NEW YORK, Feb. 9, 2022 /PRNewswire/ -- The procurement analytics market forecast report by Technavio infers that the growth in e-commerce and organized retail industry is driving this market's growth, resulting in market growth of USD 2.30 billion from 2020 to 2025.
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The procurement analytics market covers the following areas:
Procurement Analytics Market Sizing
Procurement Analytics Market Forecast
Procurement Analytics Market Analysis
Vendor Landscape
The market structure is expected to remain fragmented during the forecast period. Vendors are deploying different organic and inorganic growth strategies to compete in the market.
Accenture Plc, BirchStreet Systems LLC, Coupa Software Inc., Genpact Ltd., International Business Machines Corp., JAGGAER LLC, Oracle Corp., Proactis Holdings Plc, Rosslyn Data Technologies Plc, and SAS Institute Inc., among others, are some of the few key vendors competing to maintain their position in the market.
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Key Market Segmentation
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Regional Market Outlook
North America will contribute to 39% of the market growth during the forecast period. The growth of this region can be attributed to the increasing demand for procurement analytics from industries such as aerospace and automotive. If we look at country-wise market growth, the US will contribute to the highest in the region.
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Latest Trends and Drivers in the Procurement Analytics Market
The organized retail sector dominates the overall retail sales in countries such as the US and Canada. One of the most important aspects of the retail industry is the procurement of supplies or materials. Procurement analytics enables enterprises to reduce the risks associated with the supply base by integrating data, contract management, and supplier management. The growth of the e-commerce sector globally is primarily attributed to the adoption of technologies such as smartphones and omnichannel commerce. Enterprises in the e-commerce sector use procurement analytics to avail products from suppliers. Thus, the growth of the e-commerce sector will increase the demand for procurement analytics.
Electronic procurement (e-procurement) is a process to sell and purchase services or goods through electronic methods. E-procurement platforms help reduce additional costs and irregularities in the procurement process. This leads to the generation of a large amount of data. Predictive analytics uses the data to make predictions, which enable enterprises to make appropriate business decisions.
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Procurement Analytics Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2020 |
Forecast period |
2021-2025 |
Growth momentum & CAGR |
Decelerate at a CAGR of 15.62% |
Market growth 2021-2025 |
USD 2.30 billion |
Market structure |
Fragmented |
YoY growth (%) |
20.08 |
Regional analysis |
North America, Europe, APAC, MEA, and South America |
Performing market contribution |
North America at 39% |
Key consumer countries |
US, China, UK, Germany, and Japan |
Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
Key companies profiled |
Accenture Plc, BirchStreet Systems LLC, Coupa Software Inc., Genpact Ltd., International Business Machines Corp., JAGGAER LLC, Oracle Corp., Proactis Holdings Plc, Rosslyn Data Technologies Plc, and SAS Institute Inc. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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SOURCE Technavio
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