Global Procurement Data Intelligence Market is projected to reach the value of $15.80 billion by 2030

According to the report published by Virtue Market Research, in 2022, the Global Procurement Data Intelligence Market was valued at $2.6 billion, and is projected to reach a market size of $15.80 billion by 2030. Over the forecast period of 2023-2030, market is projected to grow at a CAGR of 25.3%.

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The long-term market driver for Procurement Data Intelligence is the increasing need for cost optimization and enhanced efficiency in procurement processes. Organizations are seeking ways to streamline their sourcing strategies, negotiate better deals with suppliers, and identify cost-saving opportunities. Procurement Data Intelligence empowers them to analyze vast volumes of procurement data and make data-driven decisions, resulting in optimized procurement practices.

The COVID-19 pandemic had a significant impact on the Procurement Data Intelligence market. With disruptions in supply chains and increased uncertainties, organizations recognized the importance of real-time data and predictive analytics to navigate through the crisis. The pandemic accelerated the adoption of digital solutions, including Procurement Data Intelligence platforms, as organizations sought to build resilience and gain better visibility into their supply chains.

A short-term market driver for Procurement Data Intelligence is the growing focus on sustainable sourcing and supplier diversity. As consumers and stakeholders demand more transparency and ethical practices, organizations are increasingly incorporating sustainability criteria into their sourcing decisions. Procurement Data Intelligence platforms enable companies to assess supplier performance based on environmental and social indicators, facilitating sustainable sourcing practices.

Amidst this growing market, an exciting opportunity lies in the integration of Internet of Things (IoT) data with Procurement Data Intelligence. The IoT ecosystem generates vast amounts of real-time data from connected devices and sensors along the supply chain. By leveraging IoT data in conjunction with Procurement Data Intelligence, organizations can achieve greater visibility and traceability in their supply chains, enabling proactive risk management and efficient decision-making.

One of the prominent trends observed in the Procurement Data Intelligence industry is the increasing use of natural language processing (NLP) and chatbots. NLP technology allows users to interact with procurement data platforms using everyday language, making data analysis and insights more accessible to non-technical users. Chatbots, powered by AI, provide instant responses to procurement-related queries, enhancing user experience and facilitating quicker decision-making.

Segmentation Analysis:
The global Procurement Data Intelligence Market segmentation includes:

By Component: Solution, Services
Among these, Solutions stand as the largest segment in this category. Procurement Data Intelligence solutions encompass advanced analytics, data visualization, and predictive modeling capabilities. These solutions enable procurement professionals to gain valuable insights from vast amounts of data, empowering them to optimize sourcing strategies, identify cost-saving opportunities, and mitigate supply chain risks.

During the forecast period, Services are projected to be the fastest-growing component in the Procurement Data Intelligence market. Services include consulting, implementation, training, and support provided by vendors to assist organizations in effectively deploying and utilizing Procurement Data Intelligence solutions. As more companies recognize the importance of data-driven decision-making, the demand for expert services to implement and manage these solutions is expected to surge.

By Deployment: Cloud, On-Premise
Among these, Cloud emerges as the largest segment in this category. Cloud-based Procurement Data Intelligence solutions offer the advantage of scalability, flexibility, and ease of access. Organizations can access data and analytics from any location, facilitating real-time decision-making and collaboration among procurement teams.

During the forecast period, On-Premise deployment is projected to be the fastest-growing segment in the Procurement Data Intelligence market. Some organizations, particularly those with strict data security and compliance requirements, may prefer to have complete control over their data and infrastructure by opting for on-premise deployment. Additionally, the rising trend of data privacy regulations may drive the demand for on-premise solutions that provide enhanced data control.

By Enterprise: Large Enterprises, Small and Medium-Sized Enterprises (SMEs)
Among these, Small and Medium-Sized Enterprises (SMEs) form the largest segment in this category. SMEs are increasingly recognizing the value of data-driven decision-making in sourcing and supply chain management. The affordability and scalability of Procurement Data Intelligence solutions make them accessible to SMEs, helping them level the playing field with larger competitors.

During the forecast period, Large Enterprises are projected to be the fastest-growing segment in the Procurement Data Intelligence market. Larger enterprises, with complex and diverse supply chains, are embracing data intelligence to optimize sourcing and procurement processes. The ability to analyze vast volumes of data and gain valuable insights allows large enterprises to make informed decisions that drive cost efficiencies and enhance supply chain resilience.

By Vertical: BFSI, Retail and eCommerce, Telecom and IT, Manufacturing, Healthcare and Life Science, Energy and Utilities, and Government and Defence
Among these, Healthcare and Life Science emerge as the largest segment in this category. The healthcare industry relies on data intelligence to optimize procurement processes for medical supplies, pharmaceuticals, and equipment. The ability to analyze data efficiently enables healthcare providers to ensure the availability of critical resources while maintaining cost-effectiveness.

During the forecast period, Telecom and IT are projected to be the fastest-growing vertical in the Procurement Data Intelligence market. The telecom and IT sectors handle vast volumes of data, necessitating data intelligence solutions to manage procurement efficiently. The increasing adoption of cloud-based solutions and digital transformation initiatives further accelerates the growth of data intelligence in this sector.

By Application: Supply chain analytics, Risk Analytics, Spend Analytics, Demand Forecasting, Contract Management, Vendor Management, and Category Management
Among these, Contract Management stands as the largest segment in this category. Contract management applications facilitate efficient contract creation, tracking, and compliance, ensuring organizations adhere to contractual obligations and reduce legal risks.

During the forecast period, Spend Analytics is projected to be the fastest-growing application in the Procurement Data Intelligence market. Spend analytics applications empower organizations to gain insights into their spending patterns, identify cost-saving opportunities, and negotiate better deals with suppliers, thus driving the growth of this segment.

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Regional Analysis:
Europe takes the lead as the largest Procurement Data Intelligence market in this segment. The region's advanced technological infrastructure and mature procurement practices drive the adoption of data intelligence solutions across industries.
On the other hand, North America emerges as the fastest-growing region in the Procurement Data Intelligence market during the forecast period. The region's vibrant technology ecosystem and emphasis on digital transformation propel the demand for data intelligence solutions to optimize procurement processes and gain a competitive edge.

Latest Industry Developments:
• Investment in Research and Development: Companies in the Procurement Data Intelligence market are actively investing in research and development to stay at the forefront of technological advancements. Recent developments in artificial intelligence, machine learning, and natural language processing have significantly enhanced the capabilities of data intelligence solutions. By continually innovating and integrating these advancements into their offerings, companies can attract more customers seeking cutting-edge solutions to optimize their procurement processes.

• Focus on Cloud-Based Solutions: A prevailing trend in the market is the increasing adoption of cloud-based Procurement Data Intelligence solutions. Cloud deployment offers numerous benefits, including scalability, accessibility, and cost-efficiency. Companies are leveraging the cloud to provide flexible and user-friendly platforms, allowing clients to access data insights from anywhere and at any time. This strategic focus on cloud-based solutions enables companies to broaden their market reach and cater to the evolving needs of businesses seeking digital transformation.

• Strategic Partnerships and Acquisitions: Companies are forming strategic partnerships and making acquisitions to expand their product portfolios and market presence. Collaborations with data analytics firms, technology providers, and industry-specific vendors allow Procurement Data Intelligence companies to offer comprehensive solutions that address diverse procurement challenges. By joining forces with other industry players, companies can leverage each other's strengths, tap into new customer segments, and strengthen their competitive position in the market.

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This release was published on openPR.