Procurement Analytics Market Forecast 2025-2034: Evaluating Growth Factors, Segments, and Emerging Trends

What combination of drivers is leading to accelerated growth in the procurement analytics market?
The procurement analytics market is anticipated to grow due to the expansion of e-commerce and the structured retail industry. E-commerce is an online medium that enables consumers and businesses to purchase or sell goods and services via websites, apps, and other platforms via computers, tablets, smartphones, and other advanced devices. E-commerce giants and organized retail outlets extensively use procurement analytics as it provides a data-driven examination of consumer habits and expenditure analysis. For example, in August 2023, according to the United States Census Bureau, a governmental agency based in the US, e-commerce estimates for the second quarter of 2023 saw a rise of 7.5% (or 1.4%) compared to the second quarter of 2022, while overall retail sales grew by 0.6% (or 0.4%). Online stores accounted for 15.4% of total sales in the second quarter of 2023. Hence, the escalating use of e-commerce and the structured retail industry is expected to fuel the demand for procurement analytics during the predicted period.

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What is the projected compound annual growth rate (CAGR) of the procurement analytics market from 2025 to 2034, and what factors influence it?
In recent times, the procurement analytics market has shown considerable growth. The market, which is expected to be $5.36 billion in 2024, is projected to increase to $6.29 billion in 2025 at a compound annual growth rate (CAGR) of 17.4%. Factors like the need to lower costs, manage supplier performance, compliance and risk mitigation, optimization of strategic sourcing, and improved oversight of expenditure have played a crucial role in the market's expansion during this period.

Expectation on the procurement analytics market size is quite bullish with a colossal growth anticipated in the upcoming years. The market is projected to inflate to a size of $14.59 billion by 2029, expanding at a compound annual growth rate (CAGR) of 23.4%. This considerable rise within the prediction period can be credited to factors such as prioritizing sustainable procurement, dynamic price optimization, tailorable dashboards and reports, and improved contract management analytics. Major tendencies during this period are predicted to include increased application of superior analytics, emphasis on spending visibility, amalgamation with other procurement technologies, real-time analytics for agile decision-making, and AI-assisted insights for managing supplier relationships.

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How are the latest trends influencing the growth of the procurement analytics market?
Leading corporations in the procurement analytics market are introducing innovative analytics solutions such as EY Spend Insights. This solution offers a comprehensive view of spending patterns, bringing about significant changes in procurement spend transparency and establishing cohesive supply chain networks across various sectors. Specifically, in June 2023, EY, a consulting firm based in the UK, unveiled EY Spend Insights (EY SPI) on the Snowflake Data Cloud, a platform which streamlines management tasks. This solution uses sophisticated analytics, automation, and machine learning abilities. EY SPI brings about a transformation in procurement spend visibility and encourages the development of unified supply chain networks across a wide range of industries such as retail, consumer packaged goods, advanced manufacturing, and mobility.

What are the major segments of the procurement analytics market and their role in driving growth?
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

Subsegments:
1) By Solutions: Spend Analytics Solutions, Supplier Analytics Solutions, Contract Analytics Solutions, Procurement Performance Analytics Solutions, Risk Management Analytics Solutions
2) By Services: Consulting Services, Implementation Services, Support And Maintenance Services, Training And Education Services

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Which regions are key players in the growth of the procurement analytics market?
North America was the largest region in the procurement analytics market in 2024 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

Who are the key firms paving the way for growth in the procurement analytics market?
Major companies operating in the procurement analytics market include 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., POOL4TOOL AG,Vroozi,Rosslyn Data Technologies,Simfoni,Applegate,Scanmarket,EC Sourcing Group

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What Is Covered In The Procurement Analytics Global Market Report?

•Market Size Forecast: Examine the procurement analytics market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the procurement analytics market for a structured understanding.
•Key Players Overview: Analyze major players in the procurement analytics market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the procurement analytics market.
•Segment Contributions: Evaluate how different segments drive overall growth in the procurement analytics market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the procurement analytics market.
•Industry Challenges: Identify potential risks and obstacles affecting the procurement analytics market.
•Competitive Landscape: Review strategic developments in the procurement analytics market, including expansions, agreements, and new product launches.

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