USD 2.80 Billion
Report ID: SQMIG45J2111 | Region: Global | Published Date: May, 2023 | Pages: 157 | Tables: 61 | Figures: 75
Global Procurement analytics Market size was valued at USD 2.80 Billion in 2021 and is poised to grow from USD 3.45 Billion in 2022 to USD 18.18 Billion by 2030, at a CAGR of 23.10 % during the forecast period (2023-2030).
The global procurement analytics market is a rapidly growing sector within the technology industry. With the increasing adoption of digital technologies and the growing importance of data-driven decision-making, the procurement analytics market has gained significant traction in recent years. The purpose of the procurement analytics market is to provide organizations with a comprehensive and holistic view of their procurement activities. It enables them to extract valuable insights from their procurement data, such as spending patterns, supplier performance, contract management, and risk assessment. Several factors are driving the growth of the procurement analytics market. Firstly, the increasing complexity of global supply chains and the need for effective supplier management have created a demand for advanced analytics solutions. Organizations are seeking ways to better understand supplier performance, manage risks, and ensure compliance with regulations. Secondly, the rise of big data and the availability of large volumes of procurement data have created opportunities for leveraging analytics to derive actionable insights. The procurement analytics market also faces certain challenges. One of the primary challenges is the integration and consolidation of data from various sources, as procurement data is often scattered across different systems and formats. Harmonizing and cleansing data to ensure accuracy and consistency can be a complex task. The procurement analytics market presents significant opportunities for innovation and growth. As organizations realize the value of data-driven decision-making, there is a growing demand for advanced analytics solutions that can provide real-time insights, predictive analytics, and prescriptive recommendations.
Global Market Size
USD 2.80 Billion
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The global procurement analytics market is segmented on the basis of component, deployment, and region. In terms of component, the market is segmented into solution, and services. With respect to categorization by analytics deployment, the market is segmented into on-premise, and cloud. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Global Procurement Analytics Market Analysis by Component
The solutions segment represents the largest portion of the global procurement analytics market. Procurement analytics solutions are advanced software tools and platforms that leverage data analytics and artificial intelligence (AI) technologies to extract actionable insights and optimize the procurement process. These solutions enable organizations to gain a comprehensive view of their procurement activities, identify cost-saving opportunities, enhance supplier management, and make data-driven decisions.
The fastest growing segment in the global procurement analytics market is the services segment. Procurement analytics services encompass a range of offerings, including consulting, implementation, training, support, and managed services. These services complement procurement analytics solutions by providing expertise, guidance, and support throughout the implementation and utilization of analytics tools.
Global Procurement Analytics Market Analysis by Deployment
The cloud deployment segment represents the largest portion of the global procurement analytics market. Cloud-based procurement analytics solutions are hosted and accessed over the internet, providing organizations with scalability, flexibility, and cost-efficiency. These solutions offer numerous advantages, including reduced infrastructure costs, easy accessibility, seamless integration, and enhanced collaboration.
The fastest growing segment in the global procurement analytics market is the on-premise deployment segment. On-premise procurement analytics solutions are installed and operated within an organization's own infrastructure, offering direct control and customization over the analytics environment. These solutions are typically favored by organizations with specific security, compliance, or data privacy requirements.
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North America is the dominating region in the global procurement analytics market. The region's dominance can be attributed to several factors. Firstly, North America has a strong presence of major technology companies and solution providers that offer advanced procurement analytics solutions. These companies, based in the United States in particular, have been at the forefront of developing and implementing analytics technologies for various industries, including procurement. North America has a highly mature and technologically advanced business ecosystem, which encourages the adoption of innovative solutions like procurement analytics.
Asia Pacific is the fastest growing region in the global procurement analytics market. The region's rapid growth can be attributed to several factors. Firstly, countries like China and India have witnessed significant economic growth and industrialization, leading to increased procurement activities across various sectors. As organizations in these countries expand their operations and supply chains, the need for effective procurement analytics solutions to optimize costs and enhance supplier management becomes critical. Additionally, the rising adoption of digital technologies and the increasing focus on data-driven decision-making in Asia Pacific contribute to the growth of the procurement analytics market in the region.
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Global Procurement Analytics Market Drivers
Increasing Focus on Cost Optimization
Rising Demand for Data-driven Decision-making
Global Procurement Analytics Market Restraints
Data Quality and Integration Challenges
Lack of Skilled Workforce
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The global procurement analytics market is dynamic in nature and is characterized by the presence of several established players, as well as emerging vendors. These companies offer a wide range of procurement analytics solutions and services, catering to the diverse needs of organizations across various industries. The market is highly competitive, with players focusing on innovation, partnerships, and strategic initiatives to gain a competitive edge. companies compete based on factors such as product features, functionality, pricing, scalability, and customer support. They invest in research and development activities to enhance their procurement analytics offerings and stay ahead in the market. Strategic partnerships and acquisitions are also common strategies employed by players to expand their market presence and cater to a broader customer base.
Top Player’s Company Profiles in Global Procurement Analytics Market
Global Procurement Analytics Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global procurement analytics market report, one of the key driving factors is the increasing recognition of the strategic value of procurement in organizations. The market for procurement analytics presents significant opportunities, there are also challenges and restraining factors to consider. One challenge is the complexity of data integration. Procurement data is often scattered across different systems and formats, making it difficult to consolidate and analyze effectively. Ensuring data accuracy and quality is another challenge that organizations face. The global procurement analytics market is driven by the growing recognition of procurement's strategic importance, advancements in technology, and the need for data-driven decision-making. While challenges exist, organizations can capitalize on the opportunities presented by procurement analytics to optimize their procurement processes and achieve better business outcomes.
|Market size value in 2021||USD 2.80 Billion|
|Market size value in 2030||USD 3.45 Billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Procurement Analytics Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Procurement Analytics Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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