Procurement Analytics Market size was estimated at $4.15 billion in 2022 and is expected to reach $ 41.21 billion by 2032, growing at a CAGR of 25.8% during the forecast period of 2022 to 2032.
Procurement analytics is the practice of extracting meaningful insights and outcomes from data via the use of quantitative methodologies. It entails the collection and analysis of data to facilitate fact-based decisions - making processes and the acquisition of competitive advantages. Procurement analytics refers to the process through which procurement teams collect information, process it to develop relevant insights, and then analyze the information to enhance decision making. It assists organizations in increasing cost savings and reducing operating costs. It could be used for a variety of purposes, including developing a strategy for the most strategic category plans, evaluating fair market prices to boost savings, analyzing consumption habits to reduce overall expenditures, analyzing preferred supplier compliance, and selecting channel distributors.
Increased new product launches and process convergence, and high demand for machine learning and ai integration in the procurement system for smart systems, are all opportunities that will drive revenue growth of the market procurement analytics market during the forecast period. Worldwide, another factor projected to fuel market expansion is the increasing adoption of procurement analytics in the retail and e-commerce industries. The incorporation of procurement analytics into the retail data processing framework may give insights on inventory, revenue, the supplier chain, and customer demand, among other things.
Small and medium-sized businesses confront a variety of issues, including deployment costs, on-premise procurement analytics, attracting qualified workers, and maintaining IT teams. These obstacles, however, may be solved through the use of cloud-based procurement analytics tools, which may assist enhance profit margins and operational efficiencies. Through the use of procurement analytics, SMEs may overcome and improve their procurement channels, resulting in a rise in efficiency and effectiveness, and demand for procurement data analytics. Additionally, these systems give a conduit for procurement and enable them to make strategic decisions about inventory expenditures and supply chain management. Additionally, it assists them in lowering their operating and capital costs, which increases investment. As a result, adoption is likely to expand the markets lucrative potential in the next few years.
Procurement Analytics Market Growth and Trend
The market is growing because of the factors such as huge amounts of procurement data generated in almost all the industry verticals, as well as increased awareness about the advantages of this data, which include effective forecasting of future supply management, improved decision making, and cost savings. Furthermore, the markets growth is fueled by a significant trend toward digitalization. However, the markets growth is being hampered by problems such as data security, integration problems, and limited analytical capabilities. Additionally, procurement analytics adoption in small and medium-sized businesses is likely to create several opportunities for the industry in the future years.
Additionally, some cloud-based spend software solutions providers enhanced their business spend management (BSM) solution by adding voice activation for inventory management, item location, and reordering stock. The growth of IoT technology and the huge potential of emerging economies also encourage enterprises to expand their use of spend analytics solutions to new countries. Growing digitalization and the increasing need for data-driven solutions that enable numerous organizations to make more informed decisions based on evidence and historical figures are also projected to boost the worldwide procurement analytics market. Procurement analytics is critical in a variety of end-use sectors since it enables the reduction of operational and capital expenses and the enhancement of return on investment (ROI), hence increasing market demand.
The integration of Bluetooth and Wi-Fi into every consumer electronic product and piece of equipment has already exponentially increased data generation speed and volume and has also enhanced information and data generation quality, which is expected to drive demand for expenditure analytics, particularly in the retail sector.
Procurement Analytics Market Segmentation
The procurement analytics market is segmented by component, organization size, deployment, application, and industry vertical. Based on component, the market consists of solution, services, training and education, consulting, support and maintenance, integration, and deployment. By organization size, the market is divided into small and medium enterprises (SME) and large enterprises. Based on deployment, the market is segmented into on-premises and cloud-based system. By application, the market consists of risk analytics, supply chain analytics, demand forecasting, spend analytics, vendor management, contract management. Based on industry vertical, the market is divided into manufacturing, retail, healthcare, government, energy and utilities, BFSI, telecom and IT, and others.
Procurement Analytics Market Country Analysis
North America is predicted to dominate the global procurement analytics market during the projected period. The rising usage of emerging cloud computing and the Internet of Things (IoT), as well as the growing need for an effective supply chain and demand for intelligent procurement procedures, are likely to drive the global procurement analytics market expansion. The Asia Pacific will develop at the quickest rate in the procurement analytics market, owing to increased demand for data analytics in emerging nations such as India and China.
Procurement Analytics Market Share and Competition
The major players operating in the global procurement analytics market are Oracle, SAP, IBM, Coupa Software, SAS, BRIDGEi2i Analytics, Zycus, Rosslyn Data Technologies, JAGGAER, and Genpact.
Report Highlights
• Historical data available (as per request)
• Estimation/projections/forecast for revenue and unit sales (2022 - 2032)
• Data breakdown for every market segment (2022 - 2032)
• Gross margin and profitability analysis of companies
• Price analysis of each product type
• Business trend and expansion analysis
• Import and export analysis
• Competition analysis/market share
• Supply chain analysis
• Client list and case studies
• Market entry strategy
Industry Segmentation and Revenue Breakdown
Component Type Analysis (Revenue, USD Million, 2022 - 2032)
• Solutions
• Services
o Professional Services
• Training and Education
• Consulting
• Support and Maintenance
• Integration and Deployment
o Managed Services
Organization Size Analysis (Revenue, USD Million, 2022 - 2032)
• Large Enterprises
• Small and Medium-Sized Enterprises
Deployment Analysis (Revenue, USD Million, 2022 - 2032)
• On-Premises
• Cloud
Application Analysis (Revenue, USD Million, 2022 - 2032)
• Risk Analytics
• Supply Chain Analytics
• Demand Forecasting
• Spend Analytics
• Vendor Management
• Contract Management
Industry Vertical Analysis (Revenue, USD Million, 2022 - 2032)
• Manufacturing
• Retail
• Healthcare
• Government
• Energy and Utilities
• BFSI
• Telecom and IT
• Others
Region Analysis (Revenue, USD Million, 2022 - 2032)
• North America
o United States
o Canada
o Mexico
• South America
• Europe
o France
o Germany
o Italy
o Spain
o United Kingdom
o Austria
• Asia Pacific
o Russia
o China
o Japan
o India
o Philippines
o Malaysia
o Australia
o South Korea
• Middle East
o GCC C ountries
o South Korea
• South Africa
• Rest of World
Procurement Analytics Market Companies
• Oracle
• SAP
• IBM
• Coupa Software
• SAS
• BRIDGEi2i Analytics
• Zycus
• Rosslyn Data Technologies
• JAGGAER
• Genpact
Available Versions
• United States Procurement Analytics Industry Research Report
• Europe Procurement Analytics Industry Research Report
• Asia Pacific Procurement Analytics Industry Research Report
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