Procurement Analytics Market Size, Share, Trends, Growth And Outlook 2024-2033

The Business Research Company has recently revised its global market reports, now incorporating the most current data for 2024 along with projections extending up to 2033.

Procurement Analytics Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.

The Market Size Is Expected To Reach $11.67 billion In 2028 At A CAGR Of 20.8% :

The procurement analytics market size has grown rapidly in recent years. It will grow from $4.66 billion in 2023 to $5.47 billion in 2024 at a compound annual growth rate (CAGR) of 17.4%. The growth in the historic period can be attributed to cost reduction imperatives, supplier performance management, compliance and risk mitigation, strategic sourcing optimization, enhanced spend visibility.

The procurement analytics market size is expected to see exponential growth in the next few years. It will grow to $11.67 billion in 2028 at a compound annual growth rate (CAGR) of 20.8%. The growth in the forecast period can be attributed to focus on sustainable procurement, dynamic pricing optimization, customizable dashboards and reports, enhanced contract management analytics. Major trends in the forecast period include increased adoption of advanced analytics, focus on spend visibility, integration with other procurement technologies, real-time analytics for dynamic decision-making, ai-driven insights for supplier relationship management.

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Procurement Analytics Market Major Segments
The procurement analytics market covered in this report is segmented -
1) By Component: Solutions, Services
2) By Deployment Mode: Cloud, On-Premises
3) 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
4) By Application: Supply Chain Analytics, Risk Analytics, Spend Analytics, Demand Forecasting, Contract Management, Vendor Management, Category Management

Key Driver - E-Commerce And Organized Retail Sector Driving Growth In Procurement Analytics Market

Growth in e-commerce and the organized retail industry is expected to propel the growth of the procurement analytics market. E-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 behaviors 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. Thus, an increase in the usage of e-commerce and the organized retail industry is expected to boost demand for procurement analytics during the forecast period.

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Prominent Trend - New Analytics Solution To Reduce Their Carbon Emissions Effectively

Major companies operating in the procurement analytics market are launching new analytics solutions such as CO2 analytics to reduce their carbon emissions effectively. CO2 analytics is a solution that offers visibility into the emissions of the supply chain, enabling organizations to measure, report, and understand their carbon emissions. For instance, in October 2021, Sievo, a US-based procurement analytics company, launched CO2 analytics to provide organizations with visibility into their supply chain emissions, enabling them to measure, report, and reduce carbon emissions more effectively. The solution is designed to help businesses understand and address scope 3 emissions and drive down their carbon footprint by leveraging data-based decision-making and cross-functional collaboration.

Procurement Analytics Market Players
Major companies operating in the procurement analytics market report are SAP SE, Oracle Corporation, Statistical Analysis Systems, Coupa Software Inc., Genpact, Jaggaer, GEP Worldwide, Ivalua Inc., Zycus, ProcurePort, Basware, SynerTrade, Corcentric,Scout RFP, BirchStreet, Periscope Holdings, Tealbook, Keelvar, Proactis, Sievo, Xeeva Inc., JAGGAER Direct,POOL4TOOL AG,Vroozi, Rosslyn Data Technologies, Simfoni, Applegate, Scanmarket, EC Sourcing Group

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Largest And Fastest Growing Region In The Market
North America was the largest region in the procurement analytics market in 2023 and is also expected to be the fastest-growing region in the forecast period. The regions covered in the procurement analytics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The Table Of Content For The Market Report Include:
1. Executive Summary
2. Procurement Analytics Market Report Structure
3. Procurement Analytics Market Trends And Strategies
4. Procurement Analytics Market - Macro Economic Scenario
5. Procurement Analytics Market Size And Growth
…..
27. Procurement Analytics Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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