. A new generation of solutions is quietly gaining significant traction with AI approaches and with the increasing need for supplier and market intelligence, technology giants such as IBM, Coupa and TAMR are up to some very innovative developments, which will gain the traction in coming future.

- Rising adoption in procurement process in industries is driving the market as it helps in process to collect, cleanse, classify and analyze spend data through dedicated software. Many industries have technology to manage their purchasing, contracts, and vendors but a lot of the time the systems are fragmented and don’t provide spend data visibility across the departments and various business locations, so spend analytics provide this platform to visualize more broadly.

- Rising adoption of cloud services and increasing perforation of IoT applications is driving the market as digitization has exponentially increased the data generation and has changed the data utilization methods. Cloud act as a vital catalyst in digital transformation. Spend Analytics provide flexibility by providing real-time synchronization across the cloud or on-premises, overpassing the traditional data processing and accessing options. It constantly calculate statistical analytics while moving within the stream of data.

- Growing data breaches cases is restraining the market to grow as spend management is misunderstood as a threat to some stakeholders in the organization.

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Key Market Trends

Supply Chain Analytics Segment to Hold Significant Share

- Supply chain excellence is a robust competitive advantage in a global marketplace and big data analytics in the supply chain is the most disruptive and important trend in supply chain strategy in the manufacturing sector.

- With the intelligence attained from spend analyses, procurement can determine how and why supply chain professionals are bypassing controls like preferred supplier contracts and purchasing catalogs. Also a complete view of the supply chain cost of any given material is essential for making optimal purchase decisions, where organizations can significantly reduce the total cost of materials purchases through improvements in supply chain practices and better price negotiation outcomes through spend analytical tools.

- Fluctuating demand patterns and an enlarging base of suppliers and logistics partners have driven companies to continuously rethink their logistics network strategies. Companies can realize strong ROI improvements through spend analytics-driven planning activities, such as route optimization, load planning, fleet sizing, and freight cost reconciliation.

- Genpact's spend analytics tool enables companies to generate insight and drive management visibility and then subsequently embed the insight for specific, granular actions that affect company effectiveness, such that it can be used at scale to drive execution in procurement.

- Recently in May 2018, Coupa, a cloud-based spend management software company, has rolled out enhancements to its business spend management (BSM) solution through addition of voice activation using Amazon Alexa to manage inventory, locate items, and reorder stock, which increases the growth of market.
- In the United Kingdom, the supply chain Big Data analytics for retail is expected to grow significantly over the forecast period, following the manufacturing and energy sector, as in many areas, UK and Irish retailers are ahead of their Continental European counterparts.

Asia-Pacific Expected to be the Fastest Growing Region

- Asia-Pacific is the fastest growing spend analytics market, owing to increased take-up of analytics tools among consumers as well as businesses. Banking, telecommunications, discrete manufacturing, federal/central government, and professional services are the five potential and leading industries which make the most significant investments in big data and analytics solutions in Asia-Pacific region.

- In Asia-Pacific, the growing awareness of spend analytics among SME, which contribute significantly to economic growth with their share of GDP ranging from 20% to 50% in the majority of APEC economies, and need for data analytics solutions are thriving the demand in the region. Also, the exponentially growing availability of accessible, cheap data centers delivered by cloud vendors, has brought down the costs of upfront investment for small and medium businesses, thereby encouraging the adoption of spend analytics solutions into there enterprises.

- Asia-pacific is also a hub for manufacturing. The region is one of the biggest exporters of products and services. Also, the BFSI sector is also growing in the region. Hence growth in these sectors will thrive the market for streaming analytics too. Chubb, world’s largest publicly traded property, and casualty insurance company, has established a small commercial division in the Asia Pacific dedicated to the risk management needs of Small, Medium Enterprises (SMEs).

Competitive Landscape

The spend analytics market is fragmented in nature, as no single vendor dominates the market, as well as new emerging players are thriving high rivalry. These players aim to gain an edge over the other players through innovative product development by investing in R&D, along with player acquisitions. Key players are IBM Corporation, SAS Institute, Inc., JAGGAER Incorporation, etc. Recent developments in the market are -

- June 2019 - Jaggaer, an independent spend management firm, announced multiple expansions andevelopment to its analytical capability. These expansions are expected to improve efficiency and data capability with the help of AI-powered analytics for various industries.

- May 2018 - The Liberal government has signed a USD 500 million deal with IBM Canada Ltd. without any competitive bidding. It tasks IBM with delivering 16 new mainframes on spend analytics, along with maintenance and support for existing hardware and software, to at least six federal departments.

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- The market estimate (ME) sheet in Excel format
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