Procurement Analytics Market Synopsis:

The global procurement analytics market to demonstrate a compound annual growth rate (CAGR) of 21.90% between 2020 and 2027 reports Market Research Future (MRFR). The market is expected to surpass a valuation of USD  7.90 billion by 2024 Digital innovation and incessant advances in cloud infrastructure has led to a rise in uptake of data-driven technologies. This has created tremendous application opportunities for analytics.

Enterprises are increasingly inclining towards analytics to reduce capital investment and cutdown operation expenditure. Such factors are favouring the growth of the global procurement analytics.

A lot can be leveraged from procurement analytics either its conducting quantitative analysis of deriving actionable insights. Such analytical solutions allow to reach accurate conclusions for datasets. They provide holistic information using robust predictive analytical algorithms. The cut-throat competition in the market, makes such solutions extremely important for businesses. The insights obtained from such Procurement Analytics Market helps enterprises in making informed-decisions and forecast future trends. Enterprises are also applying analytics in procurement processes to attain better visibility and check overspending.

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 Competitive Outlook:

Tamr, Rosslyn Data Technologies, Zycus Inc., BirchStreet, Oracle Corporation (ORCL), Simfoni, SAP SE, SAS Institute Inc., Tungsten Corporation plc, Genpact, Proactis, Dataction, BRIDGEi2i Analytics, Sievo, and IBM Corporation are prominent names in the global procurement analytics market.

Procurement Analytics Market Competition Analysis:

SAP SE (Germany), Tamr (US), SAS Institute Inc., (US), Sievo (Finland), Tungsten Corporation plc (UK), Simfoni (US), Oracle Corporation (US), Proactis (UK), BRIDGEi2i Analytics (India), IBM Corporation. (US), Rosslyn Data Technologies (UK), Zycus Inc. (US), Dataction (India), Genpact (UK) and BirchStreet (US) are some of top-notch companies operating in the global market for procurement analytics.

Segmentation:

The global procurement analytics market has been segmented based on component, deployment mode, organization size, and industry vertical.

• By component, the global procurement analytics market has been divided into solutions and services. The solutions segment has been sub-segmented into contract management, spend analytics, invoicing analytics, sourcing, vendor management, category management, and others. Furthermore, the services segment has been further divided into professional services and managed services.
• Based on deployment mode, the global procurement analytics market has been bifurcated into on-premise and cloud.
• Based on organization size, the global procurement analytics market has been divided into small and medium-sized enterprises (SMEs) and large enterprises.
• On the basis of industry vertical, the global procurement analytics market has been segmented into healthcare and life sciences, retail and e-commerce, telecom and IT, energy and utilities, banking, financial services and insurance (BFSI), and others.

 Regional Analysis:

Geographically, the global procurement analytics market has been categorized into North America, Europe, Asia Pacific (APAC), the Middle East and Africa (MEA), and South America.

North America led the procurement analytics market in 2018, however, Asia-Pacific is expected to be the fastest growing market over the assessment period. Europe is estimated to attain the second spot in the procurement analytics market in terms of market share during the assessment period.

North America is expected to dominate the global procurement analytics market during the forecast period. The market growth can be attributed to the early adoption of analytics in the procurement process by enterprises and the presence of market giants such as SAS Institute, Inc., IBM Corporation, and Oracle Corporation. The need for handling compliance policies and renewal of contracts can entice procurement managers towards the software.

 APAC is expected to be the fastest growing segment in the procurement analytics market during the assessment period. The market growth is attributed to heavy investments by the vendors to develop robust cloud infrastructure in emerging economies of China, India, and other South East Asian countries. New strategies by enterprises for lowering business risk and increasing profit margins can culminate in integration of procurement analytics software for tracking pending delivery and orders.

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Table of Contents

1 Executive Summary

1.1 Market Attractiveness Analysis

1.1.1 Global Procurement Analytics Market, By Component

1.1.2 Global Procurement Analytics Market, By Deployment Mode

1.1.3 Global Procurement Analytics Market, By Organization Size

1.1.4 Global Procurement Analytics Market, By Industry Vertical

1.1.5 Procurement Analytics Market, By Region

Continued…

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