Global Spend Analytics Market is growing at a CAGR of 17.86% from 2017 to 2025
The Global Spend Analytics Market was valued at USD 1.21 billion in 2016 and is projected to reach USD 5.33 billion by 2025, growing at a CAGR of 17.86% from 2017 to 2025. Spend analytics is the process of collecting, cleansing, classifying and analyzing expenditure data with the purpose of decreasing procurement costs, improving efficiency, and monitoring compliance. It can also be used in other areas of business such as inventory management, budgeting and planning, and product development. Spend analytics solution can benefit the organization in several ways including – identify savings opportunities, drive policy and contract compliance, create an auditable record of enterprise spend, and ensures best practice helping in continuous improvements in sourcing and vendor management. Market Dynamics: 1. Market Drivers 1.1 Increasing use of mobile applications 1.2 Increasing demand for cloud computing technology 1.3 Increasing need for better management of internal compliance polici