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Procurement Analytics Market Analysis By Region, Size and Trends And Forecast Up To 2032
Procurement Analytics Market
The Business Research Company's Procurement Analytics Global Market Report 2023 identifies Growth in e-commerce as the major driver for the Procurement Analytics market's growth in the forecast periodE-commerce refers to a medium used by customers and vendors to buy or sell goods and services from the Internet from websites, applications and others through computers, tablets, smartphones, and other smart devices. Procurement analytics is widely used by e-commerce giants and organized retail stores, as it offers data-driven analysis of customer behaviours and spending analysis. For instance, in December 2021, according to the Indian brand equity foundation, e-commerce turnover in India reached $50 billion in 2020 and evolved as the eighth-largest market for e-commerce across the globe, and it is predicted to reach $350 billion by 2030.
The global procurement analytics market size will grow from $4.08 billion in 2022 to $4.88 billion in 2023 at a compound annual growth rate (CAGR) of 19.8%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of the procurement analytics is expected to grow to $10.26 billion in 2027 at a CAGR of 20.4%.
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Major competitors in the Procurement Analytics market are SAP, Oracle, Coupa Software, Genpact, Rosslyn Data Technologies, IBM, Cisco, Microsoft Corp., BirchStreet Systems LLC
A key trend in the Procurement Analytics market includes Technological advancements. Major companies operating in the procurement analytics sector are focused on developing and implementing new technological solutions such as AI to expand their product portfolio and strengthen their position in the market. For instance, in April 2020, Digitate, a software venture of Tata Consulting Services, launched ignio Cognitive Procurement, to assist enterprises in making data-driven decisions making. This product utilizes AI/ML to increase the speed and accuracy of the process and assist enterprises in understanding procurement behaviour, monitoring transactions, and others.
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The Procurement Analytics market is segmented -
• By Component: Solutions, Services
• By Deployment Mode: Cloud, On-Premises
• By End User: Retail and E-commerce, Manufacturing, Government and Defense, Healthcare and Life Sciences, Telecom and IT, Energy and Utilities, Banking, Financial Services, and Insurance, Other End Users
• By Application: Supply Chain Analytics, Risk Analytics, Spend Analytics, Demand Forecasting, Contract Management, Vendor Management, Category Management
• By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. North America was the largest region in the Procurement Analytics market.
The Business Research Company's "Global Procurement Analytics Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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The Table Of Content For The Procurement Analytics Market Include:
1. Executive Summary
2. Procurement Analytics Market Characteristics
3. Procurement Analytics Market Trends And Strategies
4. Procurement Analytics Market - Macro Economic Scenario
5. Procurement Analytics Market Size And Growth
...........................
26. Africa Procurement Analytics Market
27. Procurement Analytics Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Procurement Analytics Market
29. Procurement Analytics Market Future Outlook and Potential Analysis
30. Appendix
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