Procurement Analytics Market

Global Procurement Analytics Market is valued at USD 2.63 Billion in 2021 and expected to reach USD 12.67 Billion by 2028 with a CAGR of 25.19% over the forecast period. 

Procurement Analytics Market: Global Size, Trends, Competitive, Historical & Forecast Analysis, 2022-2028. Increasing growth of e-commerce and the organized retail industry, rising adoption of procurement analytics among small and medium enterprises, and growing technological advancements are some of the major factors driving the growth of the Global Procurement Analytics Market. 

Scope of Global Procurement Analytics Market Report:-

Procurement analytics is the process of tapping into a large reservoir of procurement data using quantitative and analytical methods to develop a set of actionable insights. It includes the capturing and using data to make fact-based decisions and gain competitive advantages. The procurement team collects data, processes that data so that it can generate useful insights, and then analyzes that data to improve decision-making, and this whole process is called procurement analytics. It helps organizations to maximize cost savings, and reduce operating costs and can be used for various purposes such as strategizing in the most strategic category plans, evaluating fair market prices to maximize savings, and analyzing consumption patterns that are targeted. Selection of channel distribution to reduce total cost, compliance analysis of preferred suppliers, and solution for savings leakage. 

The Covid-19 pandemic has shown a negative impact on the growth of the global procurement analytics market. Most companies are adopting the work-from-home module during the Covid-19 pandemic. Companies are reducing their investment in new technologies and services to manage their profits. Many small businesses closed due to a lack of funds to survive in the market. However, it is expected to increase post-pandemic due to the increasing dependence of business sectors and services on procurement analytics. 

The global procurement analytics market is segmented on the component, organization size, deployment mode, end-use and region & country level. Based on components, the global procurement analytics market is segmented into services and solutions. By organization size, the global procurement analytics market is segmented into small & medium-sized enterprises and large enterprises. By deployment mode, the global procurement analytics market is segmented into cloud and on-premise. By end-use, the global procurement analytics market is segmented into healthcare & life sciences, telecom & IT, retail & e-commerce, energy & utilities, government & defense, manufacturing, and others. 

Global Procurement Analytics Market Segmentation:- 

By Component: 

• Services  
• Solution 

By Organization Size: 

• Small & Medium-Sized Enterprises  
• Large Enterprises 

By Deployment Mode: 

• Cloud 
• On-Premise 

By End-Use: 

• Healthcare & Life Sciences 
• Telecom & IT  
• Retail & Ecommerce  
• Energy & Utilities 
• Government & Defense  
• Manufacturing, Others 

Procurement Analytics Companies

Some major key players for the global procurement analytics market report cover prominent players like

• Oracle
• SAS Institute Inc
• Coupa Software Inc.
• Rosslyn Data Technologies
• JAGGAER
• Zycus Inc
• Genpact
• BirchStreet Systems, LLC
• Sievo
• Tungsten Network
• Dataction
• IBM
• Simfoni
• Cisco Systems, Inc.
• Microsoft
• Tamr
• SAP SE
• BRIDGEi2i Analytics
• Proactis Holdings Plc
• others.  

Recent Developments

Announced New Procurement Analytics Capabilities from Oracle 

On August 4th, 2021; Oracle's new pre-built procurement analytics capabilities in Fusion ERP Analytics provide executives and category managers with the comprehensive visibility into costs, supplier performance and operational effectiveness needed to stay competitive. This offer brings finance and procurement data together, providing CPOs and CFO organizations with deep cost, procurement, and distribution insights from a single source of truth. 

Increasing Growth of e-Commerce and the Organized Retail Industry, Rising Adoption of Procurement Analytics among Small and Medium Enterprises, and Growing Technological Advancements are Some of the Major Factors Driving the Market Growth  

One of the major factors driving the growth of the procurement analytics market is the increasing growth of e-commerce and the organized retail industry. E-commerce refers to the medium used by consumers and sellers to buy or sell goods and services over the internet through 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 provides data-driven analysis of customer behavior and spending. For instance; according to United Nations Conference on Trade and Development, on May 3rd, 2021; global e-commerce sales hit $26.7 trillion in 2019, up 4% from 2018.  

In addition, the rising adoption of procurement analytics among small and medium enterprises is also fostering the growth of the procurement analytics market. Small and medium-sized businesses struggle with issues such as deployment costs, on-premise procurement analytics & hiring skilled staff, and maintaining IT teams. Implementing cloud-based procurement analytics tools can help increase efficiency and profit margins, thereby overcoming these constraints. With the help of procurement analytics, small and medium enterprises will be able to improve and avoid existing procurement channels, increase operational effectiveness and increase demand for procurement analytics solutions. 

Moreover, the growing technological advancements are also supplementing the procurement analytics market growth. Technological advancements such as artificial intelligence and cognitive computing are gaining popularity in the procurement analytics market. Major companies operating in the procurement analytics sector focus on developing and implementing new technological solutions such as AI to expand their product portfolio and strengthen their position in the market. For instance; on April 27th, 2020; Digitate launched ignio cognitive procurement: which uses the power of AI to monitor purchase transactions. 

However, the less awareness regarding the procurement analytics may hinder the growth of the global procurement analytics market. Despite that, technological advancements may create more opportunities for the further growth of the market. 

Asia Pacific is Expected to Show a Fastest Growth in the Global Procurement Analytics Market 

Geographically, Asia Pacific is expected to witness a fastest growth in the global procurement analytics market within the forecast period due to the increasing smartphone penetration, rising internet penetration, and growing urbanization development in machine learning and algorithm development in this region. Increasing smartphone penetration is driving the growth of the market. For instance; according to India Brand Equity Foundation, on September 16th, 2021; smartphone shipments are projected to reach 173 million in 2021, an increase of 14% over 2020 figures. In addition, the rising internet penetration is also supplementing the market growth in this region. For instance; according to China, on August 27th, 2021; the internet penetration rate in China's rural areas increased by 3.3 percent from December 2020 to 59.2 percent in June. 

North America is expected to show a significant growth in the global procurement analytics market due to the increasing number of market players, rising technological advancements, and growing smartphone penetration these factors boost the market. For instance; according to the Cellular Telecommunications and Internet Association, the number of smartphone users in the United States is 262 million in 2018. 

On Special Requirement Procurement Analytics Market Report is also available for below Regions and Countries:

North America

• U.S.
• Canada

Europe

• Germany
• France
• U.K.
• Italy
• Spain
• Sweden
• Netherland
• Turkey
• Switzerland
• Belgium
• Rest of Europe

Asia-Pacific

• South Korea
• Japan
• China
• India
• Australia
• Philippines
• Singapore
• Malaysia
• Thailand
• Indonesia
• Rest Of APAC

Latin America

• Mexico
• Colombia
• Brazil
• Argentina
• Peru
• Rest of South America

Middle East and Africa

• Saudi Arabia
• UAE
• Egypt
• South Africa
• Rest Of MEA

Report Analysis	Details
Historical data	2018 - 2021
Forecast Period	2022 - 2028
Market Size in 2021:	USD 2.63 Billion
Base year considered	2020
Forecast Period CAGR %:	25.19%
Market Size Expected in 2028:	USD 12.67 Billion
Tables, Charts & Figures:	175
Pages	200
Procurement Analytics Companies	Oracle, SAS Institute Inc, Coupa Software Inc., Rosslyn Data Technologies, JAGGAER, Zycus Inc, Genpact, BirchStreet Systems, LLC, Sievo, Tungsten Network, Dataction, IBM, Simfoni, Cisco Systems, Inc., Microsoft, Tamr, SAP SE, BRIDGEi2i Analytics, Proactis Holdings Plc, and others.
Segments Covered	By Component, By Organization Size, By Deployment Mode, By End-Use
Regional Analysis	North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of the Middle East and Africa

Key Benefits of Global Procurement Analytics Market Report:-

• Global Procurement Analytics Market report covers in-depth historical and forecasts analysis 
• Global Procurement Analytics Market research report provides detailed information about Market Introduction, Market Summary, Global market Revenue (Revenue USD), Market Drivers, Market Restraints, Market Opportunities, Competitive Analysis, and Regional and Country Level. 
• Global Procurement Analytics Market report helps to identify opportunities in the marketplace.    
• Global Procurement Analytics Market report covers an extensive analysis of emerging trends and the competitive landscape.