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Procurement analytics Market is set for lucrative growth during 2021-2031 | Size, Share, Demand and Opportunities Analysis
Procurement analytics Market
Read more about Procurement analytics market here: https://www.globalinsightservices.com/reports/procurement-analytics-market/
Procurement analytics is the practice of using data and analytics to improve procurement decision-making. It involves the collection and analysis of data on past procurement decisions, prices, supplier performance, and other factors to inform future decision-making. The goal of procurement analytics is to improve the efficiency and effectiveness of procurement decisions, leading to improved organizational outcomes.
Key Trends
There are several key trends in procurement analytics technology. One is the move towards cloud-based solutions. This means that instead of running software on-premises, companies are now able to access it via the internet. This has a number of advantages, including lower costs and greater flexibility.
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Market Segments
The procurement analytics market is segmented by component, application, end-use, and region. By component, the market is divided into solutions, and services. Based on application, it is bifurcated into supply chain analytics, risk analytics, spend analytics, demand forecasting, and others. On the basis of end-use, the market is classified into BFSI, manufacturing, telecom and IT, healthcare and life sciences, and others. Region-wise, the market is segmented into North America, Europe, Asia Pacific, and Rest of the World.
Key Players
The global procurement analytics market includes players such as Oracle, Genpact, Microsoft, IBM, Cisco, Zycus, Proactis, Workday, ProcurePro, Market Dojo, and others.
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Key Drivers
There are a few key drivers of the procurement analytics market.
The first driver is the need for organizations to save on costs. With the help of procurement analytics, organizations can identify areas where they can save on costs.
The second driver is the need for organizations to improve their decision-making process. With the help of procurement analytics, organizations can make better decisions about their procurement process.
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