Business Spend Software Market Size, Share, Growth Analysis, By Deployment type(On-premise, Cloud-based), By Solution type(Procure to Pay, Travel, Expense Management, Spend Analysis), By End-user(BFSI, IT, Telecom, Energy), By Region - Industry Forecast 2024-2031

Business Spend Software Market size was valued at USD 17.07 billion in 2019 and is poised to grow from USD 18.66 billion in 2023 to USD 39.05 billion by 2031, growing at a CAGR of 11.1% in the forecast period (2024-2031).

Growth of digitalization and inclination towards advanced software systems utility is estimated for rising business spend software market growth. It is estimated that global IT spending by companies worldwide will increase by 4% in 2019 amounting to around USD 4.4 trillion. Organizational expenses and spendings are crucial for organizational holistic growth and accomplishments, these software aid in spending and expenses management and procurement using analytics and algorithm-based systems.

With the emergence of cloud-based systems and automation, BSMs are becoming user-friendly and provide multiple functionalities such as end-to-end payment options, internal spend management, corporate cards, approval workflows, automated bill payments, visibility to all types of transactions and accounting reconciliation. Businesses are directed towards using comprehensive SaaS solutions for spend management, collaborative finance management, and sales acceleration management all integrated on a single platform such features are in demand by various enterprises and are predicted to boost the business spend management market growth.

US Business Spend Software Market is poised to grow at a sustainable CAGR for the next forecast year.