Market Overview
In its research report, Market Research Future (MRFR), emphasizes that over the review period , the global market 2020 is poised to increase significantly, ensuring substantial market valuation of USD 7.90 billion by 2024, and a healthy 21.4% CAGR over the review period.
Segmental Analysis
The global procurement analytics market has been analyzed based on deployment mode, organization size, component, and industry vertical.
Based on the component, the global procurement analytics market has been bifurcated into solutions and services. The solutions segment has been sub-divided into sourcing, vendor management, spend analytics, invoicing analytics, category management, contract management, and others. Furthermore, the services segment has been further divided into professional services and managed services.
By deployment mode, the global procurement analytics market has been divided into on-premise and cloud.
By the organization size, the global procurement analytics market classified as small and medium-sized enterprises (SMEs) and large enterprises.
Based on the industry vertical, the global procurement analytics market has been divided into healthcare and life sciences, banking, financial services and insurance (BFSI), telecom and IT, energy and utilities, retail and e-commerce, and others.
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Drivers and Restraints
Rapid technical advancements, digital innovation and comprehensive cloud infrastructure have intensified businesses' need for data-driven solutions to assist them in effective decision-making. Analytics thus plays a critical role in the enterprises enabling them to minimize capital and operating expenditure and significantly increase investment return (ROI). Procurement analytics provide comprehensive information on the historical data and allow companies to forecast future trends with the help of predictive analytical tools. Such quantitative data allow companies with data-driven decision-making to gain a competitive market advantage. In addition, the incorporation of analytics in the procurement process helps companies to achieve greater visibility and cost management.
It is possible that the convergence of analytics with technological developments such as the Internet of Things ( IoT) and cognitive computing would accelerate the use of the procurement process for highly insightful decisions. Therefore, the growing need for highly efficient procurement solutions to improve operational performance is expected to drive the procurement analytics market during the evaluation period. In addition, demand for cloud-based procurement solutions is growing, and demand for data-driven solutions is growing, which is likely to drive the Procurement Analytics Market Segments in the forecast period.
At the other hand, lack of safe solutions, privacy issues and lack of technological expertise are some of the aspects that are hindering the growth of the procurement analytics market over the coming years.
Regional Evaluation
The global market geographic overview was conducted in four major regions including Asia Pacific , North America, Europe and the rest of the world.
However, North America led the procurement analytics market in 2018, from 2019 to 2024 Asia-Pacific is expected to be the fastest-growing market. North America held the largest market share in 2018 and predicted over the forecast period to dominate the global procurement analytics market. Market growth can be credited to the early adoption by enterprises of analytics solution in the procurement process and the involvement of industry giants like SAS Institute, Inc., IBM Corporation and Oracle Corporation. In terms of market share, Europe is slated to achieve second place in the procurement analytics market during the assessment period.
During the assessment period Asia-Pacific is expected to be the fastest growing segment in the procurement analytics market. Market growth is attributed to heavy vendor investment in developing robust cloud infrastructure in emerging economies like India, China , and other South East Asian countries.
Competitive scenario
The major market players operating in the global market as identified by MRFR are SAP SE (Germany), IBM Corporation. (US), Oracle Corporation (US), Zycus Inc. (US), Tamr (US), SAS Institute Inc.,(US), and Genpact (UK), BRIDGEi2i Analytics (India), Dataction (India), Tungsten Corporation plc (UK), Sievo (Finland), Rosslyn Data Technologies (UK), BirchStreet (US), Simfoni (US), Proactis (UK).
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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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