Procurement Analytics Market Size, Share, Trends, Growth 2032

Procurement Analytics Market Insights

Zion Market Research has published a report on the global Procurement Analytics Market, estimating its value at USD 3.21 Billion in 2023, with projections indicating that it will reach USD 24.26 Billion by 2032. The market is expected to expand at a compound annual growth rate (CAGR) of 25.2% over the forecast period 2024-2032.

The report explores the factors fueling market growth, the hitches that could hamper this expansion, and the opportunities that may arise in the Procurement Analytics Market industry. Additionally, it offers a detailed analysis of how these elements will affect market demand dynamics and market performance throughout the forecast period.

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The report covers a forecast and an analysis of the procurement analytics market on a global and regional level. The study provides historical data from 2018 to 2022 along with a forecast from 2024 to 2032 based on revenue (USD Billion). The study includes drivers and restraints of the procurement analytics market along with the impact they have on the demand over the forecast period. Additionally, the report includes the study of opportunities available in the procurement analytics market on a global level.

Procurement Analytics Market: Growth Drivers

Procurement analytics is a process of using quantitative methods to extract actionable insights and result from the gathered data. It requires collecting and using the information to help make decisions based on facts and gaining competitive advantages. It usually reviews the past incidents and makes an estimate, using its analytics-based tools on historical statistics to make future predictions.

Rapid growth in technology and automation across numerous industry verticals is driving the global procurement analytics market. Increasing digitalization and rising need for data-driven solutions for several entities for making better decisions based on facts and historical statistics is also influencing the procurement analytics market positively. Procurement analytics plays a vital role in numerous industry verticals, as it helps in minimizing operating and capital expenses and increasing return on investment (ROI), thereby generating market demand.

This report includes a detailed competitive scenario and component portfolio of the key vendors. To understand the competitive landscape in the market, an analysis of Porter’s Five Forces Model for the market has also been included. The study encompasses a market attractiveness analysis, wherein all the segments are benchmarked based on their market size, growth rate, and general attractiveness.

Moreover, procurement analytics solutions help entities in various application areas, such as risk analytics, supply chain analytics, demand forecast, spend analytics, vendor management, and contract management, which will eventually guide and help entities to take decisions based on statistics and prevent losses. This, in turn, will fuel the global procurement analytics market. Additionally, procurement solutions include a variety of modules to accomplish different tasks, such as sourcing analysis, category management, real-time and batch data analysis, compliance and policy management, and financial analysis, which supports the enterprises to grow and take predictive risks by enhancing their performance. However, growing data security concerns across enterprises may hinder the procurement analytics market globally.

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Procurement Analytics Market: Segmentation

The global procurement analytics market is categorized based on component, application area, deployment type, organization size, vertical, and region.

The organization size segment of the market includes SMEs and large enterprises. Enterprises play a crucial role in the procurement analytics market and account for a significant market share, owing to the rising procurement analytics solutions demand in small- and medium-sized enterprises. Moreover, the rising concerns of SME management regarding expenditure incurred in deploying on-premises procurement analytics solutions for hiring skilled staff and IT maintenance is also driving the procurement analytics market. Additionally, to overcome the issue of on-premises deployment, the SME’s are shifting to cloud-based solutions.

Procurement Analytics Market: Report Scope

Procurement Analytics Market: Territory Analysis

The regional segment includes the current and forecast demand for North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.

The North American procurement analytics market is expected to hold a notable share globally over the forecast time period, owing to the presence of technologically advanced countries like the U.S and Canada and rising automation and digitalization across the region.

Procurement Analytics Market: Competitive Analysis

The procurement analytics market is dominated by players like:

• Oracle
• SAP
• IBM
• Coupa Software
• SAS
• BRIDGEi2i Analytics
• Zycus
• Rosslyn Data Technologies
• JAGGAER
• Genpact

The report segments the global procurement analytics market into:

Global Procurement Analytics Market: Component Analysis

• Solutions
• Services

• Professional Services

• Training and Education
• Consulting
• Support and Maintenance
• Integration and Deployment

• Managed Services

Global Procurement Analytics Market: Application Area Analysis

• Risk Analytics
• Supply Chain Analytics
• Demand Forecasting
• Spend Analytics
• Vendor Management
• Contract Management

Global Procurement Analytics Market: Deployment Type Analysis

• On-Premises
• Cloud

Global Procurement Analytics Market: Organization Size Analysis

• Large Enterprises
• SMEs

Global Procurement Analytics Market: Vertical Analysis

• Manufacturing
• Retail
• Healthcare
• Government
• Energy and Utilities
• BFSI
• Telecom and IT
• Others

Global Procurement Analytics Market: Regional Analysis

• North America
  • The U.S.
• Europe
  • UK
  • France
  • Germany
• Asia Pacific
  • China
  • Japan
  • India
• Latin America
  • Brazil
• Middle East and Africa