Dublin, Jan. 31, 2024 (GLOBE NEWSWIRE) -- The "Global Procurement Analytics Market by Component (Services, Solution), Deployment (Cloud, On-Premise), Application, Organization Size, Vertical - Forecast 2024-2030" report has been added to ResearchAndMarkets.com's offering.
The global Procurement Analytics Market is poised for substantial growth, projected to expand from its current market value of $3.79 billion in 2023 to an impressive $15.92 billion by 2030, growing at a robust CAGR of 22.74%. This significant increase signals an increasing reliance on advanced analytics in procurement processes across various verticals.
Market Dynamics and Competitive Landscape
The comprehensive report provides an in-depth analysis of market dynamics, revealing a shift towards cloud-based solutions, an emphasis on contract management, risk analytics, and the growing importance of spend analytics in data-driven decision-making. It highlights how companies of all sizes, from large enterprises to small and medium-sized businesses, are implementing procurement analytics tools to streamline operations and enhance efficiency.
FPNV Positioning Matrix and Market Share Analysis
Within the detailed FPNV Positioning Matrix, vendors are meticulously assessed, offering businesses a strategic advantage in selecting solutions that closely match their needs. The Market Share Analysis further dissects the competitive landscape, allowing stakeholders to gauge their position and performance in the sector compared to peers.
Effective procurement analytics implementation has become a differentiator in sectors such as BFSI, Energy & Utilities, and Healthcare & Life Sciences, driving market expansion in these areas. The research underscores the significant adoption of these solutions in high-growth regions including North America, particularly within the United States, and the Asia-Pacific region, where countries like Australia, China, and India are emerging as pivotal markets.
Segmentation and Regional Projections
A detailed segmentation of the market sheds light on the diverse applications of procurement analytics, from supply chain management to vendor management.
The evolved regional analysis covers key global economic hotspots, providing localized market insights from the Americas to the Asia-Pacific region, through to Europe, the Middle East, and Africa.
- Application: Spend Analytics, Risk Analytics, Supply Chain Management, Vendor Management
- Deployment: Shift towards cloud-based analytics for scalable and on-demand procurement insights
- Enterprise Size: Adoption rates in both large enterprises and agile small to medium businesses
- Industry Verticals: Intensive usage within BFSI, manufacturing, and retail spaces
Strategic Insights for Market Participants
This report is an invaluable asset for industry participants seeking to understand the strategic moves that define the market, assess the patent landscape, and analyze product development trajectories. Companies can leverage this comprehensive market data to inform their growth strategies and align with emerging industry trends.
Key Takeaways and Future Outlook
The Procurement Analytics Market report offers a wealth of information, including penetrating market insights, the identification of growth opportunities, and the strategic outlook on the competitive landscape. It raises critical questions pertaining to the market's evolution, guiding stakeholders towards informed decision-making and strategic planning for the years ahead.
This research publication is poised to serve as a guiding framework for companies eager to capitalize on the Procurement Analytics Market's growth trajectory and to ensure a sustainable competitive edge in an increasingly data-driven procurement landscape.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 183 |
| Forecast Period | 2024 - 2030 |
| Estimated Market Value (USD) in 2024 | $4.74 Billion |
| Forecasted Market Value (USD) by 2030 | $15.92 Billion |
| Compound Annual Growth Rate | 22.7% |
| Regions Covered | Global |
Market Segmentation & Coverage
This research report categorizes the Procurement Analytics Market to forecast the revenues and analyze trends in each of the following sub-markets:
Component
- Services
- Solution
Deployment
- Cloud
- On-Premise
Application
- Contract Management
- Risk Analytics
- Spend Analytics
- Supply Chain Management
- Vendor Analytics
Organization Size
- Large Enterprise
- Small & Medium Enterprise
Vertical
- BFSI
- Energy & Utilities
- Government & Defense
- Healthcare & Life Sciences
- Manufacturing
- Retail & E-Commerce
- Telecom & IT
Companies Profiled
- BirchStreet Systems, Inc.
- Cisco Systems, Inc.
- Corcentric, Inc.
- Genpact
- GEP Worldwide
- Ivalua Inc.
- Jaggaer, LLC
- Kearney, Inc.
- Proactis Holdings Limited
- Rosslyn Data Technologies PLC
- SAP SE
- Sievo
- Simfoni Limited
- Synertrade Inc.
- Zycus Inc.
For more information about this report visit https://www.researchandmarkets.com/r/q22mxr
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