Procurement Analytics Market Growth, Size, Trends, Demand, Share, Revenue and Future Outlook
Procurement Analytics Market Size- By Component, By Deployment Mode, By Enterprise Size, By Application, By End User- Regional Outlook, Competitive Strategies and Segment Forecast to 2033
| Published: Jan-2024 | Report ID: IACT2414 | Pages: 1 - 205 | Formats*: |
| Category : Information & Communications Technology | |||
Procurement Analytics Market Introduction and Overview
According to SPER Market Research, the Global Procurement Analytics Market is estimated to reach USD 7.34 billion by 2033 with a CAGR of 22.11%.
The report includes an in-depth analysis of the Global Procurement Analytics Market, including market size and trends, product mix, applications, and supplier analysis. Procurement analytics is a type of approach that is used to extract insights and meaningful information from data that will support an organization's decision-making and growth. In order to assess the data and predict future patterns, it often analyses the data from the historic year. These techniques assist the company in lowering operating expenses, saving money, and lowering risk. It is the gathering and analysis of procurement data in order to provide corporate insights and aid in decision-making. It can be applied to a variety of tasks, including market research, business development, strategy planning, and resource management.
- June 2023: Spend management company Ivalua revealed that steel producer ArcelorMittal broadened the collaboration by increasing the reach of its already-implemented solution. Through Ivalua, ArcelorMittal is lowering the risk of disruption in addition to safeguarding its supply chain. In order to maintain continuity in the supply chain and close the gap with its ERP suppliers, ArcelorMittal is especially benefiting from the supply chain collaboration solution created by Ivalua.
- May 2023: GEP and Liberty Global, a company that combines broadband, mobile, and video communications, have established a cooperation. Liberty Global uses GEP software to automate all aspects of their source-to-contract process, including sourcing, spend analysis, savings tracking, category workbench, contract and supplier administration, for both direct and indirect procurement.
Market Opportunities and Challenges
A shift in how consumer intelligence is deployed is driving the market for procurement analytics. Procurement analytics makes it possible for organizations to maximize savings, reduce risk, and concentrate on forging strategic alliances with suppliers in order to guarantee the long-term, sustainable advantages of public procurement. Businesses and consumers are looking for ways to increase compliance and reduce risk exposure. In a difficult economic climate, it helps businesses to seize new chances for success.
Additionally, during the projected time period, increasing integration of cutting-edge technologies like blockchain and cloud computing is anticipated to present significant potential for growth of procurement analytics market. But since massive amounts of data are being generated from various data sources, the majority of them are unstructured. The handling, management, and conversion of unstructured data into a structured format present a substantial challenge to organizations. To enable greater extrapolation and improved insights, it is crucial to obtain the data in a structured way. Furthermore, there exist other obstacles hindering the market's expansion within the anticipated period. These include Small and Medium Enterprises' (SMEs) growing concerns about data security, the difficulties in maintaining data privacy and streamlining procedures, the lack of analytical skills, and the reluctance to use cutting-edge analytical tools.
Market Competitive Landscape
The market for procurement analytics is very highly competitive. To expand their market position, industry players are always implementing new tactics such as product innovations, alliances, acquisitions, and more. Major Key Players are Amazon Web Services (AWS), BirchStreet Systems, Cisco System, Inc., International Business Machine (IBM), Microsoft Corporation, Oracle Corporation, Rosslyn Data Technologies, Simfoni, Workday, Inc., Zycus Inc. are some of the major companies involved in the global Procurement Analytics market.
Scope of the Report:
| Report Metric | Details |
| Market size available for years | 2019-2033 |
| Base year considered | 2022 |
| Forecast period | 2023-2033 |
| Segments covered | By Component, By Deployment Mode, By Enterprise Size, By Application, By End User. |
| Regions covered | North America, Asia-Pacific, Latin America, Middle East & Africa and Europe |
| Companies Covered | Amazon Web Services (AWS), BirchStreet Systems, Cisco System, Inc., International Business Machine (IBM), Microsoft Corporation, Oracle Corporation, Rosslyn Data Technologies, Simfoni, Workday, Inc., Zycus Inc. |
COVID-19 Impact on Global Procurement Analytics Market
The COVID-19 pandemic significantly influenced the procurement analytics market's growth, driven by opportunities in the growing e-commerce industry, rising smartphone usage, and more connected device adoption. 2020's worldwide crisis had an impact on a number of industries, including the energy, social, economic, and healthcare sectors. Following the pandemic, suppliers and procurement analytics companies worked together on creative projects to explore possibilities for additional revenue. The sector's expansion is due to its role in assisting companies in reducing economic difficulties caused by pandemic and providing operational support to other organizations, hence promoting its broad adoption.
Key Target Audience
- Procurement Professionals
- Supply Chain Managers
- Chief Procurement Officers (CPOs)
- Finance and Operations Executives
- Data Analysts and Business Intelligence Professionals
- IT Professionals
- Consultants and Advisory Firms
- Enterprise Resource Planning (ERP) Users
Our in-depth analysis of the Procurement Analytics Market includes the following segments:
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Key Topics Covered in the Report
- Global Procurement Analytics Market Size (FY’2023-FY’2033)
- Overview of Global Procurement Analytics Market.
- Segmentation of Global Procurement Analytics Market By Component (Services, Solutions).
- Segmentation of Global Procurement Analytics Market By Deployment Mode (Cloud, On-Premise).
- Segmentation of Global Procurement Analytics Market By Enterprise Size (Large Enterprise, SMEs).
- Segmentation of Global Procurement Analytics Market By Application (Category Management, Contract Management, Process Management, Spend Management, Strategic Sourcing, Transaction Management).
- Segmentation of Global Procurement Analytics Market By End User (BFSI, Healthcare, IT and Telecom, Manufacturing, Retail, Others).
- Statistical Snap of Global Procurement Analytics Market
- Expansion Analysis of Global Procurement Analytics Market
- Problems and Obstacles in Global Procurement Analytics Market
- Competitive Landscape in the Global Procurement Analytics Market
- Impact of COVID-19 and Demonetization on Global Procurement Analytics Market
- Details on Current Investment in Global Procurement Analytics Market
- Competitive Analysis of Global Procurement Analytics Market
- Prominent Players in the Global Procurement Analytics Market
- SWOT Analysis of Global Procurement Analytics Market
- Global Procurement Analytics Market Future Outlook and Projections (FY’2023-FY’2033)
- Recommendations from Analyst
1. Introduction
1.1. Scope of the report1.2. Market segment analysis
2. Research Methodology
2.1. Research data source2.1.1. Secondary Data2.1.2. Primary Data2.1.3. SPER’s internal database2.1.4. Premium insight from KOL’s2.2. Market size estimation2.2.1. Top-down and Bottom-up approach
2.3. Data triangulation
3. Executive Summary
4. Market Dynamics
4.1. Driver, Restraint, Opportunity and Challenges analysis4.1.1. Drivers4.1.2. Restraints4.1.3. Opportunities4.1.4. Challenges4.2. COVID-19 Impacts on the Global Procurement Analytics Market
5. Market variable and outlook
5.1. SWOT Analysis5.1.1. Strengths5.1.2. Weaknesses5.1.3. Opportunities5.1.4. Threats5.2. PESTEL Analysis5.2.1. Political Landscape5.2.2. Economic Landscape5.2.3. Social Landscape5.2.4. Technological Landscape5.2.5. Environmental Landscape5.2.6. Legal Landscape5.3. PORTER’s Five Forces5.3.1. Bargaining power of suppliers5.3.2. Bargaining power of buyers5.3.3. Threat of Substitute5.3.4. Threat of new entrant5.3.5. Competitive rivalry5.4. Heat Map Analysis
6. Competitive Landscape
6.1. Global Procurement Analytics Market Manufacturing Base Distribution, Sales Area, Product Type6.2. Mergers & Acquisitions, Partnerships, Product Launch, and Collaboration in Global Procurement Analytics Market
7. Global Procurement Analytics Market, By Component (USD Million)
7.1. Global Procurement Analytics Market Value Share and Forecast, By Component, 2023-20337.2. Services7.3. Solution
8. Global Procurement Analytics Market, By Deployment Mode (USD Million)
8.1. Global Procurement Analytics Market Value Share and Forecast, By Deployment Mode, 2023-20338.2. Cloud8.3. On-Premise
9. Global Procurement Analytics Market, By Enterprise Size (USD Million)
9.1. Global Procurement Analytics Market Value Share and Forecast, By Enterprise Size, 2023-20339.2. Large Enterprise9.3. SMEs
10. Global Procurement Analytics Market, By Application (USD Million)
10.1. Global Procurement Analytics Market Value Share and Forecast, By Application, 2023-203310.2. Category Management10.3. Contract Management10.4. Process Management10.5. Spend Management10.6. Strategic Sourcing10.7. Transaction Management
11. Global Procurement Analytics Market, By End User (USD Million)
11.1. Global Procurement Analytics Market Value Share and Forecast, By End User, 2023-203311.2. BFSI11.3. Healthcare11.4. IT and Telecom11.5. Manufacturing11.6. Retail
11.7. Others
12. Global Procurement Analytics Market Forecast, 2019-2033 (USD Million)
12.1. Global Procurement Analytics Market Size and Market Share
13. Global Procurement Analytics Market, By Component 2019-2033 (USD Million)
13.1. Global Procurement Analytics Market Size and Market Share by Component (2019-2026)13.2. Global Procurement Analytics Market Size and Market Share by Component (2027-2033)
14. Global Procurement Analytics Market, By Deployment Mode, 2019-2033 (USD Million)
14.1. Global Procurement Analytics Market Size and Market Share by Deployment Mode (2019-2026)14.2. Global Procurement Analytics Market Size and Market Share by Deployment Mode (2027-2033)
15. Global Procurement Analytics Market, By Enterprise Size, 2019-2033 (USD Million)
15.1. Global Procurement Analytics Market Size and Market Share by Enterprise Size (2019-2026)15.2. Global Procurement Analytics Market Size and Market Share by Enterprise Size (2027-2033)
16. Global Procurement Analytics Market, By Application, 2019-2033 (USD Million)
16.1. Global Procurement Analytics Market Size and Market Share by Application (2019-2026)16.2. Global Procurement Analytics Market Size and Market Share by Application (2027-2033)
17. Global Procurement Analytics Market, By End User, 2019-2033 (USD Million)
17.1. Global Procurement Analytics Market Size and Market Share by End User (2019-2026)17.2. Global Procurement Analytics Market Size and Market Share by End User (2027-2033)
18. Global Procurement Analytics Market, By Region, 2019-2033 (USD Million)
18.1. Global Procurement Analytics Market Size and Market Share by Region (2019-2026)18.2. Global Procurement Analytics Market Size and Market Share by Region (2027-2033)
18.3. Asia-Pacific18.3.1. Australia18.3.2. China18.3.3. India18.3.4. Japan18.3.5. South Korea18.3.6. Rest of Asia-Pacific18.4. Europe18.4.1. France18.4.2. Germany18.4.3. Italy18.4.4. Spain18.4.5. United Kingdom18.4.6. Rest of Europe18.5. Middle East and Africa18.5.1. Kingdom of Saudi Arabia18.5.2. United Arab Emirates18.5.3. Rest of Middle East & Africa18.6. North America18.6.1. Canada18.6.2. Mexico18.6.3. United States18.7. Latin America18.7.1. Argentina18.7.2. Brazil18.7.3. Rest of Latin America
19. Company Profile
19.1. Amazon Web Services (AWS)19.1.1. Company details19.1.2. Financial outlook19.1.3. Product summary19.1.4. Recent developments19.2. BirchStreet Systems19.2.1. Company details19.2.2. Financial outlook19.2.3. Product summary19.2.4. Recent developments19.3. Cisco System, Inc.19.3.1. Company details19.3.2. Financial outlook19.3.3. Product summary19.3.4. Recent developments19.4. International Business Machine (IBM)19.4.1. Company details19.4.2. Financial outlook19.4.3. Product summary19.4.4. Recent developments19.5. Microsoft Corporation19.5.1. Company details19.5.2. Financial outlook19.5.3. Product summary19.5.4. Recent developments19.6. Oracle Corporation19.6.1. Company details19.6.2. Financial outlook19.6.3. Product summary19.6.4. Recent developments19.7. Rosslyn Data Technologies19.7.1. Company details19.7.2. Financial outlook19.7.3. Product summary19.7.4. Recent developments19.8. Simfoni19.8.1. Company details19.8.2. Financial outlook19.8.3. Product summary19.8.4. Recent developments19.9. Workday, Inc.19.9.1. Company details19.9.2. Financial outlook19.9.3. Product summary19.9.4. Recent developments19.10. Zycus Inc.19.10.1. Company details19.10.2. Financial outlook19.10.3. Product summary19.10.4. Recent developments19.11. Others
20. List of Abbreviations
21. Reference Links
22. Conclusion
23. Research Scope
SPER Market Research’s methodology uses great emphasis on primary research to ensure that the market intelligence insights are up to date, reliable and accurate. Primary interviews are done with players involved in each phase of a supply chain to analyze the market forecasting. The secondary research method is used to help you fully understand how the future markets and the spending patterns look likes.
The report is based on in-depth qualitative and quantitative analysis of the Product Market. The quantitative analysis involves the application of various projection and sampling techniques. The qualitative analysis involves primary interviews, surveys, and vendor briefings. The data gathered as a result of these processes are validated through experts opinion. Our research methodology entails an ideal mixture of primary and secondary initiatives.
Frequently Asked Questions About This Report
Additionally, during the projected time period, increasing integration of cutting-edge technologies like blockchain and cloud computing is anticipated to present significant potential for growth of procurement analytics market.
Procurement Analytics Market is projected to reach USD 7.34 billion by 2033, growing at a CAGR of 22.11% during the forecast period.
Procurement Analytics Market size from 2022. The Market is expected to reach USD 7.34 billion by 2033, at a CAGR of 22.11% during the forecast period.
Procurement Analytics Market CAGR of 22.11% during the forecast period.
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Procurement Analytics Market size is 7.34 billion from 2023 to 2033.
Procurement Analytics Market Segment is covered By Component, By Deployment Mode, By Enterprise Size, By Application, By End User.
The North Africa is anticipated to have the highest market share in the Procurement Analytics Market.
"The key players in the market include Companies Covered Amazon Web Services (AWS), BirchStreet Systems, Cisco System, Inc., International Business Machine (IBM), Microsoft Corporation, Oracle Corporation, Rosslyn Data Technologies, Simfoni, Workday, Inc., Zycus Inc. "
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