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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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.
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.
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.
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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