What is the global market size of Procurement Analytics Market?

Global Procurement analytics Market size was valued at USD 2.80 Billion in 2021 and is poised to grow from USD 3.45 Billion in 2022 to USD 18.18 Billion by 2030, at a CAGR of 23.10 % during the forecast period (2023-2030).

Who are the key vendors in the Global Procurement Analytics Market?

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. 'SAP SE (Germany)', 'Oracle Corporation (US)', 'IBM Corporation (US)', '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)'.

What is the key driver of Global Procurement Analytics Market?

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.

What is the key market trend for Global Procurement Analytics Market?

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.

Which region accounted for the largest share in Global Procurement Analytics Market?

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.

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 News

October 2023: SAP announced that Tata Projects Limited, one of India's fastest growing engineering, procurement and construction companies, is accelerating its business transformation journey.
August 2022: SAS Institute Inc. and SingleStore came together to help organizations remove barriers to data access, increase efficiency and scalability, and unlock critical data-driven insights. SingleStore uses SAS Viya SingleStore's cloud-native solution was established on data stored in a real-time database. The integration provides access to flexible, open data stores to accelerate value in cloud, hybrid, and on-premises applications.
In July 2021, Bain Capital, a private equity firm based in Boston, acquired Partssource. PartsSource is a B2B marketplace and provides healthcare services. In the U.S. the PartsSource connects approximately 19,000 hospitals and clinics with over 6000 OEM manufacturers. Its comprehensive procurement analytics solution helps hospitals reduce waste, reduce risk, and increase supply chain visibility.

Procurement Analytics Market Report Snapshots

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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 procurement analytics industry is highly competitive, with established tech giants and specialist solution providers vying for market share. Collaboration and collaboration play an important role in strengthening the market and expanding the service sector. Major players often partner with technology companies, data providers, and consulting firms to enhance the capabilities of their procurement analytics tools. For example, partnerships that combine procurement analytics with AI-driven insights enable companies to deliver more robust, predictive and regulatory analytics. 'SAP SE (Germany)', 'Oracle Corporation (US)', 'IBM Corporation (US)', '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)'

Companies across sectors are under increasing pressure to reduce costs and improve efficiencies Analytical tools provide deeper insights into cost structures, supplier performance, and contract management, and enables the organizations to make data-driven decisions. The demand for analytics solutions has increased exponentially, as companies seek to streamline their procurement processes and maximize return on investment.

Integrating AI and Machine Learning: The combination of artificial intelligence (AI) and machine learning (ML) in procurement research is a notable factor that is reshaping the procurement analytics market trend. This technology for products increases the predictive capabilities of purchases, enabling businesses to potential problems, improve supplier selection and automate routine business operations. It not only improves operational efficiency but adds a series of intelligent decisions to the procurement process.

North America is the dominant region in the procurement analytics industry, driven by its mature technological environment and heavy emphasis on data-driven decision-making. US. and Canada is leading, the region has many software providers and technological innovation leaders. High adoption rate of advanced technologies such as, big data analytics further fuel market growth in North America. Besides, regional infrastructure well-placed and focused on increasing operational efficiency contributes to greater demand for procurement research. It also increases the need for advanced purchasing resources for employees. This can be attributed to the early digitization of technologies such as surveys and procedures. Increased spending on risk management and supply chain analytics, as well as vendor analytics solutions, could drive regional growth.

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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

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FAQs

What is the global market size of Procurement Analytics Market?

Who are the key vendors in the Procurement Analytics Market?

What is the key driver of Procurement Analytics Market?

What is the key market trend for Procurement Analytics Market?

Which region accounted for the largest share in Procurement Analytics Market?

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