Procurement analytics refers to the process of using quantitative methods to derive actionable insights and outcomes from data. Promote fact-based decision-making and obtaining competitive advantages, it entails the collection and use of data. The process by which the procurement team gathers data transforms it into insightful knowledge and then analyses it to enhance decision-making is referred to as procurement analytics. It assists businesses in increasing cost savings, reducing operating costs, and serving a variety of functions, including developing strategies for the most strategic category plans, determining fair market value to maximize savings, examining consumption patterns to cut back on overall spending, analyzing preferred supplier compliance, and choosing distribution channels to stop savings leakage.
The procurement industry is gaining new insights owing to the deployment of powerful data analytics, which can then be applied to negotiations, vendor segmentation, performance management, and annual purchasing plan. Data from the procurement department is extremely abundant and includes transaction history, expenditure information, and other information. With the help of intelligent argumentation, the use of analytics in procurement data can lead to improved business decisions.
The procurement analytics market is segmented on the basis of component, deployment mode, enterprise size, application, industry vertical, and region. By component, it is segmented into solution and services. Based on deployment model, the market is categorized into on-premise and cloud. By enterprise size, the market is categorized into large enterprise and SMEs. By application, the market is categorized into strategic sourcing, spend management, process management, category management, contract management, and transaction management. Based on industry vertical, the market is categorized into BFSI, manufacturing, retail, IT and telecom, healthcare, and others. Based on manufacturing, the market is categorized into food and beverages, industrial machinery and heavy equipment, high tech and consumer electronics, automotive, and others. Based on high tech and consumer electronics, the market is categorized into consumer electronics, PCs & laptops, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific and LAMEA.
The key players operating in the market include Amazon Web Services (AWS), BirchStreet Systems, Cisco System, Inc., Coupa Software Inc., Genpact, International Business Machine (IBM), Jaggaer, Microsoft Corporation, Oracle Corporation, Proactis, Rosslyn Data Technologies, SAP SE, SAS Institute, Sievo, Simfoni, Workday, Inc., and Zycus Inc.. These key players have adopted numerous key development strategies such as partnership and new product launches, which help to strengthen their grip in the Decentralized identity market.
The procurement industry is gaining new insights owing to the deployment of powerful data analytics, which can then be applied to negotiations, vendor segmentation, performance management, and annual purchasing plan. Data from the procurement department is extremely abundant and includes transaction history, expenditure information, and other information. With the help of intelligent argumentation, the use of analytics in procurement data can lead to improved business decisions.
The procurement analytics market is segmented on the basis of component, deployment mode, enterprise size, application, industry vertical, and region. By component, it is segmented into solution and services. Based on deployment model, the market is categorized into on-premise and cloud. By enterprise size, the market is categorized into large enterprise and SMEs. By application, the market is categorized into strategic sourcing, spend management, process management, category management, contract management, and transaction management. Based on industry vertical, the market is categorized into BFSI, manufacturing, retail, IT and telecom, healthcare, and others. Based on manufacturing, the market is categorized into food and beverages, industrial machinery and heavy equipment, high tech and consumer electronics, automotive, and others. Based on high tech and consumer electronics, the market is categorized into consumer electronics, PCs & laptops, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific and LAMEA.
The key players operating in the market include Amazon Web Services (AWS), BirchStreet Systems, Cisco System, Inc., Coupa Software Inc., Genpact, International Business Machine (IBM), Jaggaer, Microsoft Corporation, Oracle Corporation, Proactis, Rosslyn Data Technologies, SAP SE, SAS Institute, Sievo, Simfoni, Workday, Inc., and Zycus Inc.. These key players have adopted numerous key development strategies such as partnership and new product launches, which help to strengthen their grip in the Decentralized identity market.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the procurement analytics market analysis from 2021 to 2031 to identify the prevailing procurement analytics market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the procurement analytics market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global procurement analytics market trends, key players, market segments, application areas, and market growth strategies.
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Key Market Segments
By Component
- Solution
- Services
By Deployment Mode
- On Premise
- Cloud
By Enterprise Size
- Large Enterprises
- SMEs
By Application
- Strategic Sourcing
- Spend Management
- Process Management
- Category Management
- Contract Management
- Transaction Management
By Industry Vertical
- BFSI
- Manufacturing
- Type
- Food and Beverages
- Industrial Machinery and Heavy Equipment
- High Tech and Consumer Electronics
- Automotive
- Others
- Retail
- IT and Telecom
- Healthcare
- Others
By Region
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Spain
- Italy
- Rest Of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Australia
- Rest Of Asia-Pacific
- LAMEA
- Brazil
- Mexico
- UAE
- Saudi Arabia
- South Africa
- Rest Of LAMEA
- Key Market Players
- IBM Corporation
- Data Technologies Inc.
- Genpact
- SAP SE
- Oracle Corporation
- Microsoft
- Cisco Systems, Inc.
- SAS Institute Inc
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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: PROCUREMENT ANALYTICS MARKET, BY COMPONENT
CHAPTER 5: PROCUREMENT ANALYTICS MARKET, BY DEPLOYMENT MODE
CHAPTER 6: PROCUREMENT ANALYTICS MARKET, BY ENTERPRISE SIZE
CHAPTER 7: PROCUREMENT ANALYTICS MARKET, BY APPLICATION
CHAPTER 8: PROCUREMENT ANALYTICS MARKET, BY INDUSTRY VERTICAL
CHAPTER 9: PROCUREMENT ANALYTICS MARKET, BY REGION
CHAPTER 10: COMPETITIVE LANDSCAPE
CHAPTER 11: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to the report, the procurement analytics market size was valued at $3.3 billion in 2021, and is estimated to reach $32.3 billion by 2031, growing at a CAGR of 25.8% from 2021 to 2031.Procurement analytics is a method to retrieve useful information to make effective decisions in the organization. It provides insight for a company to come to the right conclusion. Developing the business is possible through this technique. Mostly historic data is used to know about the future trend of the market. Increasing operational costs, improving decision making and efficiency are benefits of this analytics market.
Furthermore, growing demand for procurement and demand management solutions and newer applications for procurement solutions in the healthcare sector is boosting the growth of the global procurement analytics market. In addition, need to optimize global supply chain impacts growth of the procurement analytics market. However, high cost associated with the implementation and maintenance of procurement solutions is hampering the procurement analytics market growth. On the contrary, growing integration of advanced technologies such as blockchain and cloud technology is expected to offer remunerative opportunities for expansion during the procurement analytics market forecast.
On the basis of component, the solution segment exhibited the highest growth in the procurement analytics market share in 2021, and is expected to maintain its dominance in the upcoming years, owing to several advantages offered by procurement analytics such as complete transparency offered. As it increased efficiency and improved data quality further propels the growth of this segment. However, service is expected to witness significant growth during forecasting period, owing to adoption of deployment and integration services among end users, as it ensures effective functioning of procurement analytics solution throughout the process, in addition, the market players are actively introducing integrated procurement analytics solutions with enhanced deployment, integration, support and maintenance capabilities, further fueling the market growth.
On the basis of industry vertical, the BFSI segment dominated the procurement analytics market in 2021, and is expected to maintain its dominance in the upcoming years. With the use of contemporary technology and digital advancements, the majority of modern banks have already started their full digital transformation. In addition, due to shifting regulatory landscapes and rising consumer expectations, procurement analytics tools are essential for businesses in the banking and financial sector to effectively manage their primary expenditure categories and better control supplier risks, which will help them save money and operate more innovatively, agilely, and flexible. Such uses of procurement management solutions are promoting the expansion of the BFSI industrial market.
The current estimation of 2031 is projected to be higher than pre-COVID-19 estimates. The COVID-19 outbreak has high impact on the growth of procurement analytics market, as increasing number of smartphone users, growing adoption of connected devices, and surging e-commerce sector provide lucrative opportunities for the growth of the procurement analytics market. COVID has caused crises in social, economic, and energy areas and medical life worldwide throughout 2020. This crisis had many direct and indirect effects on all areas of society. In the meantime, the digital and artificial intelligence industry can be used as a professional assistant to manage and control the outbreak of the virus. In post-pandemic circumstances, enterprises strived to minimize operational and running costs around all the business functions to recover the losses incurred in COVID times. Moreover, this the rising demands of online facilities across different industries for instance, retail and marketing, manufacturing, energy and utilities drove the growth in demand of procurement analytics solutions. In addition, the disruptions in the supply chain also triggered the demand of procurement analytics services across the globe. Furthermore, many enterprises are investing highly in this market to thrive the changes in working environment and increased complexity of supply chain. These factors are anticipated to drive the procurement analytics market growth.
KEY FINDINGS OF THE STUDY
By component, the solution segment dominated the procurement analytics industry in 2021. However, the service segment is expected to exhibit significant growth during the forecast period.On the basis of deployment, the on-premise segment dominated the pprocurement analytics industry in 2021. However, the cloud segment is expected to witness the highest growth rate during the forecast period.
By enterprise size, the large enterprise dominated the procurement analytics market in 2021. However, the SME’s segment is expected to exhibit significant growth during the forecast period.
On the basis of application, the strategic sourcing segment dominated the procurement analytics market analysis in 2021. However, the transaction management segment is expected to witness the highest growth rate during the forecast period.
Region-wise, the procurement analytics market was dominated by North America in 2021. However, Asia-Pacific is expected to witness significant growth in the coming years.
The key players operating in the market include Amazon Web Services (AWS), BirchStreet Systems, Cisco System, Inc., Coupa Software Inc., Genpact, International Business Machine (IBM), Jaggaer, Microsoft Corporation, Oracle Corporation, Proactis, Rosslyn Data Technologies, SAP SE, SAS Institute, Sievo, Simfoni, Workday, Inc., and Zycus Inc. These major players have adopted various key development strategies such as business expansion, new product launches, and partnerships, which propel the growth of the procurement analytics market globally.
Companies Mentioned
- IBM Corporation
- Data Technologies Inc.
- Genpact
- SAP SE
- Oracle Corporation
- Microsoft
- Cisco Systems, Inc.
- SAS Institute Inc
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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