Procurement Analytics Market Synopsis:

Procurement analytics is the process of collecting and analyzing procurement data in order to gain business insights and make effective decisions. This typically involves using quantitative methods to derive actionable insights and outcomes from various data sources related to purchasing transactions ,delivery times, supplier performance metrics, and more. Procurement analytics can help organizations drive value, improve operations, and better manage their supply chains.

It is often used to identify trends, anomalies, and patterns in procurement data and to surface critical insights that can inform strategic sourcing decisions. Important examples of procurement data may include supplier data, contracts information, requisition data, purchase orders, and delivery information, among others.

The Procurement Analytics Market Size Analysis shows a growth of 26.20% in the forecast period 2022-2030.

Drivers and Restraints

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 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.

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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).

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.

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.

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

Continued…

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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

Continued…

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

Continued…

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