Procurement Analytics Market size worth $ 19.07 Billion, Globally, by 2030 at 25.21% CAGR: Verified Market Research®

The Procurement Analytics Market is driven by the rising demand to anticipate losses and risks, enhance productivity, reduce operational costs, and achieve steady business growth over the period of time.

JERSEY CITY, N.J., July 14, 2022 /PRNewswire/ -- Verified Market Research recently published a report, "Procurement Analytics Market" By Component (Solutions, Services), By Application (Supply Chain Analytics, Risk Analytics), By Deployment Mode (On-Premise, Cloud), By Organization Size (Large Enterprises, Small And Medium-Sized Enterprises (SMEs)), By Industry Verticals (BFSI, Manufacturing), and By Geography. According to Verified Market Research, the Procurement Analytics Market size was valued at USD 2.52 Billion in 2021 and is projected to reach USD 19.07 Billion by 2030, growing at a CAGR of 25.21% from 2022 to 2030.

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Browse in-depth TOC on "Procurement Analytics Market"

202 - Pages
126 – Tables
37 – Figures

Global Procurement Analytics Market Overview

Rise in focus on enhancing procurement channels' operational efficiencies driving the growth of the market. The Procurement Analytics Market is driven by the rising demand to anticipate losses and risks, enhance productivity, reduce operational costs, and achieve steady business growth. Business organizations can lower their total procurement costs and raise service levels by using data-driven intelligence provided by procurement analytics. Planning, design, production, delivery, and service processes in procurement have all improved as a result of the growing use of analytics tools.

Additionally, an increase in the adoption of procurement analytics among small and medium enterprises fueling the growth the of market. Small and medium-sized businesses struggle with problems such as deployment costs, on-premise procurement analytics & hiring of skilled staff, and maintenance of IT teams. The implementation of cloud-based procurement analytics tools can assist to boost efficiency and profit margins, so these difficulties can be overcome. With the help of procurement analytics, SMEs will be able to improve and circumvent existing procurement channels, increasing operational effectiveness and driving up demand for procurement analytics solutions. These solutions also give users access to the procurement channel, empowering them to plan their supply chain and inventory expenditure strategically.

Additionally, it aids in lowering their capital and operating expenses, which raises investment. Therefore, it is anticipated that the adoption would lead to more lucrative business opportunities in the years to come. However, rising concerns over data security across enterprises may restrain the growth of the market. Businesses adopting procurement analytics solutions face security and privacy issues. They possess private information that must be protected to prevent theft and data breaches, which could harm an organization's reputation and bottom line.

Key Developments

• In May 2021, IBM introduced Watson AIOps, an AI-based product that automates how businesses self-identify, diagnose, and respond to IT anomalies in real-time. It could perform on any hybrid cloud environment.
• In July 2020, GEP Introduced its next-generation accounts payable (AP) automation platform to meet the market's demand for a cloud-native solution that uses artificial intelligence and machine learning to accelerate and optimize AP processes.
• In June 2020, SAP Introduced the German government's Corona Warn App. Together with other partners, SAP and Deutsche Telekom created the application. The source code was continuously accessible to the public on the development platform GitHub because it was developed in an open-source manner.

Key Players

The major players in the market are SAP (Germany), Oracle (US), SAS Institute (US), Coupa Software (US), Genpact (US), Rosslyn Data Technologies (UK), Microsoft(US), IBM(US), Cisco (US), GEP (US), Corcentric (US), and Zycus (US).

Verified Market Research has segmented the Global Procurement Analytics Market On the basis of Component, Application, Deployment Mode, Organization Size, Industry Verticals, and Geography.

• Procurement Analytics Market, By Component
• Solutions
• Services
• Procurement Analytics Market, By Application
• Supply Chain Analytics
• Risk Analytics
• Spend Analytics
• Demand Forecasting
• Contract Management
• Vendor Management
• Category Management
• Procurement Analytics Market, By Deployment Mode
• On-premise
• Cloud
• Procurement Analytics Market, By Organization Size
• Large Enterprises
• Small and Medium-sized Enterprises (SMEs)
• Procurement Analytics Market, By Industry Verticals
• BFSI
• Retail and eCommerce
• Telecom and IT
• Manufacturing
• Healthcare and Life Sciences
• Energy and Utilities
• Government and Defense

• Procurement Analytics Market, by Geography
• North America
• U.S
• Canada
• Mexico
• Europe
• Germany
• France
• U.K
• Rest of Europe
• Asia Pacific
• China
• Japan
• India
• Rest of Asia Pacific
• ROW
• Middle East & Africa
• Latin America

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