0
New
New
2022
Procurement Analytics Market

Procurement Analytics Market

by Component (Solution, Services), by Deployment Mode (On Premise, Cloud), by Enterprise Size (Large Enterprises, SMEs), by Application (Strategic Sourcing, Spend Management, Process Management, Category Management, Contract Management, Transaction Management), by Industry Vertical (BFSI, Manufacturing, Retail, IT and Telecom, Healthcare, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031

Report Code: A06956
Pages: 344
Oct 2022 | 3360 Views
Author(s) : Mohd K, Apoorv P , Vineet K
Tables: 242
Charts: 69
  • Formats*:

  • Single User License, Five User
    License & Enterprise User License

  • Data Pack Excel License

  • It comes with the additional cost
    of $2500.00 contact sales.

 

Procurement Analytics Market Research, 2031

The global procurement analytics market size was valued at $3.3 billion in 2021, and is projected to reach $32.3 billion by 2031, growing at a CAGR of 25.8% from 2021 to 2031.

The COVID-19 outbreak has high impact on the growth of procurement analytics market, as increasing number of smartphone users, growing adoption of connected devices, and surging e-commerce sector provide lucrative opportunities for the growth of the procurement analytics market. COVID has caused crises in social, economic, and energy areas and medical life worldwide throughout 2020.

Procurement analytics is the process of tapping into the large reservoir of procurement data using quantitative and analytical methods to develop a set of actionable insights to drive value and improve operations. The need for procurement analytics has developed from organizations' desire to get a consolidated view of procurement spend. Procurement analytics has developed through one-off projects, such as spend cubes, to cover a number of specialized solutions, dashboards, and types of automation software. Procurement analytics is about much more than data visualization. One way to think about procurement analytics is that it's like refining oil. It's about collecting, cleansing, and enriching large amounts of data from disparate systems to add business value. In procurement analytics, value comes from more timely, accurate, and actionable business insights, and the ability to measure procurement's contribution to the bottom line.

Furthermore, growing demand for procurement and demand management solutions and newer applications for procurement solutions in the healthcare sector is boosting the growth of the global procurement analytics market. In addition, need to optimize global supply chain impacts growth of the procurement analytics market. However, high cost associated with the implementation and maintenance of procurement solutions is hampering the procurement analytics market growth. On the contrary, growing integration of advanced technologies such as blockchain and cloud technology is expected to offer remunerative opportunities for expansion during the procurement analytics market forecast.

Procurement Analytics Market

The procurement analytics market is segmented into Deployment Mode, Enterprise Size, Component, Application and Industry Vertical.

Segment Review

The procurement analytics market is segmented on the basis of component, deployment mode, enterprise size, application, industry vertical, and region. Based on component, it is segmented into solution and services. Based on deployment mode, the market is categorized into on-premise and cloud. Based on enterprise size, the market is categorized into large enterprise and SMEs. Based on application, the market is categorized into strategic sourcing, spend management, process management, category management, contract management, and transaction management. Based on industry vertical, the market is categorized into BFSI, manufacturing, retail, IT and telecom, healthcare, and others. Based on manufacturing, the market is categorized into food and beverages, industrial machinery and heavy equipment, high tech and consumer electronics, automotive, and others. Based on high tech and consumer electronics, the market is categorized into consumer electronics, PCs & laptops, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific and LAMEA.

The key players operating in the Procurement Analytics industry include Amazon Web Services (AWS), BirchStreet Systems, Cisco System, Inc., Coupa Software Inc., Genpact, International Business Machine (IBM), Jaggaer, Microsoft Corporation, Oracle Corporation, Proactis, Rosslyn Data Technologies, SAP SE, SAS Institute, Sievo, Simfoni, Workday, Inc., and Zycus Inc.. Furthermore, it highlights the strategies of the key players to improve the market share and sustain competition.

 

Procurement Analytics Market
By Industry Vertical

Your browser does not support the canvas element.

The retail segment is anticipated to witness the growth during the forcasted life, due to increased in rivalry between e-commerce and omni-channel businesses, many retailers are employing procurement analytics software to get an advantage over other players.

Get more information on this report : Request Sample Pages

On the basis of industry vertical, the BFSI segment dominated the procurement analytics market in 2021, and is expected to maintain its dominance in the upcoming years. With the use of contemporary technology and digital advancements, the majority of modern banks have already started their full digital transformation. In addition, due to shifting regulatory landscapes and rising consumer expectations, procurement analytics tools are essential for businesses in the banking and financial sector to effectively manage their primary expenditure categories and better control supplier risks, which will help them save money and operate more innovatively, agilely, and flexible. Such uses of procurement management solutions are promoting the expansion of the BFSI industrial market.

Procurement Analytics Market
By Region

2031
Asia-pacific 
North America
Europe
Lamea

The North America segment dominated the procurement analytics market in 2021, and is expected to maintain its dominance in the upcoming years.Due to its rapidly changing technical landscape, increasing digitization throughout North American nations, and intensifying market competitiveness, North America has a great potential for growth.

Get more information on this report : Request Sample Pages

North America is anticipated to account for the largest share of the Procurement analytics industry during the forecast period, owing to presence of a substantial industrial base in the U.S., government initiatives to promote innovation, and large purchasing power. The growth is primarily concentrated in the U.S. Companies that use big data software frequently use print management systems to cut costs, improve industry vertical, and boost worker productivity. However, Asia-Pacific is expected to witness significant growth during the forecast period, owing to growing economies such as India and China and cloud native countries like Japan.

 

Impact of COVID-19

The COVID-19 outbreak has high impact on the growth of procurement analytics market, as increasing number of smartphone users, growing adoption of connected devices, and surging e-commerce sector provide lucrative opportunities for the growth of the procurement analytics market. COVID has caused crises in social, economic, and energy areas and medical life worldwide throughout 2020. This crisis had many direct and indirect effects on all areas of society. In the meantime, the digital and artificial intelligence industry can be used as a professional assistant to manage and control the outbreak of the virus. In post-pandemic circumstances, enterprises strived to minimize operational and running costs around all the business functions to recover the losses incurred in COVID times. Moreover, this the rising demands of online facilities across different industries for instance, retail and marketing, manufacturing, energy and utilities drove the growth in demand of procurement analytics solutions. In addition, the disruptions in the supply chain also triggered the demand of procurement analytics services across the globe. Furthermore, many enterprises are investing highly in this market to thrive the changes in working environment and increased complexity of supply chain. These factors are anticipated to drive the procurement analytics market growth. 

Top Impacting Factors

Growing demand for procurement and demand management solutions

One of the main factors driving the expansion of the procurement analytics market is the growing demand for efficient demand and supply management solutions. A procedure called "demand management" allows organizations to adjust their capacity to meet changing demand or to control the level of demand using marketing or procurement analytics techniques. For a variety of companies, procurement management solutions can assist in producing statistics-based projections from data, recent occurrences, and random elements. An automated ecosystem can be used by procurement management services to evaluate supply constraints, financial projections, client commitments, inventory count, demand, and cost management. The solution predictions all demand for products and services to support the marketing team and involves prioritizing demand when supply is defecating. Organizations are increasingly focusing on proper procurement management as it simplifies the planning and use of resources for profitable business results. Such trends are promising great opportunities for the growth of the market in the coming years.

Newer applications for procurement solutions in the healthcare sector

The transportation of medications, surgical tools, and other products as required by healthcare personnel to perform their duties is made possible by a number of processes supported by healthcare supply chain and procurement management services. Finding departmental weaknesses and suggesting remedies are the goals of procurement management services in the healthcare industry. The procurement analytics services guarantee that hospital departments, operations, and the revenue cycle are properly linked. In addition, it is possible to see the supply chain and procurement management systems as a back-end programme that is essential for integrating all the various activities. The use of supply chain and procurement analytics software in the healthcare industry is driven by the growing pressure on healthcare providers to increase operational efficiency and profitability. In the current environment, rising healthcare expenses and national healthcare spending characterize the global healthcare market. Consequently, it is crucial for them to streamline their procedures while cutting costs.

KEY BENEFITS FOR STAKEHOLDERS

Key Benefits For Stakeholders

  • This report provides a quantitative analysis of the procurement analytics market share, current trends, estimations, and dynamics of the procurement analytics market analysis from 2021 to 2031 to identify the prevailing procurement analytics market opportunities.
  • The market research is offered along with information related to key drivers, restraints, and opportunities.
  • Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
  • In-depth analysis of the procurement analytics market segmentation assists to determine the prevailing market opportunities.
  • Major countries in each region are mapped according to their revenue contribution to the global market.
  • Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
  • The report includes the analysis of the regional as well as global procurement analytics market trends, key players, market segments, application areas, and market growth strategies.

Procurement Analytics Market Report Highlights

Aspects Details
Market Size By 2031 USD 32.3 billion
Growth Rate CAGR of 25.8%
Forecast period 2021 - 2031
Report Pages 344
Deployment Mode
  • Cloud
  • On Premise
Enterprise Size
  • Large Enterprises
  • SMEs
Component
  • Solution
  • Services
Application
  • Strategic Sourcing
  • Spend Management
  • Process Management
  • Category Management
  • Contract Management
  • Transaction Management
Industry Vertical
  • BFSI
  • Manufacturing
    • Type
      • Food and Beverages
      • Industrial Machinery and Heavy Equipment
      • High Tech and Consumer Electronics
      • Automotive
      • Others
  • Retail
  • IT and Telecom
  • Healthcare
  • Others
By Region
  • North America  (U.S., Canada)
  • Europe  (France, Spain, Italy, Rest Of Europe, UK, Germany)
  • Asia-Pacific  (China, India, Japan, South Korea, Australia, Rest Of Asia-Pacific)
  • LAMEA  (Brazil, Mexico, UAE, Saudi Arabia, South Africa, Rest Of LAMEA)
Key Market Players SAP SE, Oracle Corporation, SAS Institute, Genpact, Microsoft, Data Technologies, IBM, Cisco Systems Inc.
 

Loading Table Of Content...


 
 

In accordance with insights by CXOs of leading companies, 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. In addition, 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.

In the digital era where artificial intelligence and internet of things have taken over the world, there seems to be a comparatively less growth rate of the procurement analytics market than digital marketing. Through various studies it has been observed that procurement analytics market is expanding as a result of the quickening pace of digital transformation in all parts of the world. Industries such as e-commerce or retail has been more focused on gathering data on consumers for better understanding and predicting the purchasing behavior of the consumers. Moreover, complex policies are handled by many organizations. However, with proper reports taking good decisions is impossible. Procuring information and making the best decision with the results is a crucial task of the market. Through procurement analytic reviewing market decisions and tasks are possible. SMEs are key end-users of the procurement analytics market having a higher adoption rate. The surge of procurement analytic is advantageous to these enterprises.

PURCHASE OPTIONS

Call or Email us

U.S.-Canada Toll-free: +1-800-792-5285
Int'l : +1-503-894-6022
Europe : + 44-845-528-1300
Email : help@alliedmarketresearch.com
 
FREQUENTLY ASKED QUESTIONS?

A. Furthermore, growing demand for procurement and demand management solutions and newer applications for procurement solutions in the healthcare sector is boosting the growth of the global procurement analytics market. In addition, need to optimize global supply chain impacts growth of the procurement analytics market. However, high cost associated with the implementation and maintenance of procurement solutions is hampering the procurement analytics market growth. On the contrary, growing integration of advanced technologies such as blockchain and cloud technology is expected to offer remunerative opportunities for expansion during the procurement analytics market forecast.

A. North America is anticipated to account for the largest share of the Procurement analytics market during the forecast period, owing to presence of a substantial industrial base in the U.S., government initiatives to promote innovation, and large purchasing power. The growth is primarily concentrated in the U.S. Companies that use big data software frequently use print management systems to cut costs, improve industry vertical, and boost worker productivity.

A. The global Procurement analytics market was valued at $3,245.98 million in 2021, and is projected to reach $32,294.18 million by 2031, registering a CAGR of 25.8% from 2021 to 2031.

A. The key players operating in the market include Amazon Web Services (AWS), BirchStreet Systems, Cisco System, Inc., Coupa Software Inc., Genpact, International Business Machine (IBM), Jaggaer, Microsoft Corporation, Oracle Corporation, Proactis, Rosslyn Data Technologies, SAP SE, SAS Institute, Sievo, Simfoni, Workday, Inc., and Zycus Inc.. Furthermore, it highlights the strategies of the key players to improve the market share and sustain competition.

Looking for Customization?

 Customization Request

Have a Question?

 Speak with Analyst

Any Confusion?

 Inquire Before Buying

Have a glance of the Report

  Request Free Sample
RELATED TAGS

Purchase Full Report of
Procurement Analytics Market

Start reading instantly.
This Report and over 19,305+ more Reports, Available with Avenue Library. T&C*.

  • Online Only
  • $3,690
  • Online cloud access only
  • Restricted print, copy, paste & download
  • Read only
  • Free industry update
    (Within 180 days)
  • Free report update in next update cycle
    (Oct 2023 - Oct 2024)
  • Data Pack
  • $3,930
  • Restricted to one authorized user
  • One print only
  • Available in
    Excel
  • Free industry update
    (Within 180 days)
  •   Free report update in next update cycle
    (Oct 2023 - Oct 2024)
  • Single User
  • $5,820
  • Restricted to one authorized user
  • One print only
  • Available in
    PDF
  • Free industry update
    (Within 180 days)
  •   Free report update in next update cycle
    (Oct 2023 - Oct 2024)
  • Five Users
  • $6,540
  • Limited to five authorized users
  • Print upto five copies
  • Available in
    PDF
  • Free industry update
    (Within 180 days)
  •   Free report update in next update cycle
    (Oct 2023 - Oct 2024)
  • Enterprise
    License/PDF

  • $9,870
  • Unlimited
    within
    company/enterprise
  • Available in Excel & PDF
  • Free industry update
    (Within 180 days)
  •   Free report update in next update cycle
    (Oct 2023 - Oct 2024)
  • Library
    Membership

  • $ 999
    Per User/ Per month/ Billed annually
  • Published Content
    E-access
  • Company Profiles
    E-access
  • Newly Added Content Access
  • 10 PDF
    Downloads
  • 5 Excel Data
    Pack Downloads
  • 250 Company Profiles PDF Downloads
  • Buy Now

*Taxes/Fees, if applicable will be added during checkout. All prices in USD

RELATED REPORTS
 

Why Allied Market Research?

 

Infallible Methodology

To ensure high-level data integrity, accurate analysis, and impeccable forecasts

Analyst Support

For complete satisfaction

Customization

On-demand customization of scope of the report to exactly meet your needs

TARGETED MARKET VIEW

Targeted market view to provide pertinent information and save time of readers

Get fresh content delivered

Get insights on topics that are crucial for your business. Stay abreast of your interest areas.

Get Industry Data Alerts

Why Allied Market Research?

Infallible Methodology

To ensure high-level data integrity, accurate analysis, and impeccable forecasts

Analyst Support

For complete satisfaction

Customization

On-demand customization of scope of the report to exactly meet your needs

TARGETED MARKET VIEW

Targeted market view to provide pertinent information and save time of readers