Dublin, Feb. 14, 2022 (GLOBE NEWSWIRE) -- The "Procurement Analytics Market with COVID-19 Impact Analysis by Component (Solutions, Services), Application, Deployment Mode (Cloud, On-premises), Organization Size (Large Enterprises, SMEs), Industry Vertical and Region - Global Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
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.
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.
The cloud segment to have the highest CAGR during the forecast period
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 SMEs segment to hold higher CAGR during the forecast period
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.
Among regions, APAC to hold highest CAGR during the forecast period
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.
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
4.1 Attractive Market Opportunities in the Procurement Analytics Market
4.2 Market, by Vertical
4.3 Market, by Region
4.4 Market, by Solution & Vertical
5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Increase in Focus on Enhancing Procurement Channels' Operational Efficiencies
5.2.1.2 Imminent Need to Handle Compliance Policies and Contracts
5.2.1.3 Organizations' Struggle to Sustain Their Position in the Competitive Environment
5.2.2 Restraints
5.2.2.1 Rise in Concerns Over Data Security Across Enterprises
5.2.2.2 Complexities in Streamlining the Processes and Concerns Regarding Data Privacy
5.2.3 Opportunities
5.2.3.1 Advent of Ml and Ai in the Procurement Process
5.2.3.2 Growth in Demand for Cloud-Based Analytical Solutions
5.2.4 Challenges
5.2.4.1 Lack of Analytical Expertise
5.2.4.2 Reluctance to Adopt Advanced Analytical Technologies
5.3 Regulatory Implications
5.3.1 Sarbanes-Oxley Act of 2002
5.3.2 General Data Protection Regulation
5.3.3 Government Procurement Agreement
5.4 Case Studies
5.4.1 Spend Analytics
5.4.1.1 Use Case 1: Citrix Created a Data-Driven Supplier Diversity Program to Focus on Procurement Spend Diversity
5.4.2 Contract Management
5.4.2.1 Use Case 2: with Contract Management, Schindler Consolidated All Data in Different Countries and Zones into One System.
5.4.3 Category Management
5.4.3.1 Use Case 4: with Category Management Strategy, One of Us' Leading Food Retail Industry Firms Identified Key Cost Drivers
5.4.4 Risk Analysis
5.4.4.1 Use Case 5: Spendedge's Supplier Risk Analysis Helped a Leading Transportation Services Provider Mitigate Supply Chain Risks
5.4.5 Procure to Pay
5.4.5.1 Use Case 5: American-Based Conglomerate Achieved Visibility and Transparency Across All Transactions with Procure to Pay Solution
5.4.6 Spend Forecasting
5.4.6.1 Use Case 7: with Sievo's Spend Forecasting, Kellogg Achieved Global Design, Flexibility, and Scalability for Optimized Performance
6 Procurement Analytics Market, by Component
6.1 Introduction
6.1.1 Components: COVID-19 Impact
6.2 Solutions
6.2.1 Advancements in Ml and Ai to Accelerate the Adoption of Procurement Analytics
6.3 Services
6.3.1 Managed Services
6.3.1.1 Need for Monitoring and Maintaining Software Operations and Reducing Overhead Costs to Drive the Growth of Managed Services
6.3.2 Professional Services
6.3.2.1 Support and Maintenance
6.3.2.1.1 Pre-Installation and Post-Installation Support to Trigger the Growth of Support and Maintenance Services
6.3.2.2 Consulting
6.3.2.2.1 Need for Enhancing the Strategic Outlook of Organizations to Drive the Growth of Consulting Services Segment
6.3.2.3 Deployment and Integration
6.3.2.3.1 Need for Integrating Advanced Analytical Solutions with Existing/Traditional Services to Drive Growth
7 Procurement Analytics Market, by Application
7.1 Introduction
7.2 Supply Chain Analytics
7.2.1 Increase in Need for Supplier and Market Intelligence to Drive the Growth of Supply Chain Analytics
7.3 Risk Analytics
7.3.1 Need to Mitigate Risk and Reduce Associated Cost to Drive the Growth of the Risk Analytics Segment
7.4 Spend Analytics
7.4.1 Need for Analyzing Expenditure Data and Reducing Procurement Cost to Drive the Growth of the Spend Analytics Segment
7.5 Demand Forecasting
7.5.1 Need for Analysis of Demand Signals from Forecasts, Consumption Data, and Syndicated Industry Information
7.6 Contract Management
7.6.1 Need for Stronger Relationships with Customers and Suppliers to Drive the Demand for Contract Management
7.7 Vendor Management
7.7.1 Need for Vendor Management to Aid in Cost Control, Risk Reduction, and Excellent Service Delivery
7.8 Category Management
7.8.1 Category Management Helps Focus Time to Conduct Market Research to Fully Leverage Negotiations and Manage Suppliers
8 Procurement Analytics Market, by Deployment Mode
8.1 Introduction
8.1.1 Deployment Mode: COVID-19 Impact
8.2 Cloud
8.2.1 Focus on Improved Agility and Return on Investment to Drive the Adoption of Cloud Deployment Mode
8.3 On-Premises
8.3.1 Growing Threat of Data Thefts Encourages Organizations to Prefer Procurement Analytics Solutions to Remain On-Premises
9 Procurement Analytics Market, by Organization Size
9.1 Introduction
9.1.1 Organization Size: COVID-19 Impact
9.2 Large Enterprises
9.2.1 Ever-Increasing Adoption of Cloud and the Latest Technologies to Drive Procurement Analytics Across Large Enterprises
9.3 Small and Medium-Sized Enterprises
9.3.1 Robust Cloud-Based Deployments to Lead Small and Medium-Sized Enterprises, Recording a Higher Growth Rate
10 Procurement Analytics Market, by Vertical
10.1 Introduction
10.1.1 Vertical: COVID-19 Impact
10.2 Banking, Financial Services, and Insurance
10.2.1 Procurement Analytics Solutions Improve Business Performance and Reduce Cost
10.3 Retail and Ecommerce
10.3.1 Adoption of Procurement Analytics Solutions Boosts Business Decision Performance and Profit Margins
10.4 Telecom and IT
10.4.1 Usage of Smartphones, Complexity in the Telecom Industry, and Growth in Service Providers Rapidly Drive the Market
10.5 Manufacturing
10.5.1 Adoption of Procurement Analytics Boosts Performance and Improves Decision-Making
10.6 Healthcare and Life Sciences
10.6.1 High Adoption of Procurement Analytics in Healthcare and Life Sciences Vertical for Contract Management and Spend Analytics
10.7 Energy and Utilities
10.7.1 Demand for Intelligent Production, Distribution, and Consumption of Energy and Utilities Drive Procurement Analytics Solutions
10.8 Government and Defense
10.8.1 Deep Analysis and Forecasting of Trends Lead to the Growth of Procurement Analytics Solutions
10.9 Other Verticals
11 Procurement Analytics Market, by Region
12 Competitive Landscape
12.1 Overview
12.2 Key Player Strategies
12.3 Revenue Analysis
12.4 Market Share Analysis
12.5 Company Evaluation Quadrant
12.5.1 Stars
12.5.2 Emerging Leaders
12.5.3 Pervasive Players
12.5.4 Participants
12.6 Competitive Benchmarking
12.7 Startup/SME Evaluation Quadrant
12.7.1 Progressive Companies
12.7.2 Responsive Companies
12.7.3 Dynamic Companies
12.7.4 Starting Blocks
12.8 Competitive Scenario
12.8.1 Product Launches
12.8.2 Deals
12.8.3 Others
13 Company Profiles
13.1 Introduction
13.2 Key Players
13.2.1 Sap
13.2.2 Oracle
13.2.3 Sas Institute
13.2.4 Coupa Software
13.2.5 Genpact
13.2.6 Rosslyn Data Technologies
13.2.7 Microsoft
13.2.8 IBM
13.2.9 Cisco
13.2.10 Gep
13.2.11 Corcentric
13.2.12 Zycus
13.3 Other Key Players
13.3.1 Jaggaer
13.3.2 Proactis
13.3.3 Birchstreet Systems
13.3.4 Tamr
13.3.5 Simfoni
13.3.6 Sievo
13.3.7 Workday
13.3.8 Procurepro
13.3.9 Kearney
13.3.10 Prm360
13.3.11 Market Dojo Ltd.
13.3.12 Synertrade
13.3.13 Ivalua
14 Adjacent and Related Markets
15 Appendix
For more information about this report visit https://www.researchandmarkets.com/r/y3wbc3
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