Newly released Procurement Analytics Market analysis report by Future Market Insights shows that global sales of the Procurement Analytics Market in 2021 was held at USD 2.6 Billion. With 22.5%, the projected market growth during 2022 to 2032 is expected to be significantly higher than the historical growth.
Supply Chain Analytics is expected to be the highest revenue-generating category, projected to register a CAGR of 22.1% during 2022 to 2032.
| Attributes | Details |
|---|---|
| Global Procurement Analytics Market CAGR (2022 to 2032) | 22.5% |
| Global Procurement Analytics Market Size (2022) | USD 3.3 billion |
| Global Procurement Analytics Market Size (2032) | USD 24.8 billion |
| North America Procurement Analytics Market Size (2022) | USD 3.3 billion |
| USA Procurement Analytics Market CAGR (2022 to 2032) | 22.3% |
| Key Companies Covered | Microsoft Corp.; SAP SE; IBM Corp; Oracle Corp.; Cisco Systems Inc.; Amazon Web Service Inc.; SAS Institute Inc.; Coupa Software Inc.; Rosslyn Data Technologies Inc.; Zycus Inc |
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As per the Procurement Analytics Market research by Future Market Insights - market research and competitive intelligence provider, historically, from 2015 to 2021, the market value of the procurement analytics market increased at around 25.4% CAGR.
A variety of factors are expected to encourage the use of procurement analytics technology and services, including rising marketing and promotion expenditures by large businesses and the development of consumer bases.
The growing requirement to predict risks and losses, reduce operating costs, improve efficiency, and execute continual company growth is driving procurement analytics.
Procurement analytics offers companies data-driven insight into how to enhance service levels. The use of analytics tools in procurement processes such as design, planning, delivery, production, and service has expanded.
The transactional elements of procurements can benefit from procurement analytics as well. These analytics may be utilized to identify inefficiencies, purchase order cycle times, and savings opportunities linked with contract conditions. The user may assess payment accuracy, analyze discount opportunities, and monitor duplicate payments or frauds using procurement analytics.
According to a research study conducted by Regina Corso Consulting of US supply chain experts, 90% of the respondents agree procurement analytics has taken on more duties to handle supply chain and sustainability concerns.
With almost half of supply chain professionals stating shortages and interruptions keep them awake at night, it is critical to rely on procurement to help solve these issues. Procurement analytics may be used to split spending across locations, commodities, and entities to uncover potential for value and savings in strategic sourcing.
Procurement analytics is used to detect critical sourcing event triggers which makes it highly useful to the end-users.
Due to factors such as the vast amount of procurement data in every sector, especially in the telecom and IT, the industry is likely to grow rapidly. Greater knowledge of the benefits of this data, such as precise forecasting of future supply chain management, enhanced decision modelling, and reduced costs, are also influencing the growth of the procurement analytics market.
Digitalization has played a vital role in boosting demand for analytics. Data security, integration concerns, and insufficient analytics capabilities, on the other hand, are impeding the market's growth.
Also, the use of procurement analytics in small and medium businesses (SMEs) is projected to provide the industry with several opportunities in the future years.
Data security, integration concerns, and insufficient analytics capabilities, on the other hand, are impeding the market's growth. Despite the hindrance, predictive analytics companies are continuously working to ensure the safety of information to the users of such tools.
Supply chains and data procurement can be transformed by new digital technologies and the big data analytics they deliver. Every quarter, procurement teams are confronted with higher demands. Companies desire lower costs, fewer risks, more efficient processes, and higher profit margins.
Governments also demand firms adhere to defined criteria at every stage of the supply chain. Consumers are also expecting more corporate accountability in terms of ethical sourcing.
There are various advantages to data-driven buying. By integrating real-time information, historical data, and consumer insights, chief procurement officers may take a proactive approach to make informed decisions, optimize the supply chain, and be more prepared for disruptions caused by external factors.
When a firm knows how to use big data to create data-driven procurement strategy, it may have a huge influence on its bottom line. Only about 1/4th of procurement organizations has a long-term digital strategy.
North America is the most lucrative region with procurement analytics market share of over 40%. The rising diffusion of big data in the retail industry is driving procurement analytics market growth.
Businesses are shifting their attention from data collection to engineering approaches to extract insights from data, owing to the extraction of customer data from consumer and retail technology. This information can give merchants a competitive edge and differentiated tools to improve the purchasing experience for their customers.
Furthermore, incorporating procurement data analytics into the purchase system allows businesses to gain greater insights and control over their spending. Some of the primary drivers expected to fuel market growth in North America are the growing Internet of Things (IoT), cloud computing, and the requirement for supply chain and demand intelligence trends.
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The United States is expected to account for the highest market share of USD 8.7 Billion by the end of 2032 with a predicted CAGR of 22.3%. To expand market offers, procurement analytics providers have used a variety of development tactics, including new product releases, product upgrades, collaborations and contracts, corporate expansion and acquisitions.
Oracle, SAS Institute, Coupa Software, Microsoft, IBM, Cisco, and others are among the leading suppliers in the US procurement analytics industry.
Supply Chain Analytics segment is forecasted to grow at the highest CAGR of over 22.1% during 2022 to 2032. The demand for increased operational and supply chain efficiency, as well as the integration of AI and machine learning into supply chain management, will grow as the volume and velocity of data rises.
On the other hand, data security issues and data set flaws are expected to constrain industry growth. Factors such as the swelling utility of supply chain analytics based on the cloud would generate significant opportunities in the forthcoming years.
For enterprises, supply chain analytics may help with cost reduction, transportation network design, inventory optimization, risk assessment, customer interaction, and global integration.
Furthermore, the extensive use of Internet of Things devices in industries such as automotive, medicine, and manufacturing has resulted in large volumes of data being collected, resulting in a surge in the use of such solutions in supply chains.
Market revenue through Telecom and IT segment is forecasted to grow at the highest CAGR of over 22.1% during 2022 to 2032. As per blogs posted by Infosys, the telecom sector has made the initial steps toward commercializing a variety of technologies in 2019, including 5G and the Internet of Things (IoT).
In the telecommunications and information technology industries, the use of the Internet of Things, machine learning, and Blockchain is expected to improve procurement decision-making regarding expenditure and purchasing, supplier portfolios, and contract fulfilment.
Among the leading global Procurement Analytics players market are SAP, Oracle, SAS Institute, Coupa Software, and Genpact. To gain a competitive advantage in the industry, these providers of procurement analytics are engaging in partnerships, mergers and acquisitions, and expansions.
The market for procurement analytics is very competitive. To increase their market presence, players in the market are constantly implementing strategies such as product innovations, collaborations, and mergers and acquisitions.
Similarly, recent Procurement Analytics Market Key Developments related to companies have been tracked by the team at Future Market Insights, which are available in the full report.
| Attribute | Details |
|---|---|
| Forecast Period | 2022 to 2032 |
| Historical Data Available for | 2015 to 2021 |
| Market Analysis | USD million for Value |
| Key Regions Covered | North America; Europe; Asia Pacific; Middle East & Africa; Latin America |
| Key Countries Covered | United States, Canada, Brazil, Mexico, Germany, UK, France, Italy, Spain, Russia, China, South Korea, Japan, India, South Africa, UAE |
| Key Market Segments Covered | Component, Application, Deployment Mode, Organization Size, Industry Vertical, Region |
| Key Companies Profiled | Microsoft Corp.; SAP SE; IBM Corp; Oracle Corp.; Cisco Systems Inc.; Amazon Web Service Inc.; SAS Institute Inc.; Coupa Software Inc.; Rosslyn Data Technologies Inc.; Zycus Inc |
| Pricing | Available upon Request |
The global Procurement Analytics Market is worth more than USD 2.6 Billion at present.
The value of the Procurement Analytics Market is projected to increase at a CAGR of around 22.5% during 2022 to 2032.
Value of Procurement Analytics Market increased at a CAGR of around 25.4% during 2015 to 2021.
The increased use of Machine Learning and Artificial Intelligence techniques, digitalization, data security, reduced cost for maintaining ample amount of data are some of the key trends shaping the growth of Procurement Analytics Market.
The market for Procurement Analytics Market in US is projected to expand at a CAGR of around 22.3% during 2022 to 2032.
| Estimated Size, 2024 | USD 13,172.4 million |
|---|---|
| Projected Size, 2034 | USD 42,775.5 million |
| Value-based CAGR (2024 to 2034) | 12.5% CAGR |
| Market Value for 2023 | USD 8,462.6 million |
|---|---|
| Projected Market Value for 2033 | USD 25,208.4 million |
| Value-based CAGR of Market for 2023 to 2033 | 11.5% |
| Market Size, 2023 | USD 15,811.3 million |
|---|---|
| Market Size, 2033 | USD 107,548.7 million |
| Value CAGR (2023 to 2033) | 21.1% |
| Global Market Size (2022) | USD 12.8 Billion |
|---|---|
| Global Market Size (2032) | USD 55.5 Billion |
| Global Market CAGR (2022 to 2032) | 15.8% |
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