Research Nester’s recent market research analysis on “Procurement Analytics Market: Global Demand Analysis & Opportunity Outlook 2036” delivers a detailed competitors analysis and a detailed overview of the global procurement analytics market in terms of market segmentation by component, application, deployment mode, organization size, vertical and by region.

Growing Demand for Cloud-Based Analytical Solutions to Promote Global Market Share of Procurement Analytics Market
The global procurement analytics market is estimated to grow majorly on account of increased productivity. Entrepreneurs have initiated including the procurement analytics software to speed up the procurement process, increase productivity, and automate manual work. It was found in a survey that 90.1% of the respondents agree that procurement analytics has taken on duties to handle sustainability and supply chain concerns. A detailed procurement analytics promote better supplier performance, inform category management and strategic sourcing, eliminate the risk of drive compliance, enhanced benchmarking, etc. More businesses are equipping themselves with procurement analytic setups to stay ahead in the market. Moreover, there is a huge amount of procurement data in every sector particularly in IT & Telecom, the industry is likely to increase at a fast pace. Other than this, digitalization has played a pivotal role in fueling the demand for analytics. Rapid transformation in the deployment of consumer intelligence concerning the product aiding the growth of the procurement analytics market growth. Businesses and consumers are looking for solutions to minimize risk exposure and enhance compliance. On the back of these factors, the global procurement analytics market is anticipated to garner significant revenue in the forecasted period and offer lucrative opportunities for investors.

Some of the major growth factors and challenges that are associated with the growth of the global procurement analytics market are:
Growth Drivers:
• Rising Usage of Internet of Things and Cloud Computing
• Increasing Endeavors by Companies to Withstand Cutthroat Competition
Challenges:
Challenges in simplifying the procedures, apprehensions about data privacy, and data inconsistency issues are some of the major factors anticipated to hamper the market size of the global procurement analytics market.

Access our detailed report at: https://www.researchnester.com/reports/procurement-analytics-market/5709

By deployment, the global procurement analytics market is segmented into cloud and on-premises. Based on deployment mode, the on-premise segment is projected to hold a maximum market share of almost 55% during the forecast period. On-premise solutions require enterprises to purchase a copy of the software. Furthermore, the accessibility and support in the organization have enhanced as on-premise software requires dedicated IT staff.

By region, the Europe procurement analytics market is to generate the highest revenue by the end of 2036. The European procurement analytics market would witness remarkable growth because various consumers are including procurement analytics strategies in the central operations where category managers and buyers conduct assessments.

This report also provides the existing competitive scenario of some of the key players of the global procurement analytics market which includes company profiling of Microsoft Corporation, IBM Corporation, Cisco Systems, Inc., SAP SE, Genpact Ltd., SAS Institute, Zycus Inc., Bain Capital, GEP, Rosslyn Data Technologies, Honda Motor Co., Ltd., Oracle Corporation Japan, Fujitsu Limited, NTT DATA Corporation, Mitsui & Co., Ltd. and others.