New York, USA, May 05, 2023 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Procurement Analytics Market by Component [Solutions (Category Management, Vendor Management, Spend Analytics, Contract Management), Services], by Deployment (Cloud), by Organization Size, and by Industry Vertical & Forecast till 2030
Increasing Adoption among SMEs to Boost Market Growth
Small and medium businesses are increasingly using procurement analytics, which is driving the market's expansion. Small and medium-sized firms have challenges with deployment costs, on-premise analytics for procurement, the employment of qualified workers, and the upkeep of IT teams. These challenges can be overcome by implementing cloud-based procurement analytics solutions, which can help to increase efficiency and profit margins. SMEs will be able to enhance and bypass current procurement channels with the aid of procurement analytics, increasing operational effectiveness & boosting demand for procurement analytics products. Additionally, these solutions provide users with access to the procurement channel, enabling them to strategically plan both their supply chain & inventory expenditure.
Global Procurement Analytics Market Key Players -
Eminent industry players profiled in the market report include:
- IBM Corporation. (US)
- SAP SE (Germany)
- Oracle Corporation (US)
- Tamr (US)
- Zycus Inc. (US)
- SAS Institute Inc. (US)
- Genpact (UK)
- BRIDGEi2i Analytics (India)
- Sievo (Finland)
- Dataction (India)
- Tungsten Corporation plc (UK)
- Rosslyn Data Technologies (UK)
- Simfoni (US)
- BirchStreet (US)
- Proactis (UK).
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Report Scope:
| Report Metric | Details |
| Revenue forecast in 2030 | USD 33.2 Billion |
| Growth Rate | CAGR of 26.20% from 2022 to 2030 |
| Base Year | 2021 |
| Study Period | 2022-2030 |
| Key Market Opportunities | Integration of analytics with technological trends such as the Internet of Things (IoT) and cognitive computing is likely to propel the adoption of the procurement process for highly insightful decision-making. |
| Key Market Drivers | lack of secured solutions, privacy concerns, and lack of technical expertise are some of the factors that hinder the growth of the procurement analytics market over the next few years. |
Opportunities
Booming E-Commerce Industry to offer Robust Opportunities
The organized retail sector and e-commerce expansion are anticipated to drive the procurement analytics market's expansion. E-commerce is used to describe a means through which buyers and sellers of products and services utilize smartphones, computers, tablets, & other smart devices for accessing websites, applications, & other content on the net. Large e-commerce companies & organized retail outlets frequently utilize procurement analytics because it provides data-driven analysis of consumer purchasing and behavior.
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Restraints and Challenges
High Implementation and Maintenance Cost to act as Market Restraint
The high implementation and maintenance cost of procurement solutions, data security issues, lack of sufficient analytics tools, and integration worries may act as market restraints over the forecast period.
Market Analysis
The global market will touch USD 33.2 billion at a 21.90% CAGR by 2030, as per the present Market Research Future report.
Market Segmentation
The global market is bifurcated based on vertical, organization size, deployment mode, and component.
By component, solutions will lead the market in the forecast period.
By deployment mode, on-premise will domineer the market over the forecast period.
By organization size, large scale enterprise will spearhead the market over the forecast period.
By vertical, IT and telecommunications will have the lions share in this market in the forecast period.
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COVID 19 Analysis
The operations of various global enterprises are being impacted by the COVID-19 outbreak. The pandemic has caused markets to face a number of challenges. Businesses of all sizes are struggling as a result of the virus's spread. The acquisition of data is more prevalent at this time. Many industries are paying more attention to gathering data and learning new things. The industry participants are making efforts to maintain the procurement analytic market. With the help of customers and other important market end users, the market is defending its demand.
Software for procurement analytics services is widely available. Positive improvements will result from its availability in the market for procurement analytics. During this time, the market has some bright prospects. Additionally, in recent years, e-procurement platforms have become more popular. The market for procurement services is very broad. The public will be well-informed about procurement analytics in the years to come. After COVID 19, all of these will help bring about favorable changes.
Regional Analysis
North America to Head Procurement Analytics Market
Because of the U.S.'s significant industrial base, government programs to support innovation, and huge purchasing power, North America is expected to hold the greatest share of the global procurement analytics market throughout the projected period. The growth is mostly centered in the US. Print management solutions are frequently used by big data software users to improve industry vertical, save costs, and increase worker productivity. However, the Asia-Pacific region is anticipated to increase significantly throughout the projected period due to developing economies like China & India as well as cloud-native nations like Japan. Early adoption of technology like analytics & digitalization of processes might be credited with the increase.
Regional development is projected to be fueled by increased expenditure on risk management, supply chain analytics, & vendor analytical solutions. The industry participants in North America's procurement analytics market are also constantly upgrading and inventing their product lineup. To aid clients in increasing equipment uptime and supply chain resilience, Parts Source introduced a visual formulary control & supply chain risk monitor in June 2022. One of the primary reasons promoting the growth of the North American Procurement Analytics Market is the region's expanding technical advancements.
The growing number of organizations offering procurement analytics across geographies is expected to further fuel market expansion. The area is home to many top providers of procurement analytics and companies that use smart procurement tools. The retail industry in the area, a significant end consumer of these procurement methods, is also thriving. With thorough data collection and the provision of useful insights, market competitors are actively competing within the region. Also, the increasing use of cloud-based procurement tools is opening up a wealth of commercial opportunities in North America.
APAC to Have Remarkable Growth in Procurement Analytics Market
The assessment period is expected to have the maximum CAGR in Asia Pacific. Big data analytics is revolutionizing businesses and governments in the Asia Pacific area. Technologies are being integrated by nations like China and India to enhance supply chain management and operations. The market is developing due to rising IoT use as well as data analysis of the manufacturing procedures. Almost 200 unicorn firms were located in the area in 2021, according to a Google Inc. report from February 2022. The expansion of the procurement analytics market is more likely to be impacted by the rising number of startups within the area.
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