Seattle, WA -- (SBWIRE) -- 02/24/2020 -- Business spend management solutions provide access to structured workflows and a clear overview of procurement analytics which help to identify the best ways to secure cost savings. Business spend management solutions centralize all spend in one place, these capabilities enable increase spend visibility, accountability and facilitate cross-functional collaboration.

Additionally, business spend management enables the identification of risks through a detailed analysis of supply market trends, contracts, and supplier performance scorecards. This solution also provides automated supply-market related alerts and receive regular contract status updates, which further help to identify and limit risk.

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Global business spend management software market is expected to exhibit growth rate of 11.2% during the forecast period (2019–2027). The market growth is majorly attributed to increasing adoption of business spend management software by small and medium organizations for managing the organizational expenses. Moreover, the rising usage of SaaS-based business spend management software is boosting the market growth.

Global business spend management software market is facing data security concerns in cloud-based deployment. Cloud-based deployment solutions store highly sensitive data related to the organization's financial details, supplier or contractor details, and customer's information. In the case of security breach this would cause a huge loss to the organization.

These solutions can be integrated with multiple enterprise resource planning tools (ERP), which help enterprises to manage their suppliers, employees, and all other business needs through a single platform. Cloud-based procure-to-pay solutions are efficient, seamless, easy-to-use, and require minimal training.

Based on deployment type, SaaS segment is expected to exhibit the highest growth rate of 11.7% over the forecast period, as it requires lower cost and less time for installation compared to on premise deployment option. Furthermore, organizations operating in various industries are adopting the SaaS-based deployment option, as this deployment option decreases the risk associated with cash flow oversight, increased productivity & efficiency, and provides improved reporting and analytic capabilities. For instance, according to Coherent Market Insights analysis, in the year 2017, SaaS-based services generated revenue of US$ 59.35 Billion and is expected to increase to US$ 114.6 Billion, which shows a lucrative opportunity for business spend management market.

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Some of the major players operating in the global Business Spend Management Software market include Advanced, Ariba, Inc. (SAP SE), Coupa Software Inc, GEP, Procurify, Sage Intacct, Inc. (The Sage Group PLC), Sievo, SutiSoft, Inc., TOUCHSTONE GROUP PLC, VA Tech Ventures Pvt Limited (Happay), and others.