Procurement Analytics Market worth $8.0 billion By 2026 - Report by Marketsandmarkets™

Chicago, June 06, 2022 (GLOBE NEWSWIRE) -- According to a research report "Procurement Analytics Market by Component (Solutions, Services), Application, Deployment Mode (Cloud, On-premises), Organization Size (Large Enterprises, SMEs), Industry Vertical and Region - Global Forecast to 2026" published by MarketsandMarkets, the Procurement Analytics Market size to grow from USD 2.6 billion in 2021 to USD 8.0 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 25.3% during the forecast period. Various factors such as increasing spending on marketing and advertising activities by enterprises, changing landscape of customer intelligence to drive the market, and proliferation of customer channels are expected to drive the adoption of procurement analytics technologies and services.

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221 - Tables
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230 - Pages

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Procurement analytics is the process of using quantitative methods to derive actionable insights and outcomes from data. It involves the capture and use of data to support fact-based decision-making. It typically reports what has happened in the past and creates estimates, using predictive analytics based on historical data to guess what will happen in the future. Procurement is usually referred to as an umbrella term, which consists of various processes crucial for determining the organization’s corporate strategy, such as purchasing of goods and services, vendor selection, sourcing, establishing payment terms, contract negotiations, and also strategic vetting. These processes generate huge voluminous amounts of data in the organizations. The use of analytics for these data involves various quantitative methods, which will help derive actionable insights and outcomes that can be helpful for the organizations in making strategic decisions and gaining competitive advantage. Procurement analytics solutions majorly apply predictive analytics on historical data sets of the organizations and derive predictions for the future, which helps management personnel to take key decisions pertaining to the overall procurement.

By deployment mode, the Procurement Analytics Market has been segmented into on-premises and cloud. The CAGR of the cloud deployment mode is estimated to be the largest during the forecast period. Cloud-based services are provided directly through the cloud-deployed network connection. Cloud-based platforms are beneficial for organizations that have strict budgets for security investments. The cloud deployment mode is growing, as cloud-based procurement analytics solutions are easy to maintain and upgrade.

The Procurement Analytics Market has been segmented by organization size into large enterprises and SMEs. The market for SMEs is expected to register a higher CAGR during the forecast period. These enterprises are early adopters of procurement analytics solutions. They are faced with the troublesome task of effectively managing security because of the diverse nature of IT infrastructure, which is complex in nature.

Scope of the Report for Procurement Analytics Market

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The Procurement Analytics Market by vertical has been categorized into telecom and IT, manufacturing, government and defense, retail and e-commerce, energy and utilities, healthcare and life sciences, and BFSI. The retail and e-commerce vertical is expected to witness the highest growth rate, while the telecom and IT vertical is expected to have the largest market size during the forecast period. The larger market size of the telecom and IT vertical can be attributed to the fast use of smartphones and other connected mobile devices increasing the volume of data flowing across the telecom networks.

The Procurement Analytics Market has been segmented into five major regions: North America, Europe, APAC, Latin America, and MEA. APAC is expected to grow at a good pace during the forecast period. The region will be booming, as it is experiencing a lot of new entrepreneur setups, which would be looking forward to acquiring new customers and gaining customer trust by involving new paradigms of digital technologies to have a competitive advantage over the established players. Procurement analytics vendors in this region focus on innovations related to their product line. China, Japan, and India have displayed ample growth opportunities in the Procurement Analytics Market.

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The major vendors in the global Procurement Analytics Market include SAP (Germany), Oracle (US), SAS Institute (US), Coupa Software (US), Genpact (US), Rosslyn Data Technologies (UK), Microsoft (US), IBM(US), Cisco (US), GEP (US), Corcentric (US), and Zycus (US).

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