According to the Market Statsville Group (MSG), the global procurement analytics market size is expected to grow from USD 3.23 billion in 2022 to USD 34.69 billion by 2033, at a CAGR of 24.1% from 2022 to 2033. Procurement analytics is a type of technique which is used to get useful conclusion and information from the data which will help the company to develop their business and to make right decisions. The focus on enhancing procurement channel operational that have been directly influenced the growth of procurement analytics market for the forecasting period. The enterprises adopting procurement analytics solutions faces the problem like privacy and security issues for their confidential data and this may restrain the growth of the procurement analytics market during the forecasting period. And in feature scenario artificial intelligence (AI) and machine learning (ML) will enhance organization ability to gather and analyze the information and this will make to take the decisions with minimum human intervention. This will onpen many paths for the new player to capture the market in the feature. North America is expected to register the highest market share in the procurement analytics market.

Global Procurement Analytics Market Definition

Procurement analytics is the process of analyzing and collecting procurement data for effective decision-making and business insights. In other words, a procurement analytics process involves gathering data, transforming it into insightful knowledge, and analyzing it to enhance decision-making. This program assists businesses or organization in increasing reducing operating costs, savings and performing a variety of functions, including determining fair market value to maximize savings, analyzing consumption patterns to reduce spending, analyzing preferred supplier compliance, and choosing distribution channels to keep savings flowing. In negotiating, segmenting vendors, tracking performance, and designing annual purchasing plans, powerful data analytics are giving the procurement industry new insights.

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Global Procurement Analytics Market Dynamics

Drivers: Rising focus on enhancing procurement channels

The rising focus on enhancing procurement channel operational efficiencies have been directly affecting the market growth of procurement analytics over the forecasting period. Procurement analytics brings data driven intelligence like artificial intelligence (AI) and machine learning (ML) helps businesses reduce the total cost to procure and improve service levels. The increasing adoption of analytics tools that has witnessed improvement in procurement processes like design, planning, delivery, service, and production. This will hamper the growth of the businesses leading to an increase in demand for procurement analytics solutions. Providing enterprises with capabilities such as plan compliance analytics, spend analysis, inventory optimization, vendor management, contract management, route and network optimization practices, and price optimization, these solutions allow them to make informed decisions. Through these capabilities, companies can find patterns in consumer purchase behaviors, company spending patterns, and inventory management that can be combined with optimization models to enable dynamic pricing. These factor will creating a huge demand for procurement analytics in the market as well as lifting the growth of the procurement analytics market all around the globe.

Restraints: Rise in concerns of data security for the organization

The enterprises that are adopting procurement analytics process faces the security and privacy issues. All the big and small industry have their confidential data, which they need to be protected to avoid data theft and breaches, as it may affect the reputation of the business enterprises. As a result of providing the analytical providers with such confidential data, organizations are concerned that their data could be leaked over the internet and accessed by unauthorized users; for instance, TMS requires multi-tenant architecture, in which a single version of the software runs on a shared server.

Opportunities: Growth in adoption in developing countries

Emerging countries such as India, China, and Mexico, are focused on intelligent smart bins for sustainable waste management. In addition, government initiatives toward waste management practices are anticipated to provide opportunities for the market growth. For instance, in October 2018, Dharamshala, India, installed smart underground waste bins at 140 public places.

These bins are installed with IoT based systems, which send signals to representatives once 70% of the bin is occupied, which, in turn, avoid garbage overflow. Such instances are anticipated to propel growth of the procurement analytics market.

Scope of the Global Procurement Analytics Market

The study categorizes the procurement analytics market based on component, deployment mode, organizational size, application and vertical at the regional and global levels.

By Component Outlook (Sales, USD billion, 2019-2033)

• Solutions
• Services

By Deployment Mode Outlook (Sales, USD billion, 2019-2033)

• Cloud based Procurement Analytics Solutions
• On-premises Procurement Analytics Solutions

By Organizational Size Outlook (Sales, USD billion, 2019-2033)

• Large Enterprises
• Small and Medium-sized Enterprises (SMEs)

By Application Outlook (Sales, USD billion, 2019-2033)

• Supply Chain Analytics
• Risk Analytics
• Spend Analytics
• Demand Forecasting
• Contract Management
• Vendor Management
• Category Management

By Vertical Outlook (Sales, USD billion, 2019-2033)

• BFSI
• Retail and eCommerce
• Telecom and IT
• Manufacturing
• Healthcare and Life Sciences
• Energy and Utilities
• Government and Defense

By Region Outlook (Sales, USD billion, 2019-2033)

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • Italy
  • France
  • UK
  • Spain
  • Poland
  • Russia
  • The Netherlands
  • Norway
  • Czech Republic
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Indonesia
  • Malaysia
  • Thailand
  • Singapore
  • Australia & New Zealand
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Colombia
  • Rest of South America
• The Middle East & Africa
  • Saudi Arabia
  • UAE
  • South Africa
  • Northern Africa
  • Rest of MEA

Direct Purchase Report: https://www.marketstatsville.com/buy-now/procurement-analytics-market?opt=3338&utm_source=free&utm_medium=harsh

Supply chain analytics segment is projected to account for the largest market share, by application

Based on application, the market is segmented into supply chain analytics, risk analytics, spend analytics, demand forecasting, contract management, vendor management, category management. Supply Chain Analytics segment is expected to account the larger market share during the forecasting period. The purpose of supply chain analytics is to boost the efficiency and effectiveness of the supply chain with data-driven insights. Supply chain analytics solutions are expected to help a variety of including manufacturing, industry verticals, consumer goods and retail, utilities and energy, and healthcare, while making decisions about supply chain demand planning and forecasting, optimization, inventory, supplier performance and optimization.

Cloud procurement analytics solutions segment is projected to account for the largest market share, by deployment mode

Based on Deployment Mode, the market is segment divided into two parts On-premise Procurement Analytics Solutions and Cloud Procurement Analytics Solutions. Cloud procurement analytics solutions deployment segment will expect to account the highest CAGR for this forecasting period. The cloud-based services are directly accessible through the network connection deployed. Since cloud-based procurement analytics systems are easy to maintain and update, the cloud deployment option is becoming more popular among businesses without resources.

North America accounts for the largest market share for during the forecasting period

In terms of region, the global procurement analytics market can be divided into North America, Asia Pacific, Europe, Africa & Middle East and South America. North America dominated the global procurement analytics market for the forecasting period. The U.S.A is a key market player in terms of adopting the new technologies. The country has a strong financial position, which allows it to invest heavily in advanced tools and technologies to ensure its success. Procurement Analytics Market expansion in North America is largely driven by the region's expanding technical improvements. North America is the most lucrative region in procurement analytics market share of over a percentage. The rising diffusion of large data in this industry is driving procurement analytics market growth all over the world. Consumers and retailers are increasingly extracting customer data from technology, which is causing businesses to shift their focus from data collection to engineering to extract insights from data. This information, merchants can give their customers a competitive advantage and differentiate their purchasing experience.

As vendors invest heavily in developing healthy cloud infrastructure within developing economies like India and China within this region, analysts expect Asia-Pacific to grow at a significant rate over the forecasting period.

Competitive Landscape - Global Procurement Analytics Market

The global procurement analytics market is highly competitive with key industry players adopting various strategies such as product development, partnerships, acquisitions, agreements, and expansion to strengthen their market positions. Most companies in the market are focused on expanding operations across regions, augmenting their capabilities, and building strong partner relations.

Major players in the global procurement analytics market are:

• Microsoft Corp.
• SAP SE
• IBM Corp
• Oracle Corp.
• Cisco Systems Inc.
• Amazon Web Service Inc.
• SAS Institute Inc.
• Coupa Software Inc.
• Rosslyn Data Technologies Inc.
• Zycus Inc
• GEP

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Recent Developments

• In May 2021, IBM Cloud Pak has launched a new version of Watson AIOps, a solution that puts AI at the forefront of IT operations management. This will opportunities to the company to improve responsiveness and reduce risk by using AI at the core of your IT operations.
• In July 2020, A GEP one of the leading providers of procurement and supply chain tools and services to Fortune 500 and Global 2000, announced the launch of its next-generation AP automation platform, leveraging artificial intelligence and machine learning to speed up and improve AP processes.
• In June 2020, SAP SE announced that the German governments will launch Corona Warn App. In light of the pandemic, T-Systems' "Digital Solutions" section and SAP have digitalized the process of successfully halting the chain of infection.  

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