Procurement Analytics Market Synopsis:
Procurement analytics are data of consumers which can be used by companies to price their products as per demand and reap dividends. The analytics are gleaned through a software tool and used in making solid business decisions. The global procurement analytics market report by Market Research Future (MRFR) contains drivers, challenges, and latest trends for the period of 2019 to 2024 (forecast period). The COVID-19 pandemic and its impact on the industry have been taken into account in the report.
The Procurement Analytics Market valued USD 2.03 billion and is expected to register a CAGR of 21.4% during the forecast period to reach USD 7.90 billion by 2024. Integration of analytics with cognitive computing and internet of things (IoT) is likely to influence the market demand among firms and enterprises. For instance, the use of category and supplier analytics can be used to glean insights on product pricing. Huge need for efficient solutions which can accelerate the operational efficiency can bode well for the market.
However, lack of skilled personnel, privacy concerns, and paucity of secure solutions can threaten market growth.
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Tamr, Rosslyn Data Technologies, Zycus Inc., BirchStreet, Oracle Corporation, Simfoni, SAP SE, SAS Institute Inc., Tungsten Corporation plc, Genpact, Proactis, Dataction, BRIDGEi2i Analytics, Sievo, and IBM Corporation are prominent names in the global procurement analytics market.
The global procurement analytics market has been segmented based on component, deployment mode, organization size, and industry vertical.
- By component, the global procurement analytics market has been divided into solutions and services. The solutions segment has been sub-segmented into contract management, spend analytics, invoicing analytics, sourcing, vendor management, category management, and others. Furthermore, the services segment has been further divided 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 divided into small and medium-sized enterprises (SMEs) and large enterprises.
- On the basis of industry vertical, the global procurement analytics market has been segmented into healthcare and life sciences, retail and e-commerce, telecom and IT, energy and utilities, banking, financial services and insurance (BFSI), and others.
Geographically, the global procurement analytics market has been categorized into North America, Europe, Asia Pacific (APAC), the Middle East and Africa (MEA), and South America.
North America led the procurement analytics market in 2018, however, Asia-Pacific is expected to be the fastest growing market over the assessment period. Europe is estimated to attain the second spot in the procurement analytics market in terms of market share during the assessment period.
North America is expected to dominate the global procurement analytics market during the forecast period. The market growth can be attributed to the early adoption of analytics in the procurement process by enterprises and the presence of market giants such as SAS Institute, Inc., IBM Corporation, and Oracle Corporation. The need for handling compliance policies and renewal of contracts can entice procurement managers towards the software.
APAC is expected to be the fastest growing segment in the procurement analytics market during the assessment period. The market growth is attributed to heavy investments by the vendors to develop robust cloud infrastructure in emerging economies of China, India, and other South East Asian countries. New strategies by enterprises for lowering business risk and increasing profit margins can culminate in integration of procurement analytics software for tracking pending delivery and orders.
Table of Contents
1 Executive Summary
1.1 Market Attractiveness Analysis
1.1.1 Global Procurement Analytics Market, By Component
1.1.2 Global Procurement Analytics Market, By Deployment Mode
1.1.3 Global Procurement Analytics Market, By Organization Size
1.1.4 Global Procurement Analytics Market, By Industry Vertical
1.1.5 Procurement Analytics Market, By Region
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List of Tables
Table 1 Global Procurement Analytics Market, By Region, 2018–2024
Table 2 North America: Procurement Analytics Market, By Country, 2018–2024
Table 3 Europe: Procurement Analytics Market, By Country, 2018–2024
List of Figures
Figure 1 Global Procurement Analytics Market Segmentation
Figure 2 Forecast Methodology
Figure 3 Porter’s Five Forces Analysis of The Global Procurement Analytics Market
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