With changing data structures and increasing data flow, it has become tough for organizations to manage the data flow. Digitization has risen exponentially the data generation and has changed the data utilization methods. Cloud is also acting as a vital catalyst in digital transformation. Spend Analytics helps organizations provide flexibility by providing real-time synchronization across the cloud or on-premises, overpassing the traditional data processing, and accessing options. It continually calculates statistical analytics while moving within the stream of data.

- Spend Analytics has evolved the way how humans and machines interact with and use spend data by broadening the data analyzing processes and data accessibility. Its various applications in industries like Supply chain and Logistics, BFSI, Manufacturing, Retail is changing the dynamics of the market. It is helping companies to have a competitive advantage and give them better utilization and consumption of spend data. JAGGAER, one of the key spend management vendor, and the German software company iTiZZiMO, entered into a strategic partnership to create a win-win situation in the market ecosystem. Together, the two companies are expanding JAGGAER's spend management product portfolio with mobile applications for Audit Management.

- The benefits of spend analytics include provide more in-depth insight through Data Visualization, help in deployment of cost-saving processes, large files are easy to access, and data is updated and located in real-time, it increases the scalability of the system. It reduces the investment of the organization through better utilization & consumption.

- In July 2019, BlueScope, one of the largest steel companies in Australia and New Zealand, announced to partner with Capgemini to implement its F&A (Finance and Accounting) solution to automated with increased optimization, enhanced efficiency, higher productivity levels, and improved cost-effectiveness in its F&A operations. With this implementation, the company mentioned identifying the duplicate invoices worth AUD 17 million and enabled the organization to recover over 99% of it.

- In December 2019, Zageno introduced its latest Spend Analytics Dashboard featured with the life science industry-first allows the user to analyze their lab supplies purchasing by either product or vendor categories. Additionally, a SaaS-based expense management software start-up Fyle Technologies Pvt. Ltd. announced the launch of Fyle Lite, India's first expense management app that is designed exclusively for employees to help them expense reporting intuitive, effortless and straightforward.

- With the outbreak of COVID-19, the data science teams are being called into action to crunch massive data available and build the best business spending models on trusted data for decision-makers to prepare contingency plans quickly. This is where enterprises are using AI, ML, and natural language processing to mine massive data and build predictive or prescriptive models. Many organizations are experiencing a wide variety of unexpected and unplanned supply chain disruptions during the COVID-19 pandemic. With spend analytics, companies are better able to identify areas where they can retain more cash. Intelligent and structured spend analysis, sourcing, and eProcurement strategies, based on digital solutions, can proactively provide insight to activate and deploy emergency plans to face a range of difficult circumstances.

Key Market Trends

Retail and E-commerce is Expected to Witness Significant Growth

- Retail and E-Commerce is one of the sectors that are dependent on procurement and supply chain management systems, along with data analytics. The companies in this sector to attain the highest possible return on investment on their products and for the business adopt solution such that the data is analyzed quickly and accurately so that procurement and buying teams make the right timely decisions. The retail and e-commerce sector is a fast-paced environment to ensure the supply chain is as profitable as possible; decisions are time-critical.

- That's one of the reasons why the Retail sector is one of the top implementers of spending analytics; these tools and platforms help procurement and buying teams quickly identify potential challenges within their supply chain. The profit margins by which retail-based companies work with are usually thin, so it's essential that they reduce - if not eliminate - excess and unnecessary spend. The most critical part of making the right spending decisions is to ensure spend data is accurately classified and up to date from all data sources. With this data, visualized procurement teams can make well informed and repeatable cost-saving decisions.

- The integration of Bluetooth and Wi-Fi in every consumer electronic product and equipment has not only increases the data generation speed & quantity exponentially. Still, it has also improved the data generating quality, which is also anticipated to propel the demand for spend analytics, especially among the Retail sector. Over the years, the Business to Business (B2B) online transactions has seen a significant increase, with growing e-commerce procurement by the large organization for purchasing; these companies are showing interest in re-engineering supply chain management solutions to integrate with new-age e-procurement system.

- Coupa, a cloud-based spend management software company, has rolled out enhancements to its business spend management (BSM) solution through the addition of voice activation using Amazon Alexa to manage inventory, locate items, and reorder stock. The advancement in IoT technologies and increasing potentials among growing economies are also encouraging organizations to expand spend analytics tools adoption to developing countries. In December 2019, Zageno introduced its latest Spend Analytics Dashboard featured with the life science industry-first allows the user to analyze their lab supplies purchasing by either product or vendor categories.

Asia-Pacific is Expected to Witness Significant Growth

- Asia-Pacific is expected to be the fastest-growing spend analytics software market, owing to increased take-up of analytics tools among consumers as well as businesses. Spending and revenues are growing from big data and analytics sectors, hence driving the market for spend analytics market in the region. The five potential and leading industries, which will make the most significant investments in Asia Pacific's big data and analytics solutions, are banking, telecommunications, discrete manufacturing, central government, and professional services.

- The analytics markets in the region are primarily driven by full digital deployment across the industries, mainly in China, Japan, and India. The primary drivers of the analytics in China are the explosion of data due to increasing rates of the internet, mobile/smartphone penetration, growing urbanization development in machine learning, algorithm development, and the need for the customer and behavioral analytics.

- According to recent data from the Indian Ministry of Micro, Small and Medium Enterprises, India has 50 million MSMEs, making it among the world's largest MSMEs. Given the fact that the government and MSMEs are relying on scalable IT systems & solutions, it is understandable that they shift their processes to the cloud with sensitive information. In Asia-Pacific, the increasing awareness of spend analytics among mall and Medium Enterprises, which contribute significantly to economic growth with their share of GDP ranging from 20% to 50 % in the majority of APEC economies, and the need for data analytics solutions are thriving the demand in the region.

- By implementing various initiatives to build more business confidence in the cloud, national governments are playing a pivotal role in the future growth of the spend analytics market across the Asia-Pacific region. Leading the way in cloud readiness are Asian countries such as Hong Kong and Singapore, which have defined data privacy regulations and strong governmental support for the cloud. Many Foreign players are collaborating with local players to grab the emerging opportunities in Asia-Pacific. Hitachi Vantara, a wholly-owned subsidiary of Hitachi Ltd, expanded its partnership with Tech Data, the leading global end-to-end distributor of technology products, services, and solutions.

Competitive Landscape

The Spend Analytics Software Market is moderately competitive and is currently dominated by a few players with their technological expertise in Data Analytics. The global market is expected to be consolidated in nature. The major players with a significant market share are focusing on expanding their customer base across various countries by leveraging product innovation and strategic collaborative initiatives to increase their market share and profitability. Genpact Ltd., Capgemini SE, WNS Global Services Pvt. Ltd., IBM Corporation, SAP SE, Jaggaer Inc., Zycus Inc., Coupa Software Inc., Ivalua Inc., Proactis Inc., GEP Solutions Pvt. Ltd., and Empronc Solutions Pvt. Ltd. are some of the significant players present in the current market.

- May 2020 - Jaggaer's spend analytics software enhances its ease of use with more automated insights which offer enhanced functionality that streamlines not only source-to-pay activities and guides users but also provides additional visibility, insights and compliance management, with embedded intelligence such as a recommendation wizard for more proactive supplier management and a delivery lead-time predictor.

- October 2019 - Supply chain and procurement optimization solution provider LevaData partnered with IBM to increase its data analytics capabilities. Both the companies are rolling out the DirectSpend IQ solution, which primarily deploys IBM managed services solutions with LevaData's cognitive sourcing platform. The supply chain and procurement professionals will have access to analytics and insights that will provide necessary guidance on direct procurement cost savings opportunities.

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