Procurement Analytics Market Projected to Grow at a CAGR of 21.4% from 2020-2027 | Procurement Analytics Market Trends, Analysis, Industry Insights, and Impact of COVID
Research Reports
Apr 06, 2022
Market Analysis
Market Research Future (MRFR) projects the global procurement analytics market to reach USD 7.90 billion at a CAGR of 21.4% from 2020 to 2027 (forecast period).
Multiple Factors to Augment Market Growth
Procurement analytics is a software tool that provides quantitative methods for extracting meaningful insights and outcomes from datasets. Procurement analytics provide extensive information about historical data and enable organizations to foresee future trends with the use of predictive analytical tools. These quantitative data enable organizations to acquire a competitive advantage in the market through data-driven decision-making. Furthermore, incorporating analytics into the procurement process allows businesses to gain better visibility and control over their spending.
The integration of analytics with technological trends like the Internet of Things (IoT) and cognitive computing is projected to accelerate the adoption of the procurement process for highly insightful decision-making. Thus, the increased demand for more effective procurement solutions to improve operational efficiency is likely to boost the Procurement Analytics Market throughout the assessment period. Furthermore, the surge in demand for cloud-based procurement solutions, as well as the growth in demand for data-driven solutions, is expected to boost the procurement analytics market during the forecast period.
Rapid technological advancements, digital innovation, and robust cloud infrastructure have boosted the demand for data-driven solutions to assist organizations in making better decisions. Thus, analytics plays a key role in organizations, allowing them to reduce capital and operational expense while dramatically increasing return on investment (ROI).
Segmentation
The global procurement analytics market has been segmented based on component, deployment mode, organization size, and industry vertical.
By component, the global procurement analytics market has been divided into solutions and services. The solutions segment has been sub-segmented into contract management, spend analytics, invoicing analytics, sourcing, vendor management, category management, and others. Furthermore, the services segment has been further divided into professional services and managed services.
Based on deployment mode, the global procurement analytics market has been bifurcated into on-premise and cloud.
Based on organization size, the global procurement analytics market has been divided into small and medium-sized enterprises (SMEs) and large enterprises.
On the basis of industry vertical, the global procurement analytics market has been segmented into healthcare and life sciences, retail and e-commerce, telecom and IT, energy and utilities, banking, financial services and insurance (BFSI), and others.
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Regional Analysis
Geographically, the global procurement analytics market has been categorized into North America, Europe, Asia Pacific (APAC), the Middle East and Africa (MEA), and South America.
North America led the procurement analytics market in 2018, however, Asia-Pacific is expected to be the fastest growing market over the assessment period. Europe is estimated to attain the second spot in the procurement analytics market in terms of market share during the assessment period.
North America is expected to dominate the global procurement analytics market during the forecast period. The market growth can be attributed to the early adoption of analytics in the procurement process by enterprises and the presence of market giants such as SAS Institute, Inc., IBM Corporation, and Oracle Corporation. The need for handling compliance policies and renewal of contracts can entice procurement managers towards the software.
APAC is expected to be the fastest growing segment in the procurement analytics market during the assessment period. The market growth is attributed to heavy investments by the vendors to develop robust cloud infrastructure in emerging economies of China, India, and other South East Asian countries. New strategies by enterprises for lowering business risk and increasing profit margins can culminate in integration of procurement analytics software for tracking pending delivery and orders.
Competitive Outlook
Tamr, Rosslyn Data Technologies, Zycus Inc., BirchStreet, Oracle Corporation, Simfoni, SAP SE, SAS Institute Inc., Tungsten Corporation plc, Genpact, Proactis, Dataction, BRIDGEi2i Analytics, Sievo, and IBM Corporation are prominent names in the global procurement analytics market.
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Procurement Analytics Market Research Report: Information by Technology (Hall Effect, Magneto Resistive, Variable Reluctance), By Application (Automotive, Industrial, Aerospace & Defense, Consumer Electronics) and Region (North America, Europe, Asia-Pacific, Middle East & Africa, and South America)—Forecast till 2030
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