with major regulatory policies. The platform makes it easier to trace, collate the spend expenditures to maintain improved reports for better results.

Various factors such as lucrative benefits of spend management, rising demand from BFSI, need for strict governance and compliance policies aiding the demand, and rising need for procurement data analytics for key developments, are driving the growth of Europe, Australia and the U.S. spend management industry market. Booming BFSI due to changing demographics, industrialization, technological advancements, and rising remittance services around the world, amongst others, is fuelling the demand for spend management across the industry. Different factors including rising operational costs, low-interest rates, and third-party expenses are strangling the banking operations; thus, aiding the need to adopt the spend management in the BFSI sector for better operations and saving costs.

Europe, US, and Australia Total Spend Management Market Overview

The financial performances of most of the businesses are affected due to fraud and data breaches. Thus, the need for strict governance to manage and mitigate business risks and compliance policies to ensure well-organized business processes and internal controls is increasing amongst companies around the world. Well-defined compliance policies enable the companies to meet the requirements imposed by governing bodies, regulators, industry mandates, or internal policies for smooth operations across the business. Thus, the rising adoption of strict governance, regulatory policies, and compliance policies is driving the demand for the spend management software across different industry verticals including manufacturing, IT & telecom, retail & E-Commerce, and transportation & logistics, amongst others. With the adoption of spend management software, procurement invoice, purchasing workflows, and approvals of the receipts and invoices eliminate exceptions and ensure compliance policies with contracts and purchase orders.

Procurement data analytics refers to predictive analytics in spend management. It is applied to the company’s total spend, its catalog, data of different suppliers, and materials, amongst others, for the analysis and forecast of the budget for the smooth operations of the company. It determines patterns and predicts future outcomes and trends so that the company can manage its expenses, procurement, and suppliers. Procurement data analytics in spend management enable end-users including small, medium, and large enterprises to perform sophisticated quantitative operations and draw actionable and valuable insights with the analysis of data.GEP SMART offers Procurement Data Analytics & Reporting for data-driven, AI-aided decision-making. GEP SMART delivers powerful data management, AI-powered procurement analytics, and reporting capabilities to deliver rich, real-time insights along with granular, item-level visibility.

The rise in the adoption of smart and compatible devices and feasible networks is significantly aiding in the growth of the Europe, Australia, and US Spend Management Industry market over the forecasted period. According to the Cellular Telecommunications Industry Association, Washington, DC, 99% population of the United States has access to three or more 4G/LTE networks. Smartphone has become the crucial part of the consumer’s life as it is influencing the consumer’s daily marketing strategies, business activities as well as lifestyle. Due to this, the consumer’s behavior towards smartphones technology has become extremely valuable as it offers lucrative benefits faster and better. Smartphones are witnessing substantial growth; their increasing adoption has led to an increase in the adoption of spend management mobile apps.

However, lack of communication & multiple authorities in the business might strangle the growth of the market. Various departments of the company including purchasing, sales and marketing, and manufacturing, amongst others, incur the maximum expense of the company. Thus, coordination and communication are crucial to maintaining the right data about the expenditure. Due to different purposes, ignorance from the employee’s end ensuring the maintenance of the reports, and miscommunication, the central repository of the data and reports might be disturbed. Also, different formats adopted by the different authorities may be leading to inconsistencies. Furthermore, the spending across the departments is maintained by different authorities of the respective departments. Thus, collecting data from such authorities might encounter varying interests, attitudes, and degrees of cooperation from people having access to respective department data. Thus, lack of communication and the presence of multiple authorities might strangle the smooth operation of the spend management across the business. Thus, well-designed training for such people in the company should be provided. Also, for smooth operations, the people needed to possess analytical skills to process the volume of data effectively and efficiently.

Europe, US, and Australia Total Spend Management MarketSegmentation Analysis

The Europe, US, and Australia Total Spend Management Market is segmented on the basis of Type, Vertical and Geography.

Europe, US, and Australia Total Spend Management Market by Type

• Purchasing card
• Invoice management
• Expense
• Others

To Get Summarized Market Report By Type-

Based on Type, the market is bifurcated into Purchasing card, Invoice management, Expense and Others. The Purchasing Cards segment is accounted for the largest market share in 2020. A Purchasing Card, also known as a P-Card, is a form of a commercial card that enables businesses to make electronic payments for a range of business costs by utilizing current credit card infrastructure (e.g., goods and services). A P-Card is a charge card that works similarly to a credit card for consumers. The card-using organization must, at the very least, pay the card issuer in full each month. P-Cards are also known as Procurement Cards (ProCards), Payment Cards, Purchase Cards, or other similar titles. P-Cards are used by businesses, schools, and the government. “Cardholders” are employees who are given a P-Card to use to initiate transactions/payments on behalf of their company (the end-user organization). Plastic cards aren’t the only type of P-Card; non-plastic account numbers can also be used. Regardless of whether a plastic card is provided, the term “card” is commonly used in the business to describe any sort of commercial card product.

Europe, US, and Australia Total Spend Management Market by Vertical

• BSFI
• IT & Telecom
• Retail & E-Commerce
• Transportation & Logistics
• Manufacturing
• Government & Public Sector
• Others

Based on Vertical, the Europe, US, and Australia Total Spend Management Market has been segmented into BSFI, IT & Telecom, Retail & E-Commerce, Transportation & Logistics, Manufacturing, Government & Public Sector and Others. The BSFI segment is accounted for the largest market share. Banking, financial services, and insurance (BFSI) provide a wide range of financial products or services. There are various types of companies in the BFSI Sector includes commercial banks, insurance companies, non-banking financial companies, cooperatives, pensions funds, mutual funds, and other smaller financial organizations. Additionally, through BFSI services many industries can be easily managed along with control expenses, and also monitor their financial records. Intelligent spend management is solved every problem by bringing together networks, ecosystems, and capturing every source of spend. BFSI monitor & manage the supplier lifecycles, and respond more quickly to changes in the marketplace. However, the banking and insurance industries are facing highly need for a real-time spend management solution as banks costs are growing faster than revenues in the United States, and Europe.SAP Ariba is offering a market-leading spend management solution for BFSI to reduce operational costs, make operations more efficient and effective, monitor and manage the supplier lifecycle, manage supplier experience, and manage discounts. It helps the banks and other financial institutes to exploit cost-saving opportunities for improving productivity.

Key Players

The “Europe, US, and Australia Total Spend Management Market ” study report will provide a valuable insight with an emphasis on the global market. The major players in the market are SAP Ariba, SMART by GEP, Accrualify, Procurify, Corcentric, Coupa, Airbase, Spendesk, Expensya, and Soldo.

The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.

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• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors• Provision of market value (USD Billion) data for each segment and sub-segment• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market• Analysis by geography highlighting the consumption of the Material/service in the region as well as indicating the factors that are affecting the market within each region• Competitive landscape which incorporates the market ranking of the major players, along with new service/Material launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled• Extensive company profiles comprising of company overview, company insights, Material benchmarking, and SWOT analysis for the major market players• The current as well as the future market outlook of the industry with respect to recent developments (which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions• Includes in-depth analysis of the market of various perspectives through Porter’s five forces analysis• Provides insight into the market through Value Chain• Market dynamics scenario, along with growth opportunities of the market in the years to come• 6-month post-sales analyst support

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