New York, NY, May 24, 2019 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Spend Analytics Market by Component (Software and Services), by Deployment (On-Premises, Cloud, and Hybrid) by Analytics (Descriptive, Diagnostic, Predictive, and Prescriptive), and by End-Use Industry (Retail, BFSI, IT & Telecom, Healthcare, Manufacturing, Energy & Utilities, Government Sector, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2025’’. According to the report, the global spend analytics market was USD 1.5 billion in 2018 and is expected to reach USD 4.6 billion by 2025, at a CAGR of 17.3% between 2019 and 2025.
Spend analytics analyze purchase orders, contracts, discounts, rebates, price variances for similar items from the same or different vendors over a specific timeframe. The demand for spend analytics solutions is increasing owing to the rise of e-commerce sales. The global online sales in 2018 were valued at around USD 2.8 trillion in comparison to USD 2.3 trillion in 2017. Thus, it is anticipated that the demand for spend analytics solutions will grow in the upcoming years. The global spend analytics market is also expected to grow in the future, owing to the increasing demand for spend analytics solutions in the IT and telecom sector. Spend analytics helps telecom organizations to monitor their daily expenses in an efficient and effective manner. With the increasing number of smartphone users, telecom organizations are focusing on solutions that help them to manage and reduce costs to increase their profitability.
Browse through 111 Tables & 34 Figures spread over 208 Pages and in-depth TOC on “Global Spend Analytics Market Size 2018: Industry Type, Market Share, Growth, Trends, Analysis and Forecast, 2018–2025”.
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The global spend analytics market is fragmented on the basis of deployment, component, analytics, and end-use industry. The deployment segment comprises cloud, hybrid, and on-premises. The cloud segment is anticipated to hold a substantial share in the future, owing to its several benefits over other deployment methods. By component, the market includes software and services.
The services segment is expected to grow significantly in the upcoming years, due to the increasing need for expertise in technology and training purposes. On the basis of analytics, the spend analytics market descriptive, prescriptive, predictive, and diagnostic. In terms of market share, descriptive analytics is expected to make notable contributions in the years ahead. Based on end-use industry, the market includes healthcare, retail, IT and telecom, BFSI, manufacturing, energy and utilities, government sector, and others. The manufacturing sector will grow significantly over the forecast timeframe, owing to the increasing use of online transactions for procurement.
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By region, North America is estimated to hold a substantial share of the global spend analytics market over the forecasted timespan. The U.S. is expected to make notable contributions to this regional market. Spend analytics solutions offers retailers benefits, such as visibility in procurement costs, ranking suppliers, optimize discount offers, and forecast for spending levels. Numerous retailers in the region are opting to use online platforms to expand their business. In 2018, the U.S. retail e-commerce sales were around USD 505 billion in comparison to USD 447 billion in 2017. Furthermore, the presence of major players, such as IBM Corporation, Oracle Corporation, Coupa Software, etc., in this region is expected to further the North American spend analytics market in the future.
The Asia Pacific spend analytics market is anticipated to grow considerably in the upcoming years. India and China will make key contributions to this regional market, owing to the increasing technological adoptions in the healthcare sector. Spend analytics analyze purchase orders, contracts, discounts, rebates, price variances for similar items from the same or different vendors over a specific timeframe. By 2022, the hospital industry in India is expected to reach around USD 133 billion. Healthcare institutes are investing in technology to simplify their business processes. It is anticipated that by 2022, IT investments in China’s hospital systems would be around USD 9.8 Billion. With these rising investments, the demand for spend analytics solutions will increase in the future.
Browse the full “Spend Analytics Market by Component (Software and Services), by Deployment (On-Premises, Cloud, and Hybrid) by Analytics (Descriptive, Diagnostic, Predictive, and Prescriptive), and by End-Use Industry (Retail, BFSI, IT & Telecom, Healthcare, Manufacturing, Energy & Utilities, Government Sector, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2025” Report at https://www.zionmarketresearch.com/report/spend-analytics-market
The European BFSI sector is the most lucrative industry for spend analytics market in the region. The UK is a major country that major market players are focusing on. Spend analytics enables banks and financial institutes to track expenses and meet revenue goals. Numerous banks and other financial institutes in the region are focusing on using technology to simplify their business processes. With the rising technological investments, the demand for spend analytics market in this region will increase.
Latin America is expected to make notable revenue contributions in the spend analytics market over the forecast timeframe, owing to the rising demand in the manufacturing sector in Brazil and Argentina and growing investments in IT manufacturing. The Middle Eastern and African region will witness notable growth in the spend analytics market in the upcoming years, owing to the increasing adoption of technology by the retail sector.
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Some major players operating in the global spend analytics market include SAS Institute, IBM Corporation, Zycus, Coupa Software, Proactis Holdings, JAGGAER, Empronc Solutions, Rosslyn Data Technologies, Oracle Corporation, and SAP SE.
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This report segments the global spend analytics market into:
Global Spend Analytics Market: Deployment Analysis
- On-Premises
- Cloud
- Hybrid
Global Spend Analytics Market: Component Analysis
- Software
- Services
Global Spend Analytics Market: Analytics Analysis
- Descriptive
- Diagnostic
- Predictive
- Prescriptive
Global Spend Analytics Market: End-Use Industry Analysis
- Retail
- BFSI
- IT and Telecom
- Healthcare
- Manufacturing
- Energy and Utilities
- Government Sector
- Others
Global Spend Analytics Market: Regional Analysis
- North America
- The U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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