Procurement Analytics Market to Receive Overwhelming Growth of USD 18.39 Billion by 2030 | Future Market Consulting Inc.

According to Future Market Consulting analysis, Global Procurement Analytics Market size was valued at USD 3.03 Billion in 2021 and is projected to reach USD 18.39 Billion by 2030, growing at a CAGR of 16.15 % from 2022 to 2030.

A wide range of factors, which include increasing promotional and marketing spending by major corporations and the expansion of customer networks, are expected to promote the adoption of procurement analytics services and technology.it is being driven by the growing need to predict associated risks, lower operating costs, maximize productivity, and execute uninterrupted company growth. It provides businesses with data-driven information on how to enhance quality standards. Analytics tools are increasingly being used in procurement activities like planning, organizing, delivery, manufacturing, and service.

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Procurement analytics can even assist with transactional aspects of orders. These analytics can be used to spot errors, purchase requisition turnaround time, and cost-cutting possibilities associated with contract conditions. Using procurement analytics, the user can evaluate payment accuracy, evaluate discount benefits, and observe identical purchases or frauds. It can also be utilized to identify critical procurement event alerts, making it extremely helpful to end users.

Key Players
Microsoft
SAP
IBM
Oracle
Cisco
Amazon Web Service
Birch Street
Genpact
Rosslyn Data Technologies
SAS Institute
Coupa Software
Rosslyn Data Technologies
Zycus

Segmentation
By Component
Solutions
Services

By Deployment Mode
Cloud
On-Premises

By Organization Size
Large Organizations
Small & Medium Sized Organization

By Vertical
BFSI
Retail & E-commerce
Telecom & IT
Manufacturing
Healthcare & Life Science
Energy & Utilities
Government & Defense

By Applications
Supply Chain Analytics
Risk Analytics
Spending Analytics
Demand Forecasting
Contract Management
Vendor Management
Category Management

By Region
North America (US, Canada, Mexico);
Europe (UK, Germany, France, Italy, Spain, Rest of Europe);
Asia Pacific (China, India, Japan, South Korea, Rest of Asia Pacific);
Middle East & Africa (GCC, South Africa, Rest of Middle East & Africa);
South America (Brazil, Argentina, Rest of South America);

Market Dynamics
Drivers
• Assists the organization in identifying the potential market possibilities at every step
• Adoption rate is higher in SME's with cloud-based deployment

Challenges
• Growing concern about data security due to easy access by unauthorized parties
• A dearth of skilled workers

Opportunities
• Can be integrated with AI, ML, and big data analytics
• Frequent breakthroughs in analytical techniques & tools

Recent Developments
• April'22 - The Kraft Heinz Corporation and Microsoft Corp. established a collaboration to evaluate solutions to assist consumer goods have a more resilient supply network. The project is a crucial component of Kraft Heinz's extensive AGILE SCALE plan, and it is officially one of company's biggest tech investments.

• May'21 - IBM unveiled Watson AIOps, an AI-enabled product that automates how companies self-identify, diagnose, and react to IT irregularities in real time. It is capable of operating in any hybrid cloud platform.

• July'20 - GEP launched its next-gen accounts payable (AP) automated testing tool to meet market needs for a cloud - based solution that accelerates and enhances AP processes through AI & ML.

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Recent Developments:

• In September 2021, Coupa Software announced a strategic partnership with Japan Cloud to establish a joint venture known as Coupa K.K. This joint venture would enable Coupa to scale to support the growing number of Japanese companies looking to gain greater efficiency and agility through Business Spend Management.
• In April 2021, Oracle and SailGP, the world's finest sailing racing league, expanded their successful Procurement Analytics platform in preparation for the second season. OCI would be used by SailGP to supply real-time data to each of the league's eight national teams, as well as broadcast partners and fans globally.
• In November 2020, The partnership offered Pagero and Zycus customers tools to increase supply chain efficiency, streamline the invoicing process and maintain compliance with ever-evolving e-invoice regulations.
• In June 2020, Microsoft partnered with Adaptive Biotechnologies to launch the ImmuneCODE database for sharing the immune response of the COVID-19 virus.
• In January 2019, SAP acquired Qualtrics International Inc. (US), a provider of the Experience Management (XM) software.

Related Reports
Global Procurement Analytics Market
https://futuremarketconsulting.com/reports/global-procurement-analytics-market-53435

https://futuremarketconsulting.com/press-releases/global-procurement-analytics-market

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Email: sales@futuremarketconsulting.com
Future Market Consulting
Website: www.futuremarketconsulting.com

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