Global Procurement Analytics Market, By Component (Solutions, Services), Deployment Model (0n-Premises, Cloud), Organization Size (Small and Medium-Sized Enterprises, Large Enterprises), Application Area (Supply Chain Analytics, Risk Analytics, Spend Analytics, Demand Forecasting, Contract Management, Vendor Management), End User (Retail and e-Commerce, Manufacturing, Government and Defense, Healthcare and Life Sciences, Telecom and IT, Energy and Utilities, Banking, Financial Services, and Insurance, Others), Country (U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa) Industry Trends and Forecast to 2028
Procurement analytics market size is valued at USD 165.05 billion by 2028 and is expected to grow at a compound annual growth rate of 22.35% in the forecast period of 2021 to 2028. Data Bridge Market Research report on procurement analytics provides analysis and insights regarding the various factors expected to be prevalent throughout the forecasted period while providing their impacts on the market’s growth.
Procurement analytics is a type of a technique which is used to get useful information and conclusion from the data which will help the company to make right decisions and develop their business. It generally uses the data of the historic year so that it can analyze it and foresee the future trends. These methods help the business to decrease their operation cost, save money and decrease the risk factors.
The rising focus on enhancing procurement channels’ operational efficiencies have been directly influencing the growth of procurement analytics market over the forecast period of 2021 to 2028. Also the impending need to handle compliance polices and contracts as well as organizations’ struggle to maintain their position in the competitive environment are also flourishing the growth of the procurement analytics market. Also the rapid technological developments such as the internet of things ( IoT) and cognitive computing is also positively impacting the growth of the market. Furthermore, the rising need for highly efficient procurement solutions to improve operational performance is also acting as an active growth driver towards the growth of the procurement analytics market. Moreover, the high demand for cloud-based procurement solutions and increasing demand for data-driven solutions are creating a huge demand for procurement analytics as well as lifting the growth of the procurement analytics market.
However, the rising concerns over data security across enterprises as well as the various complexities in streamlining the processes and concerns regarding data privacy are acting as the major restrictions for the growth of procurement analytics in the above mentioned forecasted period, whereas the dearth of analytical expertise and unwillingness to adopt advanced analytical technologies can challenge the procurement analytics market growth in the forecast period of 2021 to 2028.
Likewise, the introduction of machine learning and artificial intelligence in procurement process along with increasing demand for cloud-based analytical solutions will further cater ample new opportunities that will lead to the growth of the procurement analytics market in the above mentioned forecasted period.
This procurement analytics market report provides details of new recent developments, trade regulations, import export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on procurement analytics market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Global Procurement Analytics Market Scope and Market Size
Procurement analytics market is segmented on the basis of component, deployment model, organization size, application area and end user. The growth among segments helps you analyze niche pockets of growth and strategies to approach the market and determine your core application areas and the difference in your target markets.
- The component segment of the procurement analytics market is segmented into solutions and services. Services have further been segmented into professional services and managed services. Professional services have further been sub-segmented into training and education, consulting, integration and deployment and support and maintenance.
- On the basis of deployment model, the procurement analytics market is segmented into on-premises and cloud.
- Procurement analytics market is segmented on the basis of organization size into small and medium-sized enterprises and large enterprises.
- Based on application area, the procurement analytics market is segmented into supply chain analytics, risk analytics, spend analytics, demand forecasting, contract management and vendor management.
- On the basis of end user, the procurement analytics market is segmented into retail and e-commerce, manufacturing, government and defense, healthcare and life sciences, telecom and it, energy and utilities, banking, financial services, and insurance and others.
Procurement Analytics Market Country Level Analysis
Procurement analytics market is analyzed and market size, volume information is provided by country, component, deployment model, organization size, application area and end user as referenced above.
The countries covered in the procurement analytics market report are U.S., Canada and Mexico in North America, Brazil, Argentina and Rest of South America as part of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe in Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA)as a part of Middle East and Africa (MEA).
North America leads the procurement analytics market due to the high adoption by enterprises of analytics solution in the procurement process and the involvement of various industry giants in the region. Asia-Pacific is expected to expand at a significant growth rate over the forecast period of 2021 to 2028 because of the heavy investment by vendors in developing healthy cloud infrastructure in developing economies such as India and China within this region.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Procurement Analytics Market Share Analysis
Procurement analytics market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, regional presence, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to procurement analytics market.
The major players covered in the procurement analytics market report are SAP SE, Oracle, SAS Institute Inc, Coupa Software Inc., BRIDGEi2i Analytics, Rosslyn Data Technologies, JAGGAER, Zycus Inc, Genpact, Proactis Holdings Plc, BirchStreet Systems, LLC, Tamr, Sievo, Tungsten Network, Dataction, IBM, Simfoni, Cisco Systems, Inc., Microsoft, and Amazon Web Services, Inc., among other domestic and global players. Market share data is available for global, North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South America separately. DBMR analysts understand competitive strengths and provide competitive analysis for each competitor separately.