Spend Analytics Market
The increasing use of automation in the healthcare industry is paving the way for spend analytics market since the last few years. As healthcare costs are rising, organizations are opting for solutions that offer cost reduction and analysis of expenses that help in decision-making processes. Spend analytics analyze purchase orders, contracts, discounts, rebates, price variances for similar items from the same or different vendors over a specific timeframe. Furthermore, the U.S. health IT investments in 2018 were USD 8.6 billion as compared to USD 7.1 billion 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 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. However, the lack of standardization can have an adverse effect on this market’s growth. The rising demand for spend analytics solutions in developing economies, such as China and India, is likely to open new avenues for the spend analytics market over the forecast time period.
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. On the basis of analytics, the spend analytics market descriptive, prescriptive, predictive, and diagnostic. 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.
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. 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 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.
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.