Global Procurement Analytics Market expected to reach approximately USD 5.6 billion by 2025, at a CAGR of slightly above 20.9% between 2019 and 2025.
— Zion Market Research has published a new report titled “Procurement Analytics Market By Component (Solutions and Services), By Application Area (Risk Analytics, Supply Chain Analytics, Demand Forecasting, Spend Analytics, Vendor Management, and Contract Management), By Deployment Type (On-Premises and Cloud), By Organization Size (Large Enterprises and SMEs), and By Vertical (Manufacturing, Retail, Healthcare, Government, Energy and Utilities, BFSI, Telecom and IT, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2025’’. According to the report, the global procurement analytics market was around USD 1.5 billion in 2018 and is expected to reach approximately USD 5.6 billion by 2025, at a CAGR of slightly above 20.9% between 2019 and 2025.
Procurement analytics is a process of using quantitative methods to extract actionable insights and result from the gathered data. It requires collecting and using the information to help make decisions based on facts and gaining competitive advantages. It usually reviews the past incidents and makes an estimate, using its analytics-based tools on historical statistics to make future predictions. Rapid growth in technology and automation across numerous industry verticals is driving the global procurement analytics market. Increasing digitalization and rising need for data-driven solutions for several entities for making better decisions based on facts and historical statistics is also influencing the procurement analytics market positively. Procurement analytics plays a vital role in numerous industry verticals, as it helps in minimizing operating and capital expenses and increasing return on investment (ROI), thereby generating market demand. Additionally, procurement solutions include a variety of modules to accomplish different tasks, such as sourcing analysis, category management, real-time and batch data analysis, compliance and policy management, and financial analysis, which supports the enterprises to grow and take predictive risks by enhancing their performance. However, growing data security concerns across enterprises may hinder the procurement analytics market globally.
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The component segment of the market includes solutions and services. On the basis of deployment type, the market includes on-premises and cloud. Cloud-based service is likely to hold a substantial share of the procurement analytics market in the future. By application area, the market is categorized into risk analytics, supply chain analytics, demand forecasting, spend analytics, vendor management, and contract management. The organization size segment of the market includes SMEs and large enterprises. Enterprises play a crucial role in the procurement analytics market and account for a significant market share, owing to the rising procurement analytics solutions demand in small- and medium-sized enterprises. Moreover, the rising concerns of SME management regarding expenditure incurred in deploying on-premises procurement analytics solutions for hiring skilled staff and IT maintenance is also driving the procurement analytics market. The vertical segment of the market comprises telecom and IT, BFSI, energy and utilities, government, healthcare, retail, manufacturing, and others.
The North American procurement analytics market is expected to hold a notable share globally over the forecast time period, owing to the presence of technologically advanced countries like the U.S and Canada and rising automation and digitalization across the region.
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Some key participants operating in the global procurement analytics market are Oracle, SAP, IBM, Coupa Software, SAS, BRIDGEi2i Analytics, Zycus, Rosslyn Data Technologies, JAGGAER, and Genpact.
The report segments the global procurement analytics market into:
Global Procurement Analytics Market: Component Analysis
Training and Education
Support and Maintenance
Integration and Deployment
Global Procurement Analytics Market: Application Area Analysis
Supply Chain Analytics
Global Procurement Analytics Market: Deployment Type Analysis
Global Procurement Analytics Market: Organization Size Analysis
Global Procurement Analytics Market: Vertical Analysis
Energy and Utilities
Telecom and IT
Global Procurement Analytics Market: Regional Analysis
The Middle East and Africa
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