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Procurement Analytics Market Synopsis:

The global procurement analytics market to demonstrate a compound annual growth rate (CAGR) of 21.4% between 2018 and 2024 reports Market Research Future (MRFR). The market is expected to surpass a valuation of USD 7 Bn by the end of the assessment period. Digital innovation and incessant advances in cloud infrastructure has led to a rise in uptake of data-driven technologies. This has created tremendous application opportunities for analytics. Enterprises are increasingly inclining towards analytics to reduce capital investment and cutdown operation expenditure. Such factors are favouring the growth of the global procurement analytics.

A lot can be leveraged from procurement analytics either its conducting quantitative analysis of deriving actionable insights. Such analytical solutions allow to reach accurate conclusions for datasets. They provide holistic information using robust predictive analytical algorithms. The cut-throat competition in the market, makes such solutions extremely important for businesses. The insights obtained from such Global Procurement Analytics Market helps enterprises in making informed-decisions and forecast future trends. Enterprises are also applying analytics in procurement processes to attain better visibility and check overspending.

At the same time, the growing need for cloud-based procurement solution is creating attractive application prospects for procurement analytics. The global procurement analytics market is being influenced by technology trends such as cognitive computing and Internet of Things (IoT). However, security loopholes, privacy concerns and lack of skilled resources continue to undermine the market potential.

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Procurement Analytics Market Competition Analysis:

SAP SE (Germany), Tamr (US), SAS Institute Inc., (US), Sievo (Finland), Tungsten Corporation plc (UK), Simfoni (US), Oracle Corporation (US), Proactis (UK), BRIDGEi2i Analytics (India), IBM Corporation. (US), Rosslyn Data Technologies (UK), Zycus Inc. (US), Dataction (India), Genpact (UK) and BirchStreet (US) are some of top-notch companies operating in the global market for procurement analytics.

Procurement Analytics Market Segmental Analysis:

The segmental analysis of the market has been conducted on the basis of deployment mode, industry vertical, organization size, component and region.

  • On the basis of deployment mode, the market has been segmented into cloud and on-premise.
  • By industry vertical, the market has been segmented into financial services and insurance (BFSI), telecom and IT, energy and utilities, banking, retail and e-commerce, healthcare and life sciences and others.
  • By organization size, the market has been segmented into large enterprises, and small and medium-sized enterprises (SMEs)
  • On the basis of component, the market has been segmented into services and solutions. The services segment has been further sub-segmented into sourcing, invoicing analytics, category management, spend analytics, contract management, vendor management and others. The service segment is further sub-segment into managed services and professional services.

Procurement Analytics Market Regional Analysis:

The regions covered in the report include Asia Pacific (APAC), Europe, North America, South America and the Middle East and Africa (MEA). In 2018, North America commanded for the leading share of the global procurement analytics market. This trend is likely to continue throughout the assessment period. Europe holds the second position in the global market and expected to maintain its position over 2024.

Increased usage of analytical solutions in the procurement process by businesses in North America and Europe is supporting the market in these regions. Moreover, strong presence of leading technology companies like SAS Institute, Inc., Oracle Corporation, and IBM Corporation. Countries such as the U.S., Germany and the U.K. are early adopters of the such solutions, which makes them important destinations for market participants. Meanwhile, the APAC procurement analytics market is touted to witness the fastest growth during the forecast period. Growth of the IT sector and development leading-edge cloud infrastructure is countries such as India, China and ASEAN countries is favouring the market growth in the region.

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