Global Business Spend Management and Procurement Markets

The global business spend management (BSM) software market is projected to reach USD 46.42 billion by 2030, with a CAGR of 11.9% from 2023 to 2030. The procurement software market is expected to grow at a CAGR of 10.2% between 2022 and 2027, with a forecasted increase of USD 4,903.04 million. The procurement as a service market is expected to register a growth of 11.1% from 2023 to 2030, driven by the increasing popularity of digitization in sourcing and procurement operations. The consulting industry is experiencing a shift towards digital footprints and expertise-driven customer acquisition, with a focus on results-driven differentiation and verifiable achievements.