Spend Analytics Market was around US$ 3.85 Bn in 2017 and is expected to grow at a CAGR of around 9.28% in the forecast period of 2018-2026. Spend analysis or analytics refers to the process of collecting, categorizing as well as evaluating expenditure data, provided either by human or through any kind of software. The spend analytics is usually performed by companies to increase their profitability through identifying the wasteful spending along with flagging contracts which can be renegotiated at any point in time. There are three core areas of spend analytics that is taken care by the management which comprises of the visibility, analysis, and process.
Factors such as increasing need for supplier and market intelligence, predictive analytics for businesses, need to better manage internal compliance policies and external contracts, and growing demand for cloud computing technology are driving the global market.
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