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).
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Market Segmentation
The worldwide procurement
analytics market has been segmented based on component, deployment mode,
organization size, and industry vertical.
By component, the
worldwide procurement analytics market has been divided into solutions and
services. The solutions segment has been split into spend analytics, sourcing,
vendor management, invoicing analytics, contract management, category
management, and others. Furthermore, the services segment has been further
split 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 categorized into small and
medium-sized enterprises (SMEs) and large enterprises.
On the basis of industry
vertical, the global procurement analytics market has been divided into
banking, financial services and insurance (BFSI), healthcare and life sciences,
telecom and IT, retail and e-commerce, energy and utilities, and others.
Regional Analysis
North America to Remain
Dominant in the Global Market
North America held the
biggest market share in 2018 and is likely to continue to dominate the global
procurement analytics market throughout the forecast period. The early
acceptance of analytics solutions in the procurement process by organizations,
as well as the presence of market giants such as SAS Institure, Inc., IBM
Corporation, and Oracle Corporation, can be linked to market growth.
Key Players
Some of the key players
in the global procurement analytics market include IBM Corporation. (US), SAP
SE (Germany), Oracle Corporation (US), Tamr (US), Zycus Inc. (US), SAS
Institute Inc., (US), Genpact (UK), BRIDGEi2i Analytics (India), Sievo
(Finland), Dataction (India), Tungsten Corporation plc (UK), Rosslyn Data
Technologies (UK), Simfoni (US), BirchStreet (US), Proactis (UK). The key
strategies implemented by most of the players are partnerships, agreements,
collaborations, and solutions launch to gain a substantial market share in the
procurement analytics market during the forecast period.
Competitive landscape
The majority of
procurement analytics vendors are based in the United States and Europe. Market
participants are observing a collaborative approach to expanding its business
through new product development and the incorporation of disruptive technologies
such as artificial intelligence (AI), machine
learning (ML), and blockchain. The players are working on extending their
global customer base through various organic and inorganic expansion tactics.
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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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