A Global Procurement Analytics Market Research Report from Emergen Research has been formulated by analyzing key business details and an extensive geographic spread of the Procurement Analytics industry, encompassing key business details and extensive geographical coverage. In addition to providing crucial statistical data about the Procurement Analytics market, this study covers qualitative and quantitative aspects of the Procurement Analytics market. A comprehensive analysis of established and emerging players in the market is summarized in the report. The report also covers the business overview, the product portfolio, and the strategic alliances and expansion strategies of the companies.

 

The procurement analytics market has emerged as a critical component of modern business operations, enabling organizations to gain valuable insights and optimize their procurement processes. Procurement analytics involves the use of advanced data analytics techniques to analyze procurement data, identify patterns, and make data-driven decisions. This market has witnessed significant growth in recent years, driven by various factors.

The global procurement analytics market size was USD 3.17 Billion in 2022 and is expected to register a revenue CAGR of 25.5% during the forecast period, according to the latest analysis by Emergen Research. One of the key drivers of the procurement analytics market is the increasing complexity of supply chains. With globalization and the expansion of businesses into new markets, supply chains have become more intricate, involving multiple suppliers, vendors, and stakeholders. Procurement analytics provides organizations with the ability to analyze vast amounts of data from various sources, such as supplier performance, pricing trends, and market dynamics. This enables them to gain a holistic view of their supply chains and make informed decisions to optimize procurement processes.

Moreover, the growing adoption of digital technologies and the Internet of Things (IoT) has generated a massive amount of data across different business functions, including procurement. This data explosion has created a need for advanced analytics tools and techniques to extract meaningful insights. Procurement analytics solutions offer organizations the ability to harness this data and derive actionable intelligence, leading to improved cost savings, supplier management, and risk mitigation.

However, despite the positive growth prospects, the procurement analytics market also faces certain restraints. One of the major challenges is the lack of skilled professionals in the field of data analytics. The successful implementation of procurement analytics requires expertise in data management, statistical analysis, and data visualization. The shortage of skilled professionals with these capabilities poses a significant barrier to market growth, as organizations struggle to find the right talent to leverage the full potential of procurement analytics.

Additionally, data security and privacy concerns act as restraints to the adoption of procurement analytics solutions. Procurement data often contains sensitive information, such as pricing details, contract terms, and supplier performance metrics. Organizations need to ensure that their data is protected from unauthorized access and breaches. The implementation of robust data security measures and compliance with data protection regulations becomes crucial in the procurement analytics space.

According to a report published by the United States Department of Commerce, the value of goods and services procured by the federal government in the United States exceeded $586 billion in 2020. This significant expenditure highlights the need for effective procurement strategies and the potential for the adoption of procurement analytics solutions in the public sector.

Furthermore, a study conducted by the European Commission revealed that public procurement accounts for approximately 14% of the European Union's GDP. This statistic emphasizes the importance of efficient procurement processes and the potential for the adoption of procurement analytics solutions across European countries.

 

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Due to movement restrictions and lockdowns due to the current COVID-19 pandemic, the growth of the Procurement Analytics industry is expected to be negatively affected. In addition to the impact of the COVID-19 pandemic on numerous global markets, the Procurement Analytics industry is expected to feel the effect as well. The slowdown in economic growth and dynamic changes in demand will further affect industry growth. The report covers the impact analysis of the COVID-19 pandemic on the overall Procurement Analytics industry.

Radical Highlights of the Procurement Analytics Market Report:

  • Comprehensive overview of the Procurement Analytics market along with analysis of the changing dynamics of the market
  • Growth Assessment of various market segments throughout the forecast period
  • Regional and global analysis of the market players, including their market share and global position
  • Growth strategies adopted by key market players to combat the impact of the COVID-19 pandemic on the market
  • Impact of the technological developments and R&D advancements on the Procurement Analytics market
  • Information about profit-making strategies and developmental strategies of major companies and manufacturers
  • Insightful information for the new entrants willing to enter the market
  • Details and insights about business expansion strategies, product launches, and other collaborations
  • The report incorporates advanced analytical tools such as SWOT analysis, Porter’s Five Forces Analysis, feasibility analysis, and investment return analysis

Analysis of the segments and their growth projection is carried out by extensive historical and current analysis of the market scenario. Further, the report offers details about the factors and features of the Procurement Analytics market expected to boost the growth of the industry in the coming years.

Procurement Analytics Market Segmentation:

 

  • Component Outlook (Revenue, USD Billion; 2019-2032)

    • Services
    • Solutions

 

 

  • Deployment Outlook (Revenue, USD Billion; 2019-2032)

    • On-premises
    • Cloud

 

 

  • Organization Size Outlook (Revenue, USD Billion; 2019-2032)

    • Small and Medium-sized Enterprises (SMEs)
    • Large enterprises

 

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The section on the competitive landscape offers valuable and actionable insights related to the business sphere of the Procurement Analytics market, covering extensive profiling of the key market players. The report offers information about market share, product portfolio, pricing analysis, and strategic alliances such as mergers and acquisitions, joint ventures, collaborations, partnerships, product launches and brand promotions, among others. The report also discusses the initiatives taken by the key companies to combat the impact of the COVID-19 pandemic.

Key Companies Profiled in the Report are:

Oracle, SAP, SAS Institute Inc., Genpact, IBM, Microsoft, Cisco Systems, Inc., Coupa Software Inc., Amazon Web Services, Inc. and GEP

Regional Landscape section of the Procurement Analytics report offers deeper insights into the regulatory framework, current and emerging market trends, production and consumption patterns, supply and demand dynamics, import/export, and presence of major players in each region.

The various regions analyzed in the report include:

  • North America (U.S., Canada)
  • Europe (U.K., Italy, Germany, France, Rest of EU)
  • Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
  • Latin America (Chile, Brazil, Argentina, Rest of Latin America)
  • Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)

Additional information offered by the report:

  • Along with a complete overview of the global Procurement Analytics market, the report provides detailed scrutiny of the diverse market trends observed on both regional and global levels.
  • The report elaborates on the global Procurement Analytics market size and share governed by the major geographies.
  • It performs a precise market growth forecast analysis, cost analysis, and a study of the micro- and macro-economic indicators.
  • It further presents a detailed description of the company profiles of the key market contenders.

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Highlights of Table of Contents (TOC):

  • Overview of Global Procurement Analytics Market
  • Competitive analysis of the Procurement Analytics market
  • Regional analysis of Global Procurement Analytics market production and revenue
  • Regional analysis of Global Procurement Analytics market supply, consumption, and export & import
  • Type-based market analysis of global Procurement Analytics production, revenue, and price trends
  • Application-based analysis of the global Procurement Analytics market
  • Manufacturer profiles, manufacturing cost, and upstream and downstream analysis of global Procurement Analytics market
  • Conclusion of the research report
  • Appendix

Thank you for reading our report. Please get in touch with us if you have any query regarding the report or its customization. Our team will ensure the report is best suited to your needs.

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