Unprecedented Growth in the Procurement Analytics Market: CAGR of 17.4% from 2024 to 2025 and a soaring CAGR of 23.4% up to 2029.

"Surge in growth underpinned by trends such as advanced analytics, spend visibility, technology integration, real-time analytics, and AI-driven insights for optimized procurement strategies.

What Is The Projected Market Size Of The Global Procurement Analytics Market And Its Growth Rate?

The global procurement analytics market displays substantial growth, and this growth is only expected to accelerate in the coming years:
• The market size rapidly grew from $5.36 billion in 2024 to $6.29 billion in 2025, boasting a CAGR of 17.4% .
• The growth is expected to further gather pace in the future, projecting to grow to $14.59 billion in 2029 at a compound annual growth rate (CAGR) of 23.4%.

What Is Driving The Growth In The Procurement Analytics Market?

The rise in e-commerce and the organized retail sector is expected to fuel the procurement analytics market's growth. E-commerce has become a go-to platform for consumers to buy or sell goods and services online through various devices. The application of procurement analytics is prevalent amongst e-commerce giants and organized retail stores as it can provide an in-depth analysis of customer behaviors and spending. For instance, e-commerce significantly increased in the second quarter of 2023 by 7.5%, according to the United States Census Bureau. Therefore, the surge in the use of e-commerce is set to elevate demand for procurement analytics over the forecast period.

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Who Are the Key Players Driving Procurement Analytics Market Growth?

Key players contributing to the growth of the procurement analytics market include:
• SAP SE
• Oracle Corporation
• Statistical Analysis Systems
• Coupa Software Inc.
• Genpact
• Jaggaer
• GEP Worldwide
• Ivalua Inc.
• Zycus
• ProcurePort
• Basware
• And others.

What Are The Key Trends In The Procurement Analytics Market?

Key trends dominating the procurement analytics market include:
• Rising adoption of advanced analytics.
• Enhanced focus on spend visibility.
• Integration with other procurement technologies.
• The deployment of real-time analytics for dynamic decision-making.
• Use of AI-driven insights for supplier relationship management.

What Are The Segments Of The Global Procurement Analytics Market?
The global procurement analytics market segments include:

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

Which Region Leads The Procurement Analytics Market?

North America was the largest region dominating the procurement analytics market in 2024 and is also projected to be the fastest-growing region during the forecast period. Along with North America, the procurement analytics market report also covers other regions including Asia-Pacific, Western Europe, Eastern Europe, South America, Middle East, and Africa.

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What Is Covered In The Procurement Analytics Market Global Market Report?

Market Size Analysis: Analyze the Procurement Analytics Market size by key regions, countries, product types, and applications.

Market Segmentation Analysis: Identify various subsegments within the Procurement Analytics Market for effective categorization.

Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.

Growth Trends Analysis: Examine individual growth trends and prospects in the Market.

Market Contribution: Evaluate contributions of different segments to the overall Procurement Analytics Market growth.

Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.

Industry Challenges: Analyze challenges and risks affecting the Procurement Analytics Market.

Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.

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