Procurement analytics market size is valued at USD 165.05 billion by 2028 and is expected to grow at a compound annual growth rate of 22.35% in the forecast period of 2021 to 2028. Data Bridge Market Research report on procurement analytics provides analysis and insights regarding the various factors expected to be prevalent throughout the forecasted period while providing their impacts on the market’s growth. Procurement analytics is a type of a technique which is used to get useful information and conclusion from the data which will help the company to make right decisions and develop their business. It generally uses the data of the historic year so that it can analyze it and foresee the future trends. These methods help the business to decrease their operation cost, save money and decrease the risk factors.
The rising focus on enhancing procurement channels’ operational efficiencies have been directly influencing the growth of procurement analytics market over the forecast period of 2021 to 2028. Also the impending need to handle compliance polices and contracts as well as organizations’ struggle to maintain their position in the competitive environment are also flourishing the growth of the procurement analytics market. Also the rapid technological developments such as the internet of things ( IoT) and cognitive computing is also positively impacting the growth of the market. Furthermore, the rising need for highly efficient procurement solutions to improve operational performance is also acting as an active growth driver towards the growth of the procurement analytics market. Moreover, the high demand for cloud-based procurement solutions and increasing demand for data-driven solutions are creating a huge demand for procurement analytics as well as lifting the growth of the procurement analytics market. However, the rising concerns over data security across enterprises as well as the various complexities in streamlining the processes and concerns regarding data privacy are acting as the major restrictions for the growth of procurement analytics in the above mentioned forecasted period, whereas the dearth of analytical expertise and unwillingness to adopt advanced analytical technologies can challenge the procurement analytics market growth in the forecast period of 2021 to 2028. Likewise, the introduction of machine learning and artificial intelligence in procurement process along with increasing demand for cloud-based analytical solutions will further cater ample new opportunities that will lead to the growth of the procurement analytics market in the above mentioned forecasted period.
Global Procurement Analytics Market, By Component (Solutions, Services), Deployment Model (0n-Premises, Cloud), Organization Size (Small and Medium-Sized Enterprises, Large Enterprises), Application Area (Supply Chain Analytics, Risk Analytics, Spend Analytics, Demand Forecasting, Contract Management, Vendor Management), End User (Retail and e-Commerce, Manufacturing, Government and Defense, Healthcare and Life Sciences, Telecom and IT, Energy and Utilities, Banking, Financial Services, and Insurance, Others), Country (U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa) Industry Trends and Forecast to 2028. This procurement analytics market report provides details of new recent developments, trade regulations, import export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on procurement analytics market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Procurement Analytics Market Scope and Market Size:
Procurement analytics market is segmented on the basis of component, deployment model, organization size, application area and end user. The growth among segments helps you analyze niche pockets of growth and strategies to approach the market and determine your core application areas and the difference in your target markets.
The component segment of the procurement analytics market is segmented into solutions and services. Services have further been segmented into professional services and managed services. Professional services have further been sub-segmented into training and education, consulting, integration and deployment and support and maintenance.
On the basis of deployment model, the procurement analytics market is segmented into on-premises and cloud.
Procurement analytics market is segmented on the basis of organization size into small and medium-sized enterprises and large enterprises.
Based on application area, the procurement analytics market is segmented into supply chain analytics, risk analytics, spend analytics, demand forecasting, contract management and vendor management.
On the basis of end user, the procurement analytics market is segmented into retail and e-commerce, manufacturing, government and defense, healthcare and life sciences, telecom and it, energy and utilities, banking, financial services, and insurance and others.
The major players covered in the procurement analytics market report are SAP SE, Oracle, SAS Institute Inc, Coupa Software Inc., BRIDGEi2i Analytics, Rosslyn Data Technologies, JAGGAER, Zycus Inc, Genpact, Proactis Holdings Plc, BirchStreet Systems, LLC, Tamr, Sievo, Tungsten Network, Dataction, IBM, Simfoni, Cisco Systems, Inc., Microsoft, and Amazon Web Services, Inc., among other domestic and global players. Market share data is available for global, North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South America separately. DBMR analysts understand competitive strengths and provide competitive analysis for each competitor separately.
Key Pointers Covered in the Procurement Analytics Market:
Market New Sales Volumes
Market Replacement Sales Volumes
Market Installed Base
Market by Brands
Market Procedure Volumes
Market Product Price Analysis
Market Healthcare Outcomes
Market Cost of Care Analysis
Market Regulatory Framework and Changes
Prices and Reimbursement Analysis
Market Shares in Different Regions
Recent Developments for Market Competitors
Market Upcoming Applications
Market Innovators Study
MAJOR TOC OF THE REPORT:
Chapter One: Procurement Analytics Market Overview
Chapter Two: Manufacturers Profiles
Chapter Three: Procurement Analytics Market Competition, by Players
Chapter Four: Procurement Analytics Market Size by Regions
Chapter Five: Procurement Analytics Market Revenue by Countries
Chapter Six: Procurement Analytics Market Revenue by Type
Chapter Seven: Procurement Analytics Market Revenue by Application
Chapter Eight: Procurement Analytics Market Revenue by Industries
Chapter Nine: Procurement Analytics Market Revenue by Deployment Model
Chapter Ten: Procurement Analytics Market Revenue by End User
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The key questions answered in this report:
What will be the Market Size and Growth Rate in the forecast year?
What is the Key Factors driving Laser Procurement Analytics Market?
What are the Risks and Challenges in front of the market?
Who are the Key Vendors in Procurement Analytics Market?
What are the Trending Factors influencing the market shares?
What is the Key Outcomes of Porter’s five forces model
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