The Global Procurement Analytics Market size was estimated at USD 3.3 Bn in 2021 and is expected to hit around USD 29.4 at a CAGR of 26.1% Bn by 2030
In order to provide a set of valuable insights that will help drive value and enhance operations, procurement analytics is the process of drawing on the vast pool of procurement data. Organizations' desire to obtain a unified perspective of procurement spend has increased the need for procurement analytics. Through one-off projects like spend cubes, procurement analytics has grown to encompass a variety of specialized solutions, dashboards, and kinds of automation software. Data visualization is only one aspect of procurement analytics. Analyzing purchases in the procurement process might be compared to refining oil.
The goal is to generate commercial value by gathering, purifying, and enriching massive amounts of data from many platforms. The capacity to measure how procurement affects the bottom line and more quick, accurate, and actionable business insights provide value to procurement analytics.
The global procurement analytics market is expanding due to increasing demand for demand management and procurement solutions, as well as emerging uses for these solutions in the healthcare industry. Additionally, the expansion of the procurement analytics market is impacted by the requirement to optimize the global supply chain. However, the high cost of deployment and upkeep of procurement solutions is restricting the procurement analytics market. On the other hand, increased adoption of cutting-edge technologies like blockchain and cloud computing is anticipated to present lucrative growth prospects throughout the procurement analytics market forecast.
Procurement analytics has become an indispensable tool for businesses seeking to optimize their purchasing processes and gain valuable insights. By leveraging procurement analysis, organizations can delve into purchasing patterns, identify cost-saving opportunities, and enhance overall efficiency. One key aspect of this is utilizing purchasing analytics, which involves examining data related to supplier performance, contract management, and spending analytics in procurement. With the help of cutting-edge procurement analytics software, businesses can streamline their procurement operations, make informed decisions, and drive strategic sourcing initiatives to achieve substantial cost reductions and improved supply chain performance.
Market Dynamics
Drivers:
Emerging technologies like IoT, big data, and ML have saturated the market, increasing competition. Businesses are making a lot of effort to adopt these technologies and improve their skills in order to maintain their position in the market. Organizations are given a better knowledge of the procurement risks that could arise while conducting business in such a fiercely competitive climate by procurement analytics solutions.
Enterprises have been able to quickly adapt to changing market demands thanks to the analytics solutions in order to thrive in the fiercely competitive market. Maintaining a competitive edge in the market is a big problem for businesses. Therefore, they must evaluate internal and external issues (government policies and environmental challenges) (inappropriate management, lack of expertise, lack of awareness, and outdated infrastructure).
Restraints:
To efficiently manage their procurement portfolio, firms must streamline a variety of internal processes. To make procurement decisions that are effective, it is essential to streamline and combine the many processes, including supply chain management, inventory control, accounting, vendor selection, sourcing, and reporting. Before implementing the analytics solutions on the organisation platforms, the sellers of procurement analytics must streamline a number of processes. The market for procurement analytics isn't growing as quickly as it should because of the lack of integration and organisations' worries about privacy violations that could harm their brand.
Opportunity:
Enterprises may make smarter decisions with less expense and time by using the procurement analytics solution, which offers agility and flexibility. Establishing a vision and goals, achieving the goals, and then modifying the goals to suit future demands better are all part of business strategy. Many firms worldwide are implementing advanced analytics technologies with robotics and AI capabilities to create better business strategies. It assists businesses in identifying market opportunities and increasing Return on Investment (ROI). In order to analyse prospective procurement results that can have an impact on an organisation's ability to function, procurement analytics is essential.
Organisations are attempting to shift their data to the cloud to take advantage of real-time accessibility while also analysing it for insights that can be put into practise.Vendors of procurement analytics have now been given the chance to offer cloud-based procurement analytics solutions.
Key players:
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SAP SE
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Oracle Corporation
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SAS Institute
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Genpact
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Microsoft
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Data Technologies
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IBM
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Cisco Systems Inc.
Market Segmentation:
Procurement Analytics Market, By Deployment Mode
Procurement Analytics Market, By Enterprise Size
Procurement Analytics Market, By Component
Procurement Analytics Market, By Application
Procurement Analytics Market, By Industry Vertical
Procurement Analytics Market, By Region
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North America
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Europe
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Asia-Pacific
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Latin America
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Middle East & Africa (MEA)
Regional Analysis:
In the procurement analytics market, North America is anticipated to hold the greatest market share. The region's expanding technical improvements are one of the main factors supporting the expansion of the procurement analytics market in North America. The expanding regional presence of players in procurement analytics is anticipated to further fuel market expansion.
Scope of the Report:
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Report Coverage |
Details |
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Base year |
2021 |
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Forecast period |
2030 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 26.1% |
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YoY growth (%) |
XX% |
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Regional analysis |
North America, Asia Pacific, Europe, Latin America, the Middle East, and Africa |
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Current Market size |
USD 3.3 Billion |
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Forecast market growth |
USD 29.4 Billion |
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Introduction
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Market Size Estimation
The overall size of the market has been estimated and validated using both top-down and bottom-up methods. The sizes of other market subsegments have also been thoroughly estimated using these methodologies.
In the top-down technique, the market is divided into segments based on the percentage share of each segment. This method assisted in determining the size of each segment's market. The market size of each segment and its sub-segments was then divided into regional market sizes. This Approach helps mainly with the new Product Launch. It uses Multi-variate Regression Model coupled with Vendor based primary research inputs to forecast to the Market Size.
In the Bottom-Up approach, comprehensive study of key players has to be done wherein we add the market size of the major key players to understand the national market size which helps to determine the regional market size and eventually the complete market size. Companies annual report along with data from paid and unpaid resources like reports from government agencies and organizations like world bank provide the data for this approach.
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