Global Procurement Data Connectivity Market is projected to reach the value of $19.81 billion by 2030

According to the report published by Virtue Market Research , In 2022, the Global Procurement Data Connectivity Market was valued at $3.26 billion, and is projected to reach a market size of $19.81 billion by 2030. Over the forecast period of 2023-2030, market is estimated to grow at a CAGR of 25.3%.

Procurement data connectivity refers to the ability to integrate and connect data from various procurement systems, applications, and platforms. It enables organizations to achieve a holistic view of their procurement processes, improve visibility, and enhance decision-making. The procurement data connectivity market is expected to grow significantly in the long term due to the increasing adoption of digital procurement solutions, the need for efficient procurement processes, and the rising demand for real-time data analytics.

Read More @ https://virtuemarketresearch.com/report/procurement-data-connectivity-market

The COVID-19 pandemic has also had a significant impact on the procurement data connectivity market. The pandemic has accelerated the adoption of digital solutions, including procurement data connectivity, as organizations had to shift to remote work and digital operations. The pandemic has also highlighted the need for agile and resilient supply chains, which can be achieved through procurement data connectivity. As a result, the procurement data connectivity market is expected to continue growing in the long term, even after the pandemic subsides.

Short-term market drivers for the procurement data connectivity market include the increasing demand for real-time data analytics and the need for better supplier management. Real-time data analytics enables organizations to make informed decisions quickly, and procurement data connectivity is crucial in achieving this. It enables real-time data integration, allowing organizations to monitor and analyze procurement data in real-time. Better supplier management is also a short-term market driver, as organizations aim to enhance their supplier relationships and mitigate supply chain risks.

An opportunity in the procurement data connectivity market is the growing adoption of cloud-based solutions. Cloud-based procurement data connectivity solutions offer several benefits, including scalability, cost-effectiveness, and flexibility. As organizations increasingly adopt cloud-based solutions, the demand for cloud-based procurement data connectivity solutions is expected to grow significantly.

One trend observed in the procurement data connectivity industry is the increasing use of artificial intelligence (AI) and machine learning (ML) technologies. AI and ML can be used to automate and optimize procurement processes, reducing costs and improving efficiency. These technologies can also be used to identify patterns and trends in procurement data, providing valuable insights that can inform decision-making.

Segmentation Analysis:

The global Procurement Data Connectivity Market segmentation includes:

By Organization Size: SMEs, Large Enterprises
The procurement data connectivity market is segmented by organization size, including small and medium-sized enterprises (SMEs) and large enterprises. SMEs are currently the largest segment in the procurement data connectivity market, accounting for a significant portion of the market share. This is due to the increasing adoption of digital procurement solutions by SMEs, which allows them to streamline their procurement processes and compete with larger enterprises. Additionally, digital procurement solutions are becoming more affordable and accessible for SMEs, further driving their adoption.

During the forecast period, SMEs are expected to be the fastest-growing segment in the procurement data connectivity market. This is due to the increasing awareness of the benefits of digital procurement solutions among SMEs and the rising demand for real-time data analytics. SMEs are also more agile and adaptable, allowing them to quickly adopt new technologies and stay ahead of the competition.

By Deployment Type: On Cloud, On-Premises
The procurement data connectivity market is also segmented by deployment type, including on-cloud and on-premises. Currently, on-cloud deployment is the largest segment in the procurement data connectivity market, accounting for a significant portion of the market share. This is due to the increasing adoption of cloud-based solutions, which offer several benefits, including scalability, flexibility, and cost-effectiveness.

During the forecast period, on-cloud deployment is expected to be the fastest-growing segment in the procurement data connectivity market. This is due to the increasing adoption of cloud-based solutions by organizations of all sizes and the rising demand for real-time data analytics. Cloud-based solutions also enable organizations to access data from anywhere, allowing for remote work and collaboration.

By Application: Supply Chain Analytics, Risk Analytics, Spend Analytics, Contract Management, Demand Forecasting, and Others

The procurement data connectivity market is also segmented by application, including supply chain analytics, risk analytics, spend analytics, contract management, demand forecasting, and others. Currently, supply chain analytics is the largest segment in the procurement data connectivity market, accounting for a significant portion of the market share. This is due to the increasing importance of supply chain visibility and the rising demand for real-time data analytics.

During the forecast period, spend analytics is expected to be the fastest-growing segment in the procurement data connectivity market. This is due to the increasing demand for cost optimization and the need to manage supplier relationships effectively. Spend analytics enables organizations to identify cost-saving opportunities, monitor supplier performance, and manage supplier contracts effectively.

By End User: Transportation & Logistics, BFSI, Telecom & IT, Retail, Manufacturing, and Others

The procurement data connectivity market is segmented by end user, including transportation & logistics, BFSI, telecom & IT, retail, manufacturing, and others. Currently, the largest segment in this market is telecom & IT, accounting for a significant portion of the market share. This is due to the increasing adoption of digital procurement solutions by telecom & IT companies, which enables them to streamline their procurement processes and enhance their supply chain visibility.

During the forecast period, telecom & IT is expected to be the fastest-growing segment in the procurement data connectivity market. This is due to the increasing demand for real-time data analytics and the need for agile and resilient supply chains. Additionally, telecom & IT companies are increasingly adopting cloud-based solutions, further driving the growth of the market.
Request Sample Copy of this Report @ https://virtuemarketresearch.com/report/procurement-data-connectivity-market/request-sample

Regional Analysis:
North America currently is accounting for a significant portion of the market share. This is due to the increasing adoption of digital procurement solutions by organizations in North America, which enables them to enhance their procurement processes and compete with other organizations.

During the forecast period, Asia-Pacific is expected to be the fastest-growing segment in the procurement data connectivity market. This is due to the increasing adoption of digital solutions by organizations in the region, the rising demand for real-time data analytics, and the need for agile and resilient supply chains. Additionally, the increasing adoption of cloud-based solutions by organizations in Asia-Pacific is further driving the growth of the market.

Latest Industry Developments:

• In September 2020, Coupa Software, a leading provider of business spend management solutions, acquired Llamasoft, a provider of supply chain analytics solutions. The acquisition enables Coupa to enhance its procurement data connectivity capabilities and offer end-to-end supply chain visibility.

• In June 2021, JAGGAER, a leading procurement solutions provider, announced a partnership with Tealbook, an AI-powered supplier intelligence platform. This partnership will enable JAGGAER customers to access Tealbook's supplier intelligence database, providing them with a comprehensive view of their supplier network.

Customize the Full Report Based on Your Requirements @ https://virtuemarketresearch.com/report/procurement-data-connectivity-market/customization

Virtue Market Research
Kumar Plaza, #103, SRPF Rd, Ramtekadi, Pune, Maharashtra 411013, India
E-mail: megha@virtuemarketresearch.com
Phone: +1-917 436 1025

Virtue Market Research is a strategic management firm helping companies to tackle most of their strategic issues and make informed decisions for their future growth. We offer syndicated reports and consulting services. Our reports are designed to provide insights on the constant flux in the global demand-supply gap of markets.

This release was published on openPR.