Global Procurement Analytics Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast to 2028
“Global Procurement Analytics Market Analysis Trends, Applications, Analysis, Growth, and Forecast to 2028” is a recent report generated by MarketResearch.biz. The global procurement analytics market report has been segmented on the basis of component, deployment mode, application, end-user industry, and region.
Global Procurement Analytics Market: Overview
Procurement is a business process of acquiring or buying goods, and services. This process often involves tendering or competitive bidding processes. Analytics when integrated in the procurement process offers insights on procurement functions such as purchase planning, standards determination, supplier research and selection, value analysis, financing, price negotiation, inventory control and stores, and other related functions.
Global Procurement Analytics Market: Dynamics
Advent of emerging technologies across various industrial verticals for efficient procurement functioning is a key factor expected to boost growth of the potential market.
Increasing implementation of procurement analytics in retail and e-commerce sector is another factor expected to drive the market growth globally. Procurement analytics in retail is implemented over the data processing structure to offer insights on supply chain, inventory, sales, consumer demand, and others. These analytics are crucial for making marketing, and productions decisions.
However, growing concerns associated with data security and rising cyber-attacks coupled with complexities associated with streamlining the business processes are major factors that could restraint growth of the target market to a certain extent.
Increasing new product launches and integration of various business process, and high demand to integrate machine learning and artificial intelligence in procurement process for smart systems are opportunities that will boost growth of the global procurement analytics market in terms of revenue in the coming 10 years.
For instance; in February 2019, Barclay Commercial Payments, a subsidiary of part of Barclays Bank PLC partnered with SAP UK Limited to integrate its business to business payment products. The Precisionpay application with SAP Ariba solutions.
Global Procurement Analytics Market: Segment Analysis
Among the end user industry segments, the retail and e-commerce segment is expected to register highest revenue share in the global market over the forecast period. Retail procurement analytics is the process of providing analytical data on inventory levels, supply chain movement, consumer demand, sales, etc. that are crucial for making marketing, and procurement decisions. The analytics on demand and supply data can be used for maintaining procurement level and also for taking marketing decisions. Retail analytics also provides dominance over the consumers buying patterns coupled with insights into the business and processes of the organization such as supply contract administration which provides scope for improvements.
Global Procurement Analytics Market: Region Analysis
Increasing adoption of emerging technologies such as Internet of Things (IoT), cloud, and growing need for efficient supply chain, and demand for intelligent procurement process are factors expected to drive growth of the global market in the North America.
The procurement analytics market in Asia Pacific is expected to contribute significant revenue share in the target market followed by market in Latin America.
Whereas, market in Europe is expected to register lucrative growth in the global market during the forecast period, followed by market in the Middle East & Africa region.
Global Procurement Analytics Market Segmentation:
Segmentation by Component:
Segmentation by Deployment Mode:
Segmentation by Application:
- Risk Analytics
- Spend Analytics
- Demand Forecasting
- Vendor Management
- Contract Management
- Supply Chain Analytics
Segmentation by End User Industry:
- Energy and Utilities
- Retail and E-commerce
- Healthcare and Life Sciences
- Banking, Financial Services, and Insurance (BFSI)
- Others (Telecom and IT, Oil & Gas, Education, Government and Defense, etc.)
Segmentation by Region:
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Particular Scope Region
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East and Africa
- South Africa
- Rest of Middle East and Africa
Actual Year 2020 Estimated Year 2021 Forecast Period 2021–2030 Revenue in US$
- SAP SE
- Jaggaer, Inc.
- Proactis, Inc.
- Genpact Limited
- SAS Institute Inc.
- Oracle Corporation
- Zycus Infotech Pvt. Ltd
- Coupa Software Incorporated
- Rosslyn Data Technologies plc
- BRIDGEi2i Analytics Solutions Private Limited
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