Business Spend Management (BSM) Software Market to Reach Valuation of USD 57.22 billion by 2032 with a CAGR of 11.8%; Increasing Usage of Spend Analytics during the Forecast Period 2023-2030 To Boost Market Growth

The global Business Spend Management (BSM) software market size was valued at USD 21.08 billion in 2023 and is projected to reach a valuation of USD 23.36 billion in 2024. The market is expected to reach USD 57.22 billion by 2032 with a CAGR of 11.8% during the forecast period. Fortune Business Insights™ presents this information in its report titled “Business Spend Management (BSM) Software Market Size, Share & COVID-19 Impact Analysis, By Solution (Procure-to-Pay Solutions, Supplier & Risk Management, Travel & Expense Management, Contract & e-Tender Management, Spend Management/Spend Analytics, and Others), By Deployment (Cloud and On-premise), By Enterprise Type (SMEs and Large Enterprises), By End-user (BFSI, Travel & Tourism, Hospitality, Healthcare, IT & Telecom, Energy & Utility, Retail & E-Commerce, and Others), and Regional Forecast, 2024-2032.” During the forecast period, increasing adoption and integration of cloud-based solutions and AI is anticipated to drive market growth. Increasing usage of spend analytics in businesses is expected to propel the market. Preference to optimize supply chain management by using spend analytics is expected to facilitate market development.

Increasing Demand for Spend Management to Create Market Growth

Due to COVID-19 pandemic, there was an increase in demand for spend management. The trend is estimated to create opportunities as the need for effectively managing their spending is growing. Post COVID-19, the need for such solutions and services has been higher. Post-COVID-19 pandemic, the need for solutions and services was higher than in 2021. 

Demand for Spend Analytics to Boost Market Growth

Global demand for spend analytics for businesses is anticipated to drive the Business Spend Management (BSM) software market growth. Spend management refers to the process that tracks and requests approvals for spending, making payments, capturing transaction details, analyzing business expenditure, booking, and tracking. According to Statista, the demand for big data and business analytics solutions is expected to reach a valuation worth USD 274.3 billion in 2022, which is set to pose opportunities for the market growth.

However, lack of technical skills is estimated to limit the market growth. 

Rapid Increase in Digitalization to Boost Market Growth

Rapid increasing rate of digitalization is expected to drive the market growth. For instance, JAGGAER helped Marelli in its transformation and digitalization of its purchasing and supply chain management operations. In 2021, there were around 8,000 Marelli users that used JAGGAER ONE eProcurement platform. The platform was used in around 22 countries and 11 countries.

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Competitive Landscape

Strong Product Offerings By Key Players To Advance Market Trajectory

Strong product offerings by the lead market players are set to gain market traction. In February 2022, Coupa released Coupa Trip & Cost, which will help in the expansion of capabilities of business spend management software. It will give companies more insights and control in travel and expense spending. Expansion of capabilities by Coupa will help in gaining more insights about their customers and will help customers in controlling expenses. 

List of Key Players Profiled in the Market

• 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.)

Further Report Findings:

• North America is expected to dominate the Business Spend Management (BSM) software market share due to the presence of majority market players. The region has the presence of players such as Coupa Software Inc., Ivalua Inc., Zycus, Jaggear, Xeeva, GEP, and others. The region reached a valuation of USD 7.73 billion in 2022. Canada is set to have a noteworthy growth due to an increase in the number of investments, which is anticipated to drive market development.


• Europe is also expected to witness considerable market growth due to market players focusing on expanding their geographical presence, which is expected to increase the market share.


• Asia Pacific is anticipated to have a steady growth due to digital transformation in economies such as India, Japan, Singapore, South Korea, South East Asia, and others.

Table of Segmentation