Press release
Procurement Analytics Market 2019-2024 Global Key Players: IBM Corporation, SAP SE, Oracle Corporation, SAS Institute, Tungsten Corporation plc
Rapid advances in technology, digital innovation, and robust cloud infrastructure have increased the need for data-driven solutions for enterprises to aid them in better decision-making. Thus, analytics plays a critical role in the enterprises that enable them, to minimize the capital and operational expenditure and increases the return on investments (ROI) significantly.
Procurement analytics is a software tool that offers quantitative methods to derive actionable insights and outcomes from datasets. The procurement analytics provide comprehensive information about the historical data, and with the help of predictive analytical tools enables enterprises to forecast future trends. These quantitative data allows enterprises with data-driven decision-making to gain a competitive advantage in the market. Moreover, implementing analytics in the procurement process, allows enterprises to achieve better visibility and control over expenses.
Integration of analytics with technological trends such as the Internet of Things (IoT) and cognitive computing is likely to propel the adoption of the procurement process for highly insightful decision-making. Thus, rising need for highly efficient solutions for the procurement process to increase the operational efficiency is expected to drive the procurement analytics market during the assessment period. Also, surge in demand for cloud-based procurement solutions and rise in demand for data-driven solutions is likely to drive the Procurement Analytics Market during the forecast period.
On the other hand, lack of secured solutions, privacy concerns, and lack of technical expertise are some of the factors that hinder the growth of the procurement analytics market over the next few years.
The global procurement analytics market valued USD 2.03 billion and is expected to register a CAGR of 21.4% during the forecast period to reach USD 7.90 billion by 2024.
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Major Key Players:
• 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)
Regional Analysis:
By region, the global procurement analytics market has been segmented into North America, Europe, Asia-Pacific, the Middle East and Africa, and South America. North America accounted the largest market in 2018 owing to the presence of giants in the US.
Moreover, Asia-Pacific is expected to be the fastest-growing procurement analytics market over the next few years. The market growth is due to rapid investment of China to boost the domestic manufacturing sector.
Segmentation:
The global procurement analytics market has been segmented based on component, deployment mode, organization size, and industry vertical.
• By component, the global procurement analytics market has been divided into solutions and services. The solutions segment has been sub-divided into spend analytics, sourcing, vendor management, invoicing analytics, contract management, category management, and others. Furthermore, the services segment has been further bifurcated into professional services and managed services.
• Based on deployment mode, the global procurement analytics market has been bifurcated into on-premise and cloud.
• Based on organization size, the global procurement analytics market categorized as small and medium-sized enterprises (SMEs) and large enterprises.
• On the basis of industry vertical, the global procurement analytics market has been divided into banking, financial services and insurance (BFSI), healthcare and life sciences, telecom and IT, retail and e-commerce, energy and utilities, and others.
Competitive Analysis:
The vendors operating in the procurement analytics are majorly from the US and Europe. The market players are witnessing a collaborative approach to expand its business through new product development and integrating disruptive technologies such as artifical intelligence (AI), machine learning (ML).
The players are focusing on expanding their customer base across the world by adopting various organic and inorganic growth strategies.
Intended Audience:
• Procurement Analytics solutions providers
• Systems integrators
• Cloud services providers
• Government organizations
• Retail Vendors
• Local/Government Agencies
• Supply Chain Analytics Services Providers
• Cloud Service Providers
• IT Providers
• Value-added Resellers
• Cloud Infrastructure Agencies
• Research Firms
• Software Vendors
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Table of Contents
1 Executive Summary
1.1 Market Attractiveness Analysis
1.1.1 Global Procurement Analytics Market, By Component
1.1.2 Global Procurement Analytics Market, By Deployment Mode
1.1.3 Global Procurement Analytics Market, By Organization Size
1.1.4 Global Procurement Analytics Market, By Industry Vertical
1.1.5 Procurement Analytics Market, By Region
Continued…
List of Tables
Table 1 Global Procurement Analytics Market, By Region, 2018–2024
Table 2 North America: Procurement Analytics Market, By Country, 2018–2024
Table 3 Europe: Procurement Analytics Market, By Country, 2018–2024
Continued…
List of Figures
Figure 1 Global Procurement Analytics Market Segmentation
Figure 2 Forecast Methodology
Figure 3 Porter’s Five Forces Analysis of The Global Procurement Analytics Market
Continued…
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