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

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).

Companies benefit from the need for efficiency as most businesses move towards efficiency. Through improved data analytics in communications, performance management, vendor segmentation, and annual procurement planning, the company gains new insights. The purchasing department contains a wealth of information including sales history, cost data, and other information. Applying analytics to data backed by intelligent logic can improve business decisions. 

The procurement analytics industry is witnessing tremendous growth as organizations are increasingly adopting the data-driven approaches to streamline their procurement processes and make informed decisions. Cloud platforms provide truly easy access to data and advanced collaboration, and provide it is particularly valuable for the global operations. Furthermore, as companies focus on increasing transparency in the supply chain and reducing weaknesses, procurement analytics is becoming an important tool for maintaining competitive advantage. This technology enables companies to analyze vast amounts of data to better manage suppliers, reduce cost opportunities and reduce risk.