Market Analysis

Market Research Future (MRFR) projects the global procurement analytics market to reach USD 7.90 billion at a CAGR of 21.4% from 2020 to 2027 (forecast period). The market research report provides details of recent new developments, procurement analytics market size, share, trade regulations, SWOT analysis, production analysis, value chain optimization, drivers, trends & forecast.

Multiple Factors to Augment Market Growth

Procurement analytics is a software tool that provides quantitative methods for extracting meaningful insights and outcomes from datasets. Procurement analytics provide extensive information about historical data and enable organizations to foresee future trends with the use of predictive analytical tools. These quantitative data enable organizations to acquire a competitive advantage in the market through data-driven decision-making. Furthermore, incorporating analytics into the procurement process allows businesses to gain better visibility and control over their spending.

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The integration of analytics with technological trends like the Internet of Things (IoT) and cognitive computing is projected to accelerate the adoption of the procurement process for highly insightful decision-making. Thus, the increased demand for more effective procurement solutions to improve operational efficiency is likely to boost the procurement analytics market throughout the assessment period. Furthermore, the surge in demand for cloud-based procurement solutions, as well as the growth in demand for data-driven solutions, is expected to boost the procurement analytics market during the forecast period.

Rapid technological advancements, digital innovation, and robust cloud infrastructure have boosted the demand for data-driven solutions to assist organizations in making better decisions. Thus, analytics plays a key role in organizations, allowing them to reduce capital and operational expense while dramatically increasing return on investment (ROI).

Key Players

Some of the key players in the global procurement analytics market include IBM Corporation. (US), SAP SE (Germany), Oracle Corporation (US), Tamr (US), Zycus Inc. (US), SAS Institute Inc., (US), Genpact (UK), BRIDGEi2i Analytics (India), Sievo (Finland), Dataction (India), Tungsten Corporation plc (UK), Rosslyn Data Technologies (UK), Simfoni (US), BirchStreet (US), Proactis (UK). The key strategies implemented by most of the players are partnerships, agreements, collaborations, and solutions launch to gain a substantial market share in the procurement analytics market during the forecast period.

Market Segmentation

The worldwide procurement analytics market has been segmented based on component, deployment mode, organization size, and industry vertical.

By Component 

• Services 
• Solutions 

By Deployment Mode 

• Cloud 
• On-premise 

By Organisation Size 

• Small medium-size enterprise 
• Large scale enterprise 

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By Vertical 

• IT 
• Telecommunications 
• Healthcare 
• Retail 
• Energy and utilities 

By Region 

• Europe 
• North America 
• Asia pacific 
• The Middle East and Africa 

Regional Analysis

North America to Remain Dominant in the Global Market

North America held the biggest market share in 2018 and is likely to continue to dominate the global procurement analytics market throughout the forecast period. The early acceptance of analytics solutions in the procurement process by organizations, as well as the presence of market giants such as SAS Institure, Inc., IBM Corporation, and Oracle Corporation, can be linked to market growth.

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Competitive landscape

The majority of procurement analytics vendors are based in the United States and Europe. Market participants are observing a collaborative approach to expanding its business through new product development and the incorporation of disruptive technologies such as artificial intelligence (AI), machine learning (ML), and blockchain. The players are working on extending their global customer base through various organic and inorganic expansion tactics.

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