PUBLISHER: Value Market Research | PRODUCT CODE: 1342966
PUBLISHER: Value Market Research | PRODUCT CODE: 1342966
The global demand for Procurement Analytics Market is presumed to reach the market size of nearly USD 62.27 BN by 2030 from USD 6.93 BN in 2022 with a CAGR of 27.63% under the study period 2023 - 2030.
Procurement analytics is defined as the process of employing quantitative techniques to extract useful information and results from data. Procurement analytics utilizes quantitative techniques to extract valuable insights and results from data and provide businesses and organizations with a clear visual representation of their procurement spending. Predictive analytics software gathers data from sources, both internal and external, and displays it in dashboards for procurement. They allow businesses and organizations to use procurement data to enhance fact-based decision-making and gain competitive, strategic advantages.
The use of procurement analytics technology and services is anticipated to be influenced by several factors, including a surge in data analytics techniques, rising enterprise marketing and advertising expenditures, evolving customer intelligence trends, and the proliferation of customer channels. Enterprises & numerous organizations are adopting procurement analytics solutions to deal with privacy and security issues. Hence, increasing concerns regarding data security are also augmenting the growth of the procurement analytics market. Machine Learning and Artificial Intelligence in procurement analytics to monitor, analyze and collect appropriate quality data is further fostering the market growth of procurement analytics.
The research report covers Porter's Five Forces Model, Market Attractiveness Analysis, and Value Chain analysis. These tools help to get a clear picture of the industry's structure and evaluate the competition attractiveness at a global level. Additionally, these tools also give an inclusive assessment of each segment in the global market of procurement analytics. The growth and trends of procurement analytics industry provide a holistic approach to this study.
This section of the procurement analytics market report provides detailed data on the segments at country and regional level, thereby assisting the strategist in identifying the target demographics for the respective product or services with the upcoming opportunities.
This section covers the regional outlook, which accentuates current and future demand for the Procurement Analytics market across North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. Further, the report focuses on demand, estimation, and forecast for individual application segments across all the prominent regions.
The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide. The major players in the procurement analytics market include SAP(Germany), Oracle(US), SAS Institute (US), Coupa Software (US), Genpact (US), Rosslyn Data Technologies (UK), Microsoft(US), IBM(US), Cisco (US), GEP (US), Corcentric (US), and Zycus (US). This section consists of a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.
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