PUNE, India, Oct. 17, 2022 (GLOBE NEWSWIRE) — The global Size of the Business Spend Management (BSM) software market was valued at $17.07 billion in 2021 and is expected to reach a valuation of $15.68 billion in 2022. The market is expected to reach $39.05 billion by 2029, with a CAGR of 11.1% over the forecast period. Increasing adoption and integration of cloud-based solutions and AI is expected to drive the market growth. The increasing use of spend analytics in businesses is expected to propel the market. The preference to optimize supply chain management through the use of spend analytics is said to facilitate market development. Insights into the Fortune business™ shares this information in his report entitled “Business expense management software Market, 2022-2029.“
key industry development
May 2022- JAGGAER supported Marelli in the transformation and digitization of its purchasing and supply chain management activities. In 2021, around 8,000 Marelli users used the JAGGAER ONE eProcurement platform. The platform has been deployed in around 22 countries and 11 countries.
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Report scope and segmentation
| report coverage | details |
| forecast period | 2022 to 2029 |
| Forecast period 2022 to 2029 CAGR | 11.1% |
| Value prognosis 2029 | $39.05 billion |
| base year | 2021 |
| Business Spend Management (BSM) Software Market Size in 2021 | $17.07 billion |
| Historical data for | 2018 to 2020 |
| number of pages | 123 |
| segments covered | Component; Mission; Company; end users; |
| Business Spend Management (BSM) Software Market Growth Drivers | Increased use of spend analytics in companies to drive market growth |
| Lack of technical skills to restrain market growth |
Increasing demand for spend management to create market growth
Due to the COVID-19 pandemic, the demand for expense management has increased. The trend is estimated to…
