Overview and Scope
Procurement analytics refers to software which automates spend analysis and purchase analysis and operates completely organizations’ expenditure through an insightful dashboard. These procurement analytics solutions collect data from various sources such as ERPs, process raw data into use-case taxonomies, and display in visualization dashboards.
Sizing and Forecast
The procurement analytics market size has grown rapidly in recent years. It will grow from $4.66 billion in 2023 to $5.47 billion in 2024 at a compound annual growth rate (CAGR) of 17.4%. The growth in the historic period can be attributed to cost reduction imperatives, supplier performance management, compliance and risk mitigation, strategic sourcing optimization, enhanced spend visibility..
The procurement analytics market size is expected to see exponential growth in the next few years. It will grow to $11.67 billion in 2028 at a compound annual growth rate (CAGR) of 20.8%. The growth in the forecast period can be attributed to focus on sustainable procurement, dynamic pricing optimization, customizable dashboards and reports, enhanced contract management analytics.. Major trends in the forecast period include increased adoption of advanced analytics, focus on spend visibility, integration with other procurement technologies, real-time analytics for dynamic decision-making, ai-driven insights for supplier relationship management ..
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Segmentation & Regional Insights
The procurement analytics market covered in this report is segmented –
1) By Component: Solutions, Services
2) By Deployment Mode: Cloud, On-Premises
3) By 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, Other End Users
4) By Application: Supply Chain Analytics, Risk Analytics, Spend Analytics, Demand Forecasting, Contract Management, Vendor Management, Category Management
North America was the largest region in the procurement analytics market in 2023 and is also expected to be the fastest-growing region in the forecast period. The regions covered in the procurement analytics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
Growth in e-commerce and the organized retail industry is expected to propel the growth of the procurement analytics market. E-commerce refers to a medium used by customers and vendors to buy or sell goods and services from the Internet from websites, applications, and others through computers, tablets, smartphones, and other smart devices. Procurement analytics is widely used by e-commerce giants and organized retail stores, as it offers data-driven analysis of customer behaviors and spending analysis. For instance, in December 2021, according to the Indian Brand Equity Foundation, e-commerce turnover in India reached $50 billion in 2020 and evolved as the eighth-largest market for e-commerce across the globe, and it is predicted to reach $350 billion by 2030. Thus, an increase in the usage of e-commerce and the organized retail industry is expected to boost demand for procurement analytics during the forecast period.
Key Industry Players
Major companies operating in the procurement analytics market report are SAP SE,Oracle Corporation,Statistical Analysis Systems, Coupa Software Inc., Genpact,Jaggaer,GEP Worldwide,Ivalua Inc.,Zycus,ProcurePort,Basware,SynerTrade, Corcentric,Scout RFP,BirchStreet,Periscope Holdings,Tealbook,Keelvar,Proactis,Sievo,Xeeva Inc.,JAGGAER Direct,POOL4TOOL AG,Vroozi,Rosslyn Data Technologies,Simfoni,Applegate,Scanmarket,EC Sourcing Group
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