SAN FRANCISCO, Aug. 25, 2022 /PRNewswire/ -- The global procurement analytics market size is expected to reach USD 18.18 billion by 2030, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 23.6% from 2022 to 2030. The industry is benefiting from the requirement for operational efficiency. A rising need for efficiency sparks the market's growth. Procurement analytics are in demand as more consumers become aware, and many organizations' procurement processes and operations become complex. Procurement analytics efficiently handles large workloads, and the analytics software's capacity to assist in various tasks leads to increased usage.
Key Industry Insights & Findings from the report:
- Procurement analytics adoption in the retail and e-commerce segment is expected to boost by the end of the forecast period. The growth of e-commerce business in all sectors and its need to procure resources from suppliers will influence the industry's growth.
- Natural Language Processing (NLP) aims to understand, interpret, and manipulate human language. In procurement, natural language processing is becoming increasingly important due to its ability to extract insights from existing data and streamline time-consuming processes.
- Asia-pacific is expected to grow at the highest CAGR during the forecast period. Infrastructural development and the emergence of new businesses in the region will contribute to the market's growth.
- Risk analytics is gaining importance in large and small enterprises. As a part of predictive analytics, it helps strategize business operations and control crises. Additionally, the Covid-19 pandemic boosted the growth of the risk analytics software market.
Read 100 page full market research report, "Procurement Analytics Market Size, Share & Trends Analysis Report By Component (Solution, Service), By Deployment, By Application, By Organization Size, By Vertical, By Region, And Segment Forecasts, 2022 - 2030", published by Grand View Research.
Procurement Analytics Market Growth & Trends
Machine learning and AI improve organizations' ability to evaluate and make informed decisions based on data with minimal human participation. Such advanced technologies are being used by businesses to make faster procurement decisions. For instance, an aerated beverage company, Coca Cola has integrated AI to boost its supply chain procurement. In June 2022, Brett Fultz, director of global procurement, global analytics, and supply chain for Coca-Cola, stated Artificial Intelligence (AI) and machine learning tools have become crucial in improving the beverage company's procurement across fifty categories. Additionally, it is also beneficial for governance and supplier communications.
The spread of COIVD-19 is disrupting worldwide industry operations as markets have faced several challenges due to the pandemic. During this time, data procurement reached its peak. Many markets began to emphasize obtaining data and gaining insights, and industry participants are taking steps to keep the procurement analytics market afloat. There is a plethora of procurement analytics services software on the market, and the procurement analytics market will see positive improvements due to its availability. In addition, e-procurement platforms have grown in popularity in recent years and will continue to grow in the upcoming years.
Procurement Analytics Market Segmentation
Grand View Research has segmented the global procurement analytics market based on component, deployment, application, organization size, vertical, and region.
Procurement Analytics Market - Component Outlook (Revenue, USD Million, 2017 - 2030)
- Solution
- Services
Procurement Analytics Market - Deployment Outlook (Revenue, USD Million, 2017 - 2030)
- On-premise
- Cloud
Procurement Analytics Market - Application Outlook (Revenue, USD Million, 2017 - 2030)
- Spend Analytics
- Risk Analytics
- Supply Chain Management
- Vendor Analytics
- Contract Management
- Others
Procurement Analytics Market - Organization Size Outlook (Revenue, USD Million, 2017 - 2030)
- Small and Medium Enterprise
- Large Enterprise
Procurement Analytics Market - Vertical Outlook (Revenue, USD Million, 2017 - 2030)
- BFSI
- Retail and e-commerce
- Telecom and IT
- Manufacturing
- Healthcare and Life Sciences
- Energy and Utilities
- Government and Defense
- Others
Procurement Analytics Market - Regional Outlook (Revenue, USD Million, 2017 - 2030)
- North America
- U.S
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- Asia Pacific
- China
- India
- Japan
- Central and South America
- Brazil
- Middle East & Africa
List of key players in the Procurement Analytics Market
- SAP
- Oracle
- SAS Institute
- Coupa Software
- Genpact
- Rosslyn Data Technologies
- Microsoft
- IBM
- Cisco
- GEP
Check out more related studies published by Grand View Research:
- Internet of Things Analytics Market - The global analytics of things or internet of things (IoT) analytics market size is expected to reach USD 57.3 billion by 2025, according to a study conducted by Grand View Research, Inc., registering a CAGR of 29.7% during the forecast period. Soaring need for advanced technologies and cost-effectiveness is augmenting the adoption of analytics of things. IoT analytics allow users to get just-in-time information. Generation of useful data has become easy due to high-tech sensor collaborations. Extracted data can be used by enterprises for making better real-time decisions.
- Advanced Analytics Market - The global advanced analytics market size is expected to reach USD 189.56 billion by 2030, expanding at a CAGR of 21.1% from 2022 to 2030, according to a new report published by Grand View Research, Inc. The market growth can be attributed to the increasing demand for advanced analytical solutions by companies across the retail, IT & telecom, and BFSI sectors, among others. These solutions help to process large volumes of data and determine fraudulent activities, thus ensuring data protection. For instance, IBM Cloud Pak for Security enables companies to identify hidden threats and make informed risk-based decisions.
- IT Operations Analytics Market - The global IT operations analytics market size is expected to reach USD 15.55 billion by 2027, according to a new report by Grand View Research, Inc., expanding at a CAGR of 16.9% over the forecast period. The increasing demand for transforming IT operations in the wake of the digital transformation of industries and reducing asset downtime has led to a massive increase in the demand for IT Operation Analytics (ITOA) solutions in recent years. The growing number of data storage centers and cloud computing technologies as well as the use of Artificial Intelligence (AI)-enabled analytics has increased the use of ITOA solutions in industries. Moreover, factors such as rising consumption of big data, emerging technologies such as the Internet of Things (IoT), and increasing focus of companies on reducing operational costs are anticipated to boost the growth of the ITOA market over the forecast period.
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Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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