LONDON, Oct. 14, 2022 /PRNewswire/ -- Global Procurement Analytics Market Outlook (2022-2028)
The Global Procurement Analytics Market was valued at USD 2.63 Billion in 2021 and is poised to amplify with a CAGR of 25.19% over 2022-2028, thereby amassing USD 12.67 Billion by end of the assessment timeline.
Procurement Analytics involves the procedure of collecting and analyzing procurement data such as credit card expenses, purchase information, transaction history, and other work streams from the large reservoir of an enterprise. The data is extracted and assessed using the quantitate method so as to enhance the operational efficiency of an organization and help related bodies to make informed decisions.
The steep rise in the promotion and marketing expenditures of various companies, technological advancements in the field along with widespread industrialization worldwide are primarily augmenting the outlook of this industry vertically. Additionally, increasing efforts of enterprises to enhance their overall operational efficiencies, the ability of procurement analytic technologies to reduce operational costs, and growing popularity of cloud-based tools are adding traction to the market development.
Also, rapid digitalization, surging R&D investments in the field, and shifting inclination of small enterprises towards cost saving tools are creating lucrative opportunities for the business sphere to prosper. On the flipside, rising concerns regarding user data security and dearth of awareness regarding the benefits of procurement analytics tools are hindering the remuneration scope of this market.
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Procurement Analytics Market Competitive Landscape
The Major Players characterizing the competitive terrain of this industry are Oracle, SAS Institute Inc., Coupa Software Inc., Rosslyn Data Technologies, JAGGAER, Zycus Inc., Genpact, BirchStreet Systems, LLC, Sievo, Tungsten Network, Dataction, IBM, Simfoni, Cisco Systems, Inc., Microsoft, Tamr, SAP SE, BRIDGEi2i Analytics, Proactis Holdings Plc, and others.
Market Growth Comparison pertaining to the historical years and forecast timeline of 2022-2028
The Global Procurement Analytics Market has witnessed an exponential growth over the recent years due to a wide array of factors. With prompt internet proliferation and digitalization, it has become easier for companies to record and store various confidential data. Thus, the adoption of procurement analytics tools enables enterprises to assess this information which in turn will help them to reduce operational costs, improve efficient, formulate expansion strategies, and amass notable gains over time.
Moreover, the emergence of cloud-based procurement analytics tools is further aiding the industry expansion since they are easily accessible and affordable in nature. Also, the emergence of numerous startups across the globe and growing focus of players to develop advanced tools in the field are positively influencing the dynamics of this marketplace. Besides, the ability of procurement analytics tools to reduce human errors within organizations is adding momentum to the progression of this business sphere. The increasing popularity of e-commerce channels, rising internet penetration, along with rising adoption of smart devices are fueling the growth of this industry.
Country-wise Assessment
Why has U.S. become the largest consumer of procurement analytics technologies?
The United States has emerged as the largest use of procurement analytics tools and is providing lucrative opportunities for this marketplace to prosper. This is credited to the presence of leading suppliers, rise in the number of enterprises, and prompt economic growth.
Category-wise Outlook
Which end use Segment is presently leading the procurement analytics market?
The retail and ecommerce end-use segment accounts for a substantial volume share and is reckoned to showcase similar development trends over the stipulated timeline. This is ascribed to the rising focus of enterprises to enhance their supply chain efficiency, rapid integration of advanced technologies such as machine learning and AI in the field, along with the booming retail sector.
These companies are aimed at strengthening their global presence by adopting various expansion strategies such as mergers & acquisitions, R&D investments, products launch, collaborations, and partnerships, among others.
Major Developments
- In March 2022, SAP SE announced the acquisition of a controlling share in Taulia. This will enable SAP to integrate Taulia's procurement analytics solutions into its software.
- In April 2022, The Kraft Heinz Business inked a partnership deal with Microsoft Corp. with an aim to jointly develop effective solutions to enable consumers to strengthen their supply chain-based operations.
- In April 2020, digitate announced the launch of its ignio cognitive procurement tool. This tool is equipped with the ability to track and monitor enterprise-based purchase transactions using the power of AI.
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Segmental Analysis of Global Procurement Analytics Market
By Component:
- Services
- Solution
By Organization Size:
- Small & Medium-Sized Enterprises
- Large Enterprises
By Deployment Mode:
- Cloud
- On-Premises
By End-Use:
- Healthcare & Life Sciences
- Telecom & IT
- Retail & Ecommerce
- Energy & Utilities
- Government & Defense
- Manufacturing
- Others
Region-wise Insights
Which is the fastest growing region in the Global Procurement Analytics Market?
North America presently accounts for a market share of more than 40% and thereby is the leading region in this business sphere. This is attributable to the booming e-commerce and retail sectors, rapidly evolving digital infrastructure, and rising number of SMEs across the region. Furthermore, increasing adoption of AI and IoT based tools and software across various enterprises, prompt economic developments, and presence of potential players are further paving the way for North America procurement analytics market to prosper.
What are the factors propelling the growth of the Asia Pacific Procurement Analytics Market?
The market in Asia Pacific is anticipated to garner significant returns over the estimated timeline due to the growing internet proliferation, rapid evolution in the field of machine learning and algorithm development along with widespread industrialization.
On Special Requirement Procurement Analytics Market Report is also available for below region:
North America?
- U.S, Canada?
Europe?
- Germany, France, U.K., Italy, Spain, Sweden, Netherland, Turkey, Switzerland, Belgium, Rest of Europe?
Asia-Pacific?
- South Korea, Japan, China, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest Of APAC?
Latin America?
- Mexico, Colombia, Brazil, Argentina, Peru, Rest of Latin America?
Middle East and Africa?
- Saudi Arabia, UAE, Egypt, South Africa, Rest Of MEA
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