Global Procurement Analytics Market was valued at USD xx Bn in 2019 and is expected to reach ta USD xx Bn by 2027 at a CAGR of xx% over forecast period 2020-2027.
Global Procurement Analytics Market
The report covers an in depth analysis of COVID 19 pandemic impact on Global Financial Analytics Market by region and on the key players revenue affected till April 2020 and expected short term and long term impact on the market.
Global Procurement Analytics Market Dynamics:
Procurement analytics is the process of collecting and analyzing procurement data to from meaningful insights and aid effective business decision making. Procurement analysis typically involves collecting data from a number of different source systems, classifying data to standard or use-case specific taxonomies, and displaying data in a visualization dashboard or within business intelligence tools. Various factors such as an increasing focus on enhancing procurement channels’ operational efficiencies, imminent need to handle compliance polices & contracts and organizations struggle to sustain their position in the competitive environment are expected to drive the market growth over forecast period. Moreover, rapid growth in technology & automation across numerous industry verticals, increasing adoption of ML and AI procurement process, growing demand for cloud based analytical solutions are expected to create lucrative opportunities for market over forecast period.
However, factors such as growing concerns over data security across Small and Medium Enterprise (SME), complexities in streamlining the processes & concerns regarding data privacy, lack of analytical expertise, and reluctance to adopt advanced analytical technologies are restraining the market growth over forecast period.
Global Procurement Analytics Market is segmented by components, application, organization size, deployment type, verticals and by region. By organisation size, large enterprises held 61.45% of market share in 2019 and is expected to keep its dominance over forecast period. The need for procurement analytics has developed from many large enterprises to get a consolidated view on procurement spend. The industry players are also making efforts to improve their profit margins and increase their market share by either introducing dedicated cloud platforms or associating with other cloud service organizations.
By component, solution segment is expected to hold 63.45% of market share over forecast period. The demand for procurement analytics solutions is rising, as organizations are looking for solutions to comply with stringent regulations related to their accounts and procurement data, increasing adoption of market intelligence by suppliers, and the necessity to keep company’s expenditure to the minimum without affecting its operations.
By geography, market is segmented into North America, APAC, Europe, MEA& Africa and Latin America. Among all of these North America dominating the global market with xx% of market over forecast period. An increasing Internet of Things (IoT), cloud adoption, and need for supply chain and demand intelligence trend are driving the market growth in this region. North America is followed by APAC and Europe. APAC is expected to hold xx% of market share over forecast period. Demand for predictive analytics is increasing in developed and developing economies in APAC. Small and Medium Enterprise (SME) as well as large scale organizations in the china, Japan, South Korea and Japan region are highly relying on procurement analytics for vendor management, contract management, risk management, and spend analysis.
Report covers in depth analysis of key development, marketing strategies, supply chain analysis and value chain analysis and company profiles of market leaders, potential players and new entrants. Some of the key players covered in this report are SAP (Germany), Oracle (US), SAS (US), IBM (US), Coupa Software (US), Zycus (US), BRIDGEi2i Analytics (India), and JAGGAER (US) among others. These key players are adopting various organic and inorganic growth strategies such as merger & acquisitions, expansion, collaborations, joint ventures, strategic alliances, diversifications, new product launches and patent to increase their regional presence and business opeartions.
The objective of the report is to present a comprehensive analysis of the Global Procurement Analytics Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers and new entrants. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analysed, which will give a clear futuristic view of the industry to the decision-makers. The report also helps in understanding Global Procurement Analytics Market dynamics, structure by analyzing the market segments and project Global Procurement Analytics Market. Clear representation of competitive analysis of key players by price, financial position, Product portfolio, growth strategies, and regional presence in the Global Procurement Analytics Market make the report investor’s guide.
Scope of Global Procurement Analytics Market
Global Procurement Analytics Market Segmentation by Components
Global Procurement Analytics Market Segmentation by Application
• Supply Chain Analytics
• Risk Analytics
• Spend Analytics
• Demand Forecasting
• Contract Management
• Vendor Management
Global Procurement Analytics Market Segmentation by Organization Size
• Small and Medium Enterprise (SME)
• Large Enterprises
Global Procurement Analytics Market Segmentation by End User
• Banking, Financial Services, and Insurance
• Government and Defence
• Retail and eCommerce
• Healthcare and Lifesciences
• Telecom and IT
• Energy and Utilities
• Others (Media and Entertainment, Transportation and Logistics, Real Estate and Construction, and Education)
Global Procurement Analytics Market Segmentation by Region
• North America
• MEA& Africa
• South America
Global Procurement Analytics Market Major Players
• SAP (Germany)
• Oracle (US)
• SAS (US)
• IBM (US)
• Coupa Software (US)
• Zycus (US)
• BRIDGEi2i Analytics (India)
• JAGGAER (US)
• Rosslyn Data Technologies (England)
• Genpact (UK)
• Tamr (US)
• Simfoni (US)
• BirchStreet (US)
• Proactis (UK)
• Sievo (Finland)
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