The size of the global business spend management (BSM) software market was estimated at USD 19.07 billion in 2022 and is anticipated to increase from USD 21.08 billion in 2023 to USD 46.42 billion by 2030, at a CAGR of 11.9%.

Using business spend management (BSM) software, procurement costs can be kept to a minimum, workflows can be controlled and monitored, compliance can be enforced, and productivity can be increased. Procure-to-pay solutions, supplier & risk management, travel & expense management, contract & e-tender management, spend management/spend analytics, and others (source-to-contract, treasury management) are among the solutions taken into consideration.

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Based on channel, deployment mode, application, end-use vertical, and geography, the study thoroughly segments the global market. Each segment and its corresponding sub-segments are thoroughly examined in the report using a graphical and tabular representation. By using it to identify and develop strategies based on the fastest-growing market segments and those with the highest revenue creation, as highlighted in the report, market players, investors, and new entrants can all profit from this analysis.

PORTIONING OF REPORTS

An in-depth analysis of the market is provided in the research report. It focuses on important elements like top businesses, types of software, and popular uses for software and services. In addition, the report identifies significant developments in the industry and provides insights into market trends. The report includes a number of additional factors in addition to those mentioned above that have assisted in the market's expansion in recent years.

Key Industry Developments:

In order to handle the client's VAT process, Taxback International and Conovum entered into a partnership in February 2023. This partnership will allow for the integration of Conovum's solutions with Taxback's VAT and compliance solutions.

KEY INDUSTRY PLAYERS

The primary focus of significant players in the global market is using merger and acquisition tactics to increase their presence and market share. To increase their market share, these corporations are looking to acquire small, regional businesses.

List of Key Companies Profiled:

• Coupa Software Inc. (U.S.)

• Proactis Holdings Plc. (U.K.)

• GEP (U.S.)

• SAP SE (Germany)

• Basware (Finland)

• Ivalua Inc. (U.S.)

• SutiSoft Inc. (U.S.)

• Zycus Inc. (U.S.)

• Xeeva (U.S.)

• JAGGAER (U.S.)

RESTRAINING FACTORS

Businesses' procurement departments are overburdened with routine purchasing tasks, supplier management, processing of purchase orders, and other related duties. On the other hand, effective expense management demands consistent efforts to identify, compile, evaluate, and implement spending opportunities for data savings.

REGIONAL INSIGHTS

North America, Latin America, Europe, the Middle East & Africa, and Asia Pacific make up the different regions that make up the market. They are further segmented into countries.

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