USD 3.45 Billion
Procurement Analytics Market Size, Share, Growth Analysis, By Analytics Component(Solution, and Services), By Analytics Deployment(On-premise, and Cloud), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG45J2111 |
Region:
Global |
Published Date: March, 2024
Pages:
197
|Tables:
61
|Figures:
75
Procurement Analytics Market Insights
Procurement analytics Market size was valued at USD 3.45 Billion in 2022 and is poised to grow from USD 4.25 Billion in 2023 to USD 22.39 Billion by 2031, at a CAGR of 23.10% during the forecast period (2024-2031).
The global procurement analytics market is a rapidly growing sector within the technology industry. With the increasing adoption of digital technologies and the growing importance of data-driven decision-making, the procurement analytics market has gained significant traction in recent years.
The purpose of the procurement analytics market is to provide organizations with a comprehensive and holistic view of their procurement activities. It enables them to extract valuable insights from their procurement data, such as spending patterns, supplier performance, contract lifecycle management software, and risk assessment.
Several factors are driving the growth of the procurement analytics market. Firstly, the increasing complexity of global supply chains management and the need for effective supplier management have created a demand for advanced analytics solutions. Organizations are seeking ways to better understand supplier performance, manage risks, and ensure compliance with regulations. Secondly, the rise of big data and the availability of large volumes of procurement data have created opportunities for leveraging analytics to derive actionable insights. The procurement analytics market also faces certain challenges. One of the primary challenges is the integration and consolidation of data from various sources, as procurement data is often scattered across different systems and formats. Harmonizing and cleansing data to ensure accuracy and consistency can be a complex task. The procurement analytics market presents significant opportunities for innovation and growth. As organizations realize the value of data-driven decision-making, there is a growing demand for advanced analytics solutions that can provide real-time insights, predictive analytics, and prescriptive recommendations.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Services
Fastest Growth
Solution
Growth Rate
23.10% CAGR
Global Procurement Analytics Market 2022-2030 ($ Bn)
Country Share for North America Region- 2022 (%)
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Procurement Analytics Market Segmental Analysis
The global procurement analytics market is segmented on the basis of component, deployment, and region. In terms of component, the market is segmented into solution, and services. With respect to categorization by analytics deployment, the market is segmented into on-premise, and cloud. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Procurement Analytics Market Analysis by Component
The solutions segment represents the largest portion of the global procurement analytics market. Procurement analytics solutions are advanced software tools and platforms that leverage data analytics and artificial intelligence (AI) technologies to extract actionable insights and optimize the procurement process. These solutions enable organizations to gain a comprehensive view of their procurement activities, identify cost-saving opportunities, enhance supplier management, and make data-driven decisions.
The fastest growing segment in the global procurement analytics market is the services segment. Procurement analytics services encompass a range of offerings, including consulting, implementation, training, support, and managed services. These services complement procurement analytics solutions by providing expertise, guidance, and support throughout the implementation and utilization of analytics tools.
Procurement Analytics Market Analysis by Deployment
The cloud deployment segment represents the largest portion of the global procurement analytics market. Cloud-based procurement analytics solutions are hosted and accessed over the internet, providing organizations with scalability, flexibility, and cost-efficiency. These solutions offer numerous advantages, including reduced infrastructure costs, easy accessibility, seamless integration, and enhanced collaboration.
The fastest growing segment in the global procurement analytics market is the on-premise deployment segment. On-premise procurement analytics solutions are installed and operated within an organization's own infrastructure, offering direct control and customization over the analytics environment. These solutions are typically favored by organizations with specific security, compliance, or data privacy software.
Global Procurement Analytics Market Size By Component 2022(%)
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Procurement Analytics Market Regional Insights
North America is the dominating region in the global procurement analytics market. The region's dominance can be attributed to several factors. Firstly, North America has a strong presence of major technology companies and solution providers that offer advanced procurement analytics solutions. These companies, based in the United States in particular, have been at the forefront of developing and implementing analytics technologies for various industries, including procurement. North America has a highly mature and technologically advanced business ecosystem, which encourages the adoption of innovative solutions like procurement analytics.
Asia Pacific is the fastest growing region in the global procurement analytics market. The region's rapid growth can be attributed to several factors. Firstly, countries like China and India have witnessed significant economic growth and industrialization, leading to increased procurement activities across various sectors. As organizations in these countries expand their operations and supply chains, the need for effective procurement analytics solutions to optimize costs and enhance supplier management becomes critical. Additionally, the rising adoption of digital technologies and the increasing focus on data-driven decision-making in Asia Pacific contribute to the growth of the procurement analytics market in the region.
Global Procurement Analytics Market Size By Geography, 2022-2030
- Largest
- Fastest
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Procurement Analytics Market Dynamics
Procurement Analytics Market Drivers
Increasing Focus on Cost Optimization
- Organizations across industries are facing the constant pressure to optimize costs and improve profitability. Procurement analytics enables businesses to gain insights into their spend patterns, identify savings opportunities, and negotiate better contracts with suppliers. The growing need for cost optimization is driving the adoption of procurement analytics solutions.
Rising Demand for Data-driven Decision-making
- The importance of data-driven decision-making is becoming increasingly recognized in the procurement function. By leveraging analytics, organizations can analyze vast amounts of data related to suppliers, pricing, contracts, and market trends. This enables them to make informed decisions, mitigate risks, and improve overall procurement performance.
Procurement Analytics Market Restraints
Data Quality and Integration Challenges
- The significant challenge in procurement analytics is ensuring data quality and integration across various systems and sources. Organizations often face difficulties in consolidating data from disparate sources, cleaning and normalizing data, and ensuring its accuracy and completeness. These challenges can hinder the effectiveness of procurement analytics initiatives.
Lack of Skilled Workforce
- Implementing and effectively utilizing procurement analytics solutions require skilled professionals who understand both procurement processes and analytics techniques. However, there is a shortage of skilled resources in the market. The lack of talent with expertise in procurement analytics can pose a restraint to the adoption and successful implementation of these solutions.
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Procurement Analytics Market Competitive Landscape
The global procurement analytics market is dynamic in nature and is characterized by the presence of several established players, as well as emerging vendors. These companies offer a wide range of procurement analytics solutions and services, catering to the diverse needs of organizations across various industries. The market is highly competitive, with players focusing on innovation, partnerships, and strategic initiatives to gain a competitive edge. companies compete based on factors such as product features, functionality, pricing, scalability, and customer support. They invest in research and development activities to enhance their procurement analytics offerings and stay ahead in the market. Strategic partnerships and acquisitions are also common strategies employed by players to expand their market presence and cater to a broader customer base.
Top Player’s Company Profiles in Procurement Analytics Market
- SAS Institute Inc. (US)
- Coupa Software Inc. (US)
- Zycus Inc. (US)
- Jaggaer Inc. (US)
- Tungsten Corporation Plc (UK)
- Genpact Limited (Bermuda)
- GEP (US)
- Rosslyn Data Technologies (UK)
- Proactis Holdings Plc (UK)
- Sievo (Finland)
- BirchStreet Systems Inc. (US)
- Simfoni (UK)
- Empronc Solutions Pvt. Ltd. (India)
- BravoSolution SPA (Italy)
- Determine Inc. (US)
- Ivalua Inc. (US)
- Xeeva Inc. (US)
Procurement Analytics Market Recent Developments
- In July 2022, Zycus Inc. unveiled its latest version of procurement analytics software, offering advanced reporting and visualization capabilities for better data-driven decision-making in procurement.
- In May 2022, Coupa Software Inc. introduced new enhancements to its procurement analytics capabilities, empowering organizations to gain deeper insights into their procurement operations and drive cost savings.
- In February 2022, SAP SE announced the launch of its enhanced procurement analytics solution, providing organizations with improved visibility into their procurement processes, supplier performance, and spend analytics.
- In December 2021, Jaggaer Inc. launched its upgraded procurement analytics solution, providing organizations with actionable insights into their sourcing, contract management, and supplier performance.
Procurement Analytics Key Market Trends
- Advanced Predictive Analytics: There is a growing trend towards advanced predictive analytics in procurement. Organizations are leveraging predictive models to forecast demand, identify potential risks, and optimize inventory levels. By analyzing historical data and applying predictive algorithms, procurement analytics can help organizations make proactive decisions and achieve better supply chain outcomes.
- Supplier Relationship Management: the emphasis on supplier relationship management (SRM). Organizations are recognizing the strategic importance of supplier collaboration and are using analytics to assess supplier performance, identify high-performing vendors, and manage supplier risks. This trend highlights the shift from transactional supplier management to building strong, collaborative partnerships.
Procurement Analytics Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global procurement analytics market report, one of the key driving factors is the increasing recognition of the strategic value of procurement in organizations. The market for procurement analytics presents significant opportunities, there are also challenges and restraining factors to consider. One challenge is the complexity of data integration. Procurement data is often scattered across different systems and formats, making it difficult to consolidate and analyze effectively. Ensuring data accuracy and quality is another challenge that organizations face. The global procurement analytics market is driven by the growing recognition of procurement's strategic importance, advancements in technology, and the need for data-driven decision-making. While challenges exist, organizations can capitalize on the opportunities presented by procurement analytics to optimize their procurement processes and achieve better business outcomes.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 3.45 Billion |
| Market size value in 2031 | USD 22.39 Billion |
| Growth Rate | 23.10% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Procurement Analytics Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Procurement Analytics Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Procurement Analytics Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Procurement Analytics Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Procurement Analytics Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Procurement Analytics Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Procurement Analytics Market Report Snapshots
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