Global Procurement Analytics Market By Component (Solutions, Services), Application Area (Supply Chain Analytics, Risk Analytics, Spend Analytics, Demand Forecasting, Contract Management, Vendor Management), Deployment Type (Cloud, On- Premises), Organization Type (Small and Medium-Sized Enterprises, Large Enterprises), Vertical (Retail and eCommerce, Manufacturing, Government and Defense, Healthcare and Life Sciences, Telecom and IT, Energy and Utilities, Banking, Financial Services, and Insurance, Others), Geography (North America, South America, Europe, Asia-Pacific, Middle East and Africa) – Industry Trends and Forecast to 2026
Market Analysis: Global Procurement Analytics Market
Global Procurement Analytics Market is expected to rise from its initial estimated value of USD 1.67 billion in 2018 to an estimated value of USD 7.38 billion by 2026, registering a CAGR of 20.42% in the forecast period of 2019-2026. Increasing demand for cloud based analytical solutions is driving the market.
Market Definition: Global Procurement Analytics Market
Procurement analytics is a technique which is used to get useful information and conclusion from the data which will help the company to make right decisions and improve their business. It usually uses the data of the historic year so that it can analyse it and predict the future trends. These techniques help the business to decrease their operation cost, save money and decrease the risk factors.
- Rising demand for cloud based analytical solutions is driving the growth of this market
- Increasing focus on augmenting the ability of procurement channels is driving the market
- Lack trained and skilled analytical professionals is restraining the growth of this market
- Increasing awareness towards data security is another factor restraining market
Segmentation: Global Procurement Analytics Market
- By Component
- Professional Services
- Training and Education
- Support and Maintenance
- Integration and Deployment
- Managed Services
- Professional Services
- By Application Area
- Supply Chain Analytics
- Risk Analytics
- Spend Analytics
- Demand Forecasting
- Contract Management
- Vendor Management
- By Deployment Type
- On- Premises
- By Organization Type
- Small and Medium-Sized Enterprises
- Large Enterprises
- By Vertical
- Retail and eCommerce
- Government and Defense
- Healthcare and Life Sciences
- Telecom and IT
- Energy and Utilities
- Financial Services, and Insurance
- By Geography
- North America
- South America
- Rest of South America
- United Kingdom
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- Middle East and Africa
- South Africa
- Saudi Arabia
- United Arab Emirates
- Rest of Middle East and Africa
- North America
Key Developments in the Market:
- In October 2018, Sievo announced the launch of their new Dynamic Benchmarking solution which is specially designed to help the procurement organization to observe category performance, critical financial metrics and peer benchmarks. The main aim is to help the business to analyse their performance and check where they are falling behind. This solution will help them to be more efficient & intelligent so that they can create more revenue.
- In October 2018, Mintec announced the launch of their procurement platform which is equipped by Robotic Process Automation whose main aim is to change the relationship between the buyers and sellers. This platform is specially designed to provide information about the key drivers, weather patterns, events etc. which is affecting the price.
Global procurement analytics market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of procurement analytics market for global, Europe, North America, Asia-Pacific and South America.
Major Market Competitors/Players
Few of the major competitors currently working in the global procurement analytics market are SAP SE, Oracle, SAS Institute Inc, Coupa Software Inc., BRIDGEi2i Analytics Solutions, Rosslyn Analytics, JAGGAER, Zycus Inc, Genpact, roactis Holdings Plc, BirchStreet Systems Inc., Tamr, Sievo, Tungsten Corporation plc., Dataction, Proactis Holdings Plc.
Research Methodology: Global Procurement Analytics Market
Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analysed and forecasted using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please Request an Analyst Call or can drop down your inquiry.
The key research methodology used by DBMR Research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, other data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Top to Bottom Analysis and Vendor Share Analysis. To know more about the research methodology, drop in an inquiry to speak to our industry experts.
Key Insights in the report:
- Complete and distinct analysis of the market drivers and restraints
- Key market players involved in this industry
- Detailed analysis of the market segmentation
- Competitive analysis of the key players involved