The Global Procurement Analytics Market size is expected to reach $4.6 billion by 2024, rising at a market growth of 19.6% CAGR during the forecast period.Procurement Data Analytics is the process which includes inspection, cleaning, transformation, and modelling of the data with the purpose of highlighting useful information and proposing conclusions. Its major goal is to support decision making at the time of strategic sourcing and category management process.
Rapid developments in technology, electronic innovation, and robust cloud infrastructure have boosted companies' need for data-driven alternatives to help them make stronger decisions. Thus, analytics holds a critical position in the businesses that enables them to minimize assets and operational spending and considerably increase return on investments (ROI).
Procurement Analytics Market Size
Based on Component, the market is segmented into Solution and Services. Services is further bifurcated into Integration and Deployment, Training and Consulting, and Support and Maintenance. Based on Organization size, the market is segmented into large enterprises and Small and Medium Sized enterprises. Based on Deployment mode, the market is segmented into On-premise and Cloud. Cloud-based services are provided straight via the cloud-based network connection.
Procurement Analytics Market Share
The cloud deployment method is a rapidly growing segment in the procurement analytics market Organizations can prevent certain expenses such as infrastructure maintenance and technical staff by maintenance using cloud-based procurement analytics solutions. Cloud-based platforms support organisations with restricted budgets for analytical software and solution investments. Small and medium-sized enterprises (SMEs) implement their procurement analytical solutions in the cloud, allowing them to concentrate on their key competencies rather than spending their capital in hardware-based infrastructures.
Based on End User, the market is segmented into Retail and Ecommerce, Healthcare and Life Sciences, Energy and Utilities, Telecom and IT, Manufacturing, Government and Defense, and Others. Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East and Africa.
KBV Cardinal Matrix
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Simfoni Analytics Ltd., Proactis Holdings PLC., JAGGAER Inc., Zycus Inc., SAP SE, Oracle Corporation, IBM Corporation, Coupa Software Incorporated, Genpact Limited, and Rosslyn Data Technologies. The major strategies followed by the market participants are Product launches and Partnerships and Collaborations. Based on the Analysis presented in the Cardinal matrix, IBM Corporation and SAP SE are some of the forerunners in the Procurement Analytics market.
Market Segmentation:
By Component
By Organization Size
By Deployment mode
By End User
By Geography
Companies Profiled
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