Procurement Analytics Market Synopsis:
Market Research Future reveals that the global procurement analytics market 2020 is having a bright future as it is expected to expand at an approximately USD 7.90 billion by 2024 while recording 21.4% of CAGR during the forecast period 2018–2024.
The factors contributing to the global procurement analytics market are related to factors such as rapid advances in technology, robust cloud infrastructure, and digital innovation. These have amplified the need for data-driven solutions for businesses to aid them in making better verdicts for the present as well as the future. With this, the study highlights analytics as it plays a pivotal role in enabling businesses to abate the capital and operational expenditure and increases the return on investments (ROI) significantly.
At the same time, the ability of Procurement Analytics Market by offering quantitative methods to derive actionable insights and outcomes from datasets is also substantially increasing the demand for this software. As procurement analytics provide comprehensive information about the historical data, the predictive analytical tools enable enterprises to forecast future trends, which is another factor leading the market’s value to the core and paving opportunities for the future.
On the other hand, the integration of analytics with technological trends such as the Internet of Things (IoT) and cognitive computing is also likely to impel the adoption of the procurement process for profoundly insightful decision-making. This gives a boost to the global market. With this, the rising need for highly efficient solutions for the procurement process to surge the operational efficiency is probable to motivate the procurement analytics market during the assessment period. Adding to it, the surge in demand for cloud-based procurement solutions, as well as a rise in demand for data-driven solutions, has a high possibility of driving the procurement analytics market during the assessment period.
On the flip side, the issue of lack of secured solutions, privacy concerns, and lack of technical expertise are some of the factors hindering the growth of the procurement analytics market at present and would continue with it over the next few years.
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Major Market Players:
The major market players in the global procurement analytics market are listed as Genpact (UK), IBM Corporation. (US), Oracle Corporation (US), SAP SE (Germany), Zycus Inc. (US), Tamr (US), SAS Institute Inc.,(US), Proactis (UK). BRIDGEi2i Analytics (India), Dataction (India), Tungsten Corporation plc (UK), Sievo (Finland), Simfoni (US), BirchStreet (US), and Rosslyn Data Technologies (UK).
Segmentation of Market:
As per the study, the global procurement analytics market is further segmented among the elements of component, deployment mode, organization size, and industry vertical.
- In terms of component: Solutions and services are the segments. Further, the solutions segment has been sub-segmented into sourcing, spend analytics, invoicing analytics, vendor management, category management, contract management, and others. Whereas, the services segment diverges into professional services and managed services.
- In terms of deployment mode: On-premise and cloud are the segments.
- In terms of organization size: Small and medium-sized enterprises (SMEs) and large enterprises are the segments.
- In terms of industry vertical: Financial Services and Insurance (BFSI), energy and utilities, retail and e-commerce, banking, telecom and IT, healthcare and life sciences are the segments.
Regionally, the global procurement analytics market has been further studied among the significant regions of Europe, North America, the Middle East and Africa, Asia-Pacific, and South America.
The region of North America led the procurement analytics market in 2018, and now it is probable to lead the global procurement analytics market during the assessment period. The market progression is mainly ascribed to the early adoption of analytics solutions in the procurement process by the businesses as well as the presence of market giants such as IBM Corporation, SAS Institute, Inc., and Oracle Corporation.
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