Procurement Analytics Market, Reaching US$ 24.8 Billion by the Year 2032 at a Fantabulous CAGR of 22.5% in the Forecast Period 2022 to 2032 | Report by Future Market Insights, Inc.

Published Via 11Press : The global procurement analytics market was worth US$ 3.3 Billion in the year 2022 and is expected to reach US$ 24.8 Billion by the year 2032 at a remarkable CAGR of 22.5% between 2022 and 2032.

The industry, on the whole, is obtaining insights via appropriate data analysis in performance management, negotiations, yearly buying plan, and vendor segmentation. The Department of Procurement does have a huge quantity of data inclusive of transaction history, details of expenditure, and likewise. The business could thus witness improved decisions with intelligent argumentation being relentlessly supported.

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Automation is one of the greatest influencers in the market for procurement analytics. This is evident from the fact that ServiceNow, of late did re-launch procurement service management features in its coming-of-age software that helps in the other field activity management as well. ServiceNow does aim to automate procurement workflows in as well as around the procurement process.

IIM Calcutta, in June 2022, did develop the APSCM (Advanced Programme in Supply Chain Management) for helping supply chain professionals and practitioners in the associated jobs to design supply chains optimized for service, cost, and resilience.

Future Market Insights has entailed these facts with future prospects in its latest market study entitled ‘Procurement Analytics Market’. It has a dedicated team of analysts and consultants to look through the bottom-up approach along with its macros and micros.

“Predictive asset maintenance that uses analytics systems is turning out to be all the more popular in the manufacturing sector”, says an analyst from Future Market Insights.

Key Takeaways from Procurement Analytics Market

• North America holds the largest market share with procurement analytics providers using a plethora of development tactics inclusive of new product launches, collaborations, product upgrades, and corporate expansion.
• The Asia-Pacific is expected to grow at a rapid pace in the procurement analytics market in the forecast period with China and India leading from the front. They are into speedy adoption of data analysis and IoT as far as manufacturing processes are concerned.
• Europe is about to reach the saturation stage of the procurement analytics market on similar grounds as North America.

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Competitive Analytics

• SAP SE, in March 2022, completed the acquisition of a percentage of Taulia (providing working capital management solutions). These solutions would be linked in entirety with SAP software in spite of remaining stand-alone.
• The Kraft Heinz Business partnered with Microsoft Corp. in April 2022 for creating solutions for helping consumer products to be stronger in the supply chain.
• IBM and HSBC collaborated in March 2022 for investigating quantum computing applications in monetary services. HSBC, so as to get net-zero targets, is looking into utilizing quantum computing for portfolio management along with risk management like identifying, and then addressing malfeasance.
• Oracle’s pre-built procurement analytics tools with Fusion ERP Analytics, in April 2021, started giving category managers and executives 100% visibility regarding supplier performance, spending capacity, and operational effectiveness needed for staying competitive.
• Bain Capital, in July 2021, acquired PartsSource, which is known for connecting nearly 19K clinics as well as hospitals with more than 6K OEM manufacturers. The precision procurement analytics solution helps hospitals to reduce waste, risk, and increase the supply chain visibility.
• Coupa Software, in September 2021, did announce that it would be strategically partnering with Japan Cloud for establishing joint venture called Coupa K.K. The major purpose of this joint venture is that of extending support to an increasing number of Japan-based companies looking for greater efficiency.

Key Companies Profiled

• Microsoft Corp.
• SAP SE
• IBM Corp
• Oracle Corp.
• Cisco Systems Inc.
• Amazon Web Service Inc.
• SAS Institute Inc.
• Coupa Software Inc.
• Rosslyn Data Technologies Inc.
• Zycus Inc

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Market Segments Covered in Procurement Analytics Market Analysis

By Component:

• Solutions
• Services
• Managed Services
• Professional Services

By Application:

• Supply Chain Analytics
• Risk Analytics
• Spend Analytics
• Demand Forecasting
• Contract Management
• Vendor Management
• Category Management

By Deployment Mode:

• Cloud-based Procurement Analytics Solutions
• On-premises Procurement Analytics Solutions

By Organization Size:

• Large Enterprises
• Small and Medium-sized Enterprises (SMEs)

By Industry Vertical:

• BFSI
• Retail and e-Commerce
• Telecom and IT
• Manufacturing
• Healthcare and Life Sciences
• Energy and Utilities
• Government and defense

By Region:

• North America
• Europe
• Asia Pacific
• Middle East and Africa
• Latin America

What does the Report say?

• The research study is based on component (solutions and services (managed services and professional services), by application (supply chain analytics, risk analytics, spend analytics, demand forecasting, contract management, vendor management, and category management), by deployment mode (cloud-based procurement analytics solutions and on-premises procurement analytics solutions), by organization size (large enterprises and SMEs), and by industry vertical (BFSI, retail and e-Commerce, telecom and IT, manufacturing, healthcare and life sciences, energy and utilities, and government and defense).
• With the rising need for predicting losses and risks, improving efficiency, reducing operating costs, and executing continual growth of the company, the global procurement analytics market is all set to make it big in the forecast period.

Market presence across multiple geographical footprints - Strong/Active/Niche/Trivial - https://www.futuremarketinsights.com/checkout/15099

Table of Content

1. Executive Summary
1.1. Global Market Outlook 
1.2. Summary of Statistics
1.3. Key Market Characteristics & Attributes
1.4. Analysis and Recommendations

2. Market Overview
2.1. Market Coverage/Taxonomy 
2.2. Market Definition/Scope/Limitations

3. Market Risks and Trends Assessment 
3.1. Risk Assessment 
3.1.1. COVID-19 Crisis and Impact on Demand
3.1.2. COVID-19 Impact Benchmark with Previous Crisis 
3.1.3. Impact on Market Value (US$ Mn)
3.1.4. Assessment by Key Countries (TOC continued…!)

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About Future Market Insights, Inc.

Future Market Insights, Inc. (ESOMAR certified, Stevie Award - recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

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