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Allied Market Research

Procurement Analytics Market by Component type (Solution, services), Deployment Type (On–premise, cloud ), Application (Spend analytics , Risk Analytics, Supply Chain Management, Vendor Analytics, Contract Management and Others ), Organizational size (Small and medium enterprise, Large enterprise), and Industry vertical (BFSI, Retail, Healthcare, IT & Telecom, Manufacturing, Education, Government, Energy & utilities, others): Global Opportunity Analysis and Industry Forecast, 2020–2027

A06956
Pages: NA
Sep 2020 | 361 Views
 
Author(s) : NA
Tables: NA
Charts: NA
 

COVID-19

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Procurement Analytics Market Statistics 

Procurement analytics is the process of using quantitative methods to derive actionable insights and outcomes from data. It involves capture and use of data to support fact-based decision making and gaining competitive advantages. Procurement team collects data, process that data so it can generate useful insights and later analyze that data to improve the decision making and this whole process is called as procurement analytics. It helps organizations to increase the cost savings, decrease operating cost and can be used for different purposes such as to create strategy in the most strategic category plans, to evaluate fair market price in order to maximize the savings, in analyzing the consumption pattern which aims to reduce the overall spend, analysis of preferred supplier compliance and in the selection of channel distribution to address savings leakage. 

With the application of robust data analytics, procurement sector is deriving new insights which can further used in negotiations, vendor segmentation, performance management as well as annual purchasing strategy. Procurement department contains a very high amount of data which includes transaction history, expenditure details and others. Use of analytics in procurement data can create better business decision with the help of intelligent argumentation. 

Procurement analytics market scope and structure analysis:

                  Report Matric

                                          Details

  Market size available for the years

  2019-2027

  Base year considered

  2019

  Forecast period

  2020-2027

  Forecast unit

  Value (USD)

  Segments covered

  • Deployment Types
  • Component Types
  • Application
  • Industry size
  • Region

  Geographies covered

  • North America (U.S. and Canada)
  • Europe (Germany, UK, France, and the Rest of Europe)
  • Asia-Pacific (China, Japan, India, and the Rest of Asia Pacific)
  • LAMEA (Latin America, Middle East, and Africa)
  • Companies covered
  • Microsoft Corp.
  • SAP SE
  • IBM Corp
  • Oracle Corp.
  • Cisco Systems Inc.
  • Amazon Web Service Inc.
  • SAS Institute Inc.
  • Coupa Software Inc.
  • Rosslyn Data Technologies Inc.
  • Zycus Inc

 

COVID-19 scenario Analysis:

  • The unprecedented nature of health crisis has ripple effects on multiple industries such as hospitality, healthcare, consumer electronics, banking and finances and technology industry. This crisis has not only pushed companies to face a new set of challenges but also forced them to alter their business strategies. 
  • However, the procurement sector is growing, owing to the fact that procurement can help companies minimize the pandemic’s economic impacts and help other business organizations to grow and help them in performing their operations, which boosts the adoption of procurement analytics.
  • In addition, organizations have also started to become more focused and connected with the ecosystem of suppliers, internal customers and external partners. Thus, it is expected that with growth in focus on procurement activities, organizations are majorly focused on their procurement strategies which provide slucrative opportunities for the procurement analytics market.

Top impacting factors: Market Scenario Analysis, Trends, Drivers, and Impact Analysis

Factors such as massive amount of procurement data generation in almost every industry vertical along with growth in awareness about benefits of this data such as effective predictions of future supply management, better decision making, and reduced cost expenditure drive growth of the market. In addition, major shift towards the digitization further fuels the growth of the market. However, factors such as data security, Integration issues, and poor analytics capabilities are hindering the growth of the market. Furthermore, the adoption of procurement analytics in the small and medium enterprise is expected to generate multiple opportunity for the market in the upcoming years. 

Growth in adoption of procurement analytics for better decision making 

Data generated through the multiple organizations is huge and this data can be utilized by the procurement analytics in order to make predictions which will thus help to enterprise in order to forecast demand and plan business strategies. In addition to this, procurement analytics uses the historical data, predictive mechanism and risk adverting model and offers various solutions in the sector like source analysis, compliance and policy management, category management in addition to the financial analysis in order to enhance the business productivity. By using the planned strategies and fine decision making, the enterprises would able to take predictive risk and enhance their performance which is driving its adoption among the organizations. 

Rise in adoption of procurement analytics among small and medium enterprises: 

Small and medium enterprises face challenges such as deployment expenditure, on premise procurement analytics & hiring of skilled staff and maintenance of IT teams. However, these challenges can be overcome with adoption of cloud-based procurement analytics solutions as it can help to increase the profit margins and efficiencies. With the utilization of procurement analytics, the SME’s would be able to overcome and enhance procurement channels which will thus lead in the increase of operational efficiency and demand for procurement analytics solutions. These solutions also provides the procurement channel and enable them to make strategic decisions for inventory spend, and supply chain. In addition, it also helps to reduce their operational and capital cost which leads to the rise in investment. Thus, the adoption is expected to increase lucent opportunities for the market in upcoming years. 

Key Segments covered:  

                          Segments

                         Subsegments

  Component Type

  • Solution.
  • Services

  Deployment Type

  • On-premise
  • Cloud

  Application

  • Spend Analytics
  • Risk Analytics
  • Supply Chain Management
  • Vendor Analytics
  • Contract Management
  • Others

  Organizational Size

  • Small and medium Enterprise
  • Large Enterprise

  Industry vertical

  • BFSI
  • Retail
  • Healthcare
  • IT & Telecom
  • Manufacturing
  • Education
  • Government
  • Energy & Utilities
  • Others

 

 

Key benefits of the report:

  • This study presents analytical depiction of the global procurement analytics along with the current trends and future estimations to determine the imminent investment pockets.
  • The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the procurement analytics market share.
  • The current market is quantitatively analyzed from 2019 to 2027 to highlight the procurement analytics market growth scenario.
  • Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market. 
  • The report provides detailed procurement analytics market analysis based on competitive intensity and how the competition will take shape in coming years. 
 
With collective industry experience of about 200 years of its analysts and experts, Allied Market Research (AMR) encompasses most infallible research methodology for its market intelligence and industry analysis. We do not only engrave the deepest levels of markets but also sneak through its slimmest details for the purpose of our market estimates and forecasts. Our approach helps in building greater market consensus view for size, shape and industry trends within each industry segment. We carefully factor in industry trends and real developments for identifying key growth factors and future course of the market. Our research proceeds are the resultant of high quality data, expert views and analysis and high value independent opinions. Our research process is designed to deliver balanced view of the global markets and allow stakeholders to make informed decisions.

We offer our clients exhaustive research and analysis based on wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics and regional intelligence. Our in-house industry experts play instrumental role in designing analytic tools and models, tailored to the requirements of particular industry segment. These analytical tools and models sanitize the data & statistics and enhance the accuracy of our recommendations and advice. With AMR’s calibrated research process and 360` degree data-evaluation methodology, our clients are assured of receiving:

  • Consistent, valuable, robust and actionable data & analysis that can easily be referenced for strategic business planning
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With a strong methodology we are, therefore, confident that our research and analysis are most reliable and guarantees sound business planning.

Secondary research
We refer a broad array of industry sources for our secondary, which typically include; however, not limited to: Company SEC filings, annual reports, company websites, broker & financial reports and investor presentations for competitive scenario and shape of the industry

  • Patent and regulatory databases for understanding of technical & legal developments
  • Scientific and technical writings for product information and related preemptions
  • Regional government and statistical databases for macro analysis
  • Authentic new articles, web-casts and other related releases for market evaluation
  • Internal and external proprietary databases, key market indicators and relevant press releases for market estimates and forecast


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Our primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks and face-to-face interactions. We are also in professional corporate relations with various companies that allow us greater flexibility for reaching out industry participants and commentators for interviews and discussions, fulfilling following functions:

  • Validates and improves the data quality and strengthens research proceeds
  • Further develops analyst team’s market understanding and expertise
  • Supplies authentic information about market size, share, growth and forecasts


Our primary research interview and discussion panels are typically composed of most experienced industry members. These participants include; however, not limited to:

  • Chief executives and VPs of leading corporations specific to industry
  • Product and sales managers or country heads; channel partners and top level distributors; banking, investments and valuation experts Key opinion leaders (KOLs)


Analyst tools and models
AMR has developed set of analyst tools and data models to supplement and expedite the analysis process. Corresponding to markets, where there is significant lack of information and estimates, AMR’s team of experts and analyst develop specific analyst tools and industry models to translate qualitative and quantitative industry indicators into exact industry estimates. These models also allow analysts to examine the prospects and opportunities prevailing in the market to accurately forecast the course of the market.
 
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