Procurement Analytics Market Projected to Hit USD 33.2 Billion at a 26.20% CAGR by 2030 – Report by Market Research Future (MRFR)
Research Reports
Sep 11, 2023
Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), Procurement Analytics Market Information by Service, Deployment, Organization Size, and Region – Forecast till 2030”, Procurement Analytics Market could thrive at a rate of 21.90% between 2022 and 2030. The market size will be reaching around USD 33.2 Billion by the end of the year 2030.
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
April 2023
One of the top players in the industry launched an advanced machine learning algorithm that can predict supplier performance based on historical data. This innovation empowers organizations to proactively assess supplier capabilities and reliability, enabling them to make more informed decisions when selecting and managing suppliers. By leveraging this cutting-edge technology, businesses can enhance their procurement processes and drive sustainable growth.
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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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Europe closely follows North America in the Procurement Analytics Market. The region is witnessing increased traction in procurement analytics due to the growing focus on sustainable procurement practices and stringent regulatory requirements. European organizations are increasingly adopting analytics solutions to track and monitor suppliers’ environmental, social, and governance (ESG) performance. This allows them to ensure compliance with regulations and promote responsible sourcing. The emphasis on transparency, ethical practices, and corporate social responsibility in procurement processes is a significant driver for the adoption of analytics solutions in Europe.
In Asia Pacific, the Procurement Analytics Market is experiencing rapid growth. The region’s expanding manufacturing sector, driven by countries like China, India, and South Korea, creates a massive demand for procurement analytics solutions. Organizations in this region are embracing digital technologies and automation, leading to increased adoption of analytics to optimize supply chain management and procurement processes. The proliferation of e-commerce platforms and the rise of digital marketplaces further contribute to the growth of the market in Asia Pacific. As businesses in the region aim for enhanced efficiency, cost savings, and improved decision-making, the demand for procurement analytics solutions continues to rise.
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