Vancouver, Aug. 09, 2023 (GLOBE NEWSWIRE) -- Emergen research is one of the pioneers in providing strategic insights for emerging and disruptive technologies which are supposed to show exponential growth in the near future., has released a report that delves deep into the dynamic landscape of the Procurement Analytics Market. As organizations seek to enhance their procurement processes and streamline operations, Emergen Research's latest analysis provides indispensable insights that are poised to revolutionize procurement strategies across industries.
Procurement Analytics refers to the practice of using data analysis and advanced technologies to gain insights, make informed decisions, and optimize processes related to the procurement and supply chain management functions within organizations. This involves the examination of various procurement-related data, such as supplier performance, purchasing trends, cost savings opportunities, and risk assessments, to enhance the efficiency, effectiveness, and overall performance of procurement processes.
According to Emergen Research report, the global Procurement Analytics Market is projected to reach a market value of USD 30.60 Billion by 2032, growing at a CAGR of 25.5% during the forecast period. The report provides a detailed analysis of the market segmentation, including market size, share, and growth rate for each segment.
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Scope of Research
| Report Details | Outcome |
| Market size in 2022 | USD 3.17 Billion |
| CAGR (2023–2032) | 25.5% |
| Revenue forecast to 2032 | USD 30.60 Billion |
| Base year for estimation | 2022 |
| Historical data | 2019-2021 |
| Forecast period | 2023–2032 |
| Quantitative units | Revenue in USD Billion and CAGR in % from 2023 to 2032 |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments covered | Component, deployment, organization size, application, verticals, and region |
| Regional scope | North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
| Country scope | U.S., Canada, Mexico, Germany, France, U.K., Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, Rest of MEA |
| Key companies profiled | Oracle, SAP, SAS Institute Inc., Genpact, IBM, Microsoft, Cisco Systems, Inc., Coupa Software Inc., Amazon Web Services, Inc. and GEP |
| Customization scope | 10 hours of free customization and expert consultation |
Major Companies and Competitive Landscape
The global procurement analytics market is moderately fragmented, with many large and medium-sized players accounting for the majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective procurement analytics solutions. Some major players included in the global procurement analytics market report are:
- Oracle
- SAP
- SAS Institute Inc.
- Genpact
- IBM
- Microsoft
- Cisco Systems, Inc.
- Coupa Software Inc.
- Amazon Web Services, Inc.
- GEP
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Strategic Development
- On 9 November 2022, Procure Analytics, which is the leading data-enabled group purchasing organization, announced the launch of Amicus Spend Management, a tail spends sourcing and purchasing service. Amicus is launched when procurement professionals are trying to handle one-time and recurrent purchases that are not easily available through preferred vendors.
- On 16 December 2022, WNS Limited (WNS), which is a leading provider of global Business Process Management (BPM) solutions, announced it has acquired OptiBuy, a leading European provider of procurement platform consulting and implementation solutions and The Smart Cube, a leader in platform-driven Research and Analytics (R&A) focused on procurement and supply chain, These assets are complementary to WNS’ existing offerings and strengthen the company’s capabilities in both high-end procurement and advanced analytics.
What Drives the Procurement Analytics Market?
The increasing need to reduce procurement costs and optimize spending is a key driver for the procurement analytics market. With analytics, organizations can gain insights into historical and current spending patterns to identify areas of waste and unnecessary expenditures. This helps procurement teams negotiate better contracts and make informed decisions to cut costs.
Additionally, the growing volumes of procurement data from multiple sources have made it challenging for manual data analysis. Procurement analytics provides automated and centralized tools to collect, integrate and analyze large datasets efficiently. This has fueled adoption among organizations looking to leverage their procurement data assets.
Furthermore, managing an increasingly complex global supplier network involves monitoring diverse KPIs related to quality, risk, sustainability and more. Procurement analytics solutions provide data-driven visibility to help companies improve supplier relationship management and performance. Changing regulatory landscapes have also prompted organizations to closely track compliance related to spending and contracting. Procurement analytics automates much of this compliance monitoring as well.
Overall, the benefits of optimized spend, operational efficiency, risk management and compliance are driving significant growth in the procurement analytics market.
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What Challenges Constrain the Procurement Analytics Market?
Lack of integration between procurement systems and other enterprise applications poses a major challenge for procurement analytics. For organizations to truly leverage their spend data assets, procurement data needs to be seamlessly integrated with ERP, finance, supply chain and other line of business systems. Limited integration often results in data silos, inconsistencies and lack of a unified view across the source-to-pay cycle. This prevents organizations from realizing the full benefits of analytics.
Additionally, many small and medium enterprises may not have the large volumes of spend data required to fully leverage more advanced analytics techniques like machine learning and AI. This acts as a restraint for analytics vendors looking to sell to the SMB market segment.
Furthermore, building customized and complex procurement analytics solutions requires high upfront investments which not all companies may be willing to make, especially in an uncertain economic environment. Data security and privacy concerns also remain a challenge as more procurement data is collected and stored digitally. If not addressed properly, these issues can negatively impact customer confidence in analytics platforms.
Unveiling Geographic Patterns in the Procurement Analytics Market
The procurement analytics market report provides an in-depth analysis of the leading geographies, such as North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
North America currently dominates the procurement analytics market, with the largest share of the global market. This is due to early adoption of advanced analytics technologies and presence of major vendors in the region. The US and Canada have seen growing investments from organizations across industries to optimize procurement operations using data-driven insights.
In Europe, countries like the UK, Germany, and France are major revenue generators due to focus on digital transformation of supply chain and procurement functions.
Meanwhile, Asia Pacific is expected to grow at the fastest rate during the forecast period owing to increasing spending on procurement analytics solutions by companies looking to gain competitive advantage. China, India, Japan, and Australia are identified as high growth national markets in the APAC region.
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Segments Covered in Report
For the purpose of this report, Emergen Research has segmented the global procurement analytics market on the basis of component, deployment, organization size, application, verticals, and region:
- Component Outlook (Revenue, USD Billion; 2019-2032)
- Services
- Solutions
- Deployment Outlook (Revenue, USD Billion; 2019-2032)
- On-premises
- Cloud
- Organization Size Outlook (Revenue, USD Billion; 2019-2032)
- Small and Medium-sized Enterprises (SMEs)
- Large enterprises
- Application Outlook (Revenue, USD Billion; 2019-2032)
- Risk analytics
- Supply chain analytics
- Spend analytics
- Contract management
- Vendor management
- Category management
- Others
- Verticals Outlook (Revenue, USD Billion; 2019-2032)
- Retail
- BFSI
- IT and telecommunications
- Manufacturing
- Healthcare
- Energy & Utilities
- Government & Defense
- Others
- Regional Outlook (Revenue, USD Billion; 2019–2032)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Benelux
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Turkey
- Rest of MEA
- North America
Closing Statement
The Procurement Analytics Market is poised for transformative growth driven by the ever-increasing demand for cost reduction, operational efficiency, and risk management within organizations. With the potential to revolutionize procurement strategies across various industries, the adoption of advanced analytics and data-driven insights is becoming indispensable. As global players such as Oracle, SAP, and Microsoft continue to innovate and expand their offerings, the market is set to reach a projected value of USD 30.60 Billion by 2032, growing at an impressive CAGR of 25.5%. While challenges such as integration issues and data security concerns persist, the benefits of optimized spending, improved supplier management, and enhanced compliance are propelling the Procurement Analytics Market towards a future of dynamic and data-driven procurement excellence.
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