Procurement Analytics Market to Capture a CAGR of 21.90% Between 2022 and 2030 While Touching Approximately USD 33.2 Billion by 2030-End – Report by MRFR

Market Overview

According to a Comprehensive Research Report by Market Research Future (MRFR),The Procurement Analytics Market Analysis shows a growth of 21.90% in the forecast period. Using procurement analytics is a way to find relevant data that will help the organization’s decision-makers be successful. It offers information that helps a business make the proper decision. This approach makes it possible to grow the company.

Market Synopsis

Procurement Analytics is the practice of using advanced analytical techniques to analyze procurement data and gain valuable insights for better decision making. It involves the collection, interpretation, and visualization of data related to the procurement process, supplier performance, pricing trends, and risk assessment. By harnessing the power of data analytics, organizations can optimize their procurement strategies, enhance supplier relationships, reduce costs, mitigate risks, and improve overall operational efficiency.

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The uses and applications of Procurement Analytics are diverse and wide-ranging. It can help organizations identify cost-saving opportunities, negotiate better contracts with suppliers, monitor supplier performance and compliance, manage inventory more effectively, and identify potential bottlenecks or risks in the procurement process. Furthermore, Procurement Analytics can provide predictive insights to anticipate market trends, optimize sourcing strategies, and make informed decisions about supplier selection, pricing, and contract terms.

Market Competitive Landscape:

The affluent companies in the Procurement Analytics industry include

• Tamar
• Coupa Software
• BRIDGEi2i Analytics
• Simfoni
• Sievo SAS
• Genpact AP IBM
• Birch
• Street
• JAGGAER
• Rosslyn Data Technologies
• Oracle
• Zycus
• Proactis

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Market USP Covered:

Market Drivers:

The Procurement Analytics Market is being driven by several key factors. Firstly, the growing complexity of supply chains and the need for organizations to manage risks and ensure compliance have created a demand for advanced analytics solutions. Secondly, the increasing adoption of cloud-based procurement analytics platforms is fueling market growth, as they offer scalability, cost-effectiveness, and real-time data access. Lastly, the rising focus on cost optimization and operational efficiency is driving organizations to embrace analytics to streamline their procurement processes and achieve substantial savings.

Market Restraints:

The Procurement Analytics Market also faces certain restraints. Limited awareness about the benefits of procurement analytics and the lack of skilled professionals proficient in data analysis are hindering market growth. Additionally, concerns over data security and privacy are perceived as challenges, as organizations need to ensure the confidentiality and integrity of their procurement data.

COVID 19 Analysis

The COVID-19 pandemic has had a significant impact on the Procurement Analytics Market. During the pandemic, organizations faced disruptions in their supply chains, shortages of critical goods, and increased price volatility. In response, businesses realized the importance of real-time data and analytics in navigating such uncertainties. As a result, the adoption of procurement analytics solutions surged, as organizations sought to mitigate risks, improve visibility into their supply chains, and optimize their procurement strategies. Post-COVID, the Procurement Analytics Market is expected to continue growing, driven by the need for resilience, agility, and data-driven decision making in the new normal.

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Market Segmentation

By Service

The Service in the market includes Services, Solutions

By Deployment

By Deployment, the segment includes Mode Cloud, On-premise

By Organization Size

By Organization Size, the segment includes Size Small, Medium-size enterprise, large scale enterprise

By Vertical

By Vertical, the segment includes IT Telecommunications, Healthcare, Retail Energy and utilities

Regional Insights

North America is a leading region in the Procurement Analytics Market. It dominates the market due to its early adoption of analytics solutions and the presence of key market players. The region has a mature procurement ecosystem, with organizations across various industries leveraging analytics to optimize their procurement processes. The advanced technological infrastructure and the availability of skilled professionals contribute to the widespread adoption of procurement analytics solutions in North America. Additionally, the region’s emphasis on innovation and continuous improvement further drives the growth of the market.

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