Global Procurement Analytics Market 2027 by Global Key Players, Trends, Market Size, Growth and Forecast
SUMMERY:
Market Research Future published a research report on “Global
Procurement Analytics Market Research Report- Global Forecast 2027” – Market
Analysis, Scope, Stake, Progress, Trends and Forecast to 2027.
Market
Highlights:
In its research
report, Market Research Future (MRFR), emphasizes that over the review period ,
the global market 2020 is poised to increase significantly, ensuring
substantial market valuation of USD 7.90 Billion by 2024, and a healthy
21.4% CAGR over the review period.
Drivers
and Restraints
Rapid technical
advancements, digital innovation and comprehensive cloud infrastructure have
intensified businesses' need for data-driven solutions to assist them in
effective decision-making. Analytics thus plays a critical role in the
enterprises enabling them to minimize capital and operating expenditure and
significantly increase investment return (ROI). Procurement analytics provide
comprehensive information on the historical data and allow companies to
forecast future trends with the help of predictive analytical tools. Such
quantitative data allow companies with data-driven decision-making to gain a
competitive market advantage. In addition, the incorporation of analytics in
the procurement process helps companies to achieve greater visibility and cost
management.
It is possible that
the convergence of analytics with technological developments such as the
Internet of Things ( IoT) and cognitive computing would accelerate the use of
the procurement process for highly insightful decisions. Therefore, the growing
need for highly efficient procurement solutions to improve operational
performance is expected to drive the procurement analytics market during the
evaluation period. In addition, demand for cloud-based procurement solutions is
growing, and demand for data-driven solutions is growing, which is likely to
drive the procurement analytics market in the forecast period.
At the other hand,
lack of safe solutions, privacy issues and lack of technological expertise are
some of the aspects that are hindering the growth of the procurement analytics
market over the coming years.
Request a
Free Sample @ https://www.marketresearchfuture.com/sample_request/7682
Competitive scenario
The
major market players operating in the global market as identified by MRFR
are SAP SE (Germany), IBM Corporation.
(US), Oracle Corporation (US), Zycus Inc. (US), Tamr (US), SAS Institute
Inc.,(US), and Genpact (UK), BRIDGEi2i Analytics (India), Dataction (India),
Tungsten Corporation plc (UK), Sievo (Finland), Rosslyn Data Technologies (UK),
BirchStreet (US), Simfoni (US), Proactis (UK).
Segmental
Analysis
The global procurement
analytics market has been analyzed based on deployment mode, organization size,
component, and industry vertical.
Based on the
component, the global procurement analytics market has been bifurcated into
solutions and services. The solutions segment has been sub-divided into
sourcing, vendor management, spend analytics, invoicing analytics, category
management, contract management, and others. Furthermore, the services segment
has been further divided into professional services and managed services.
By deployment mode,
the global procurement analytics market has been divided into on-premise and
cloud.
By the organization
size, the global procurement analytics market classified as small and
medium-sized enterprises (SMEs) and large enterprises.
Based on the
industry vertical, the global procurement analytics market has been divided
into healthcare and life sciences, banking, financial services and insurance
(BFSI), telecom and IT, energy and utilities, retail and e-commerce, and
others.
Regional
Evaluation
The global market
geographic overview was conducted in four major regions including Asia Pacific
, North America, Europe and the rest of the world.
However, North
America led the procurement analytics market in 2018, from 2019 to 2024
Asia-Pacific is expected to be the fastest-growing market. North America held
the largest market share in 2018 and predicted over the forecast period to dominate
the global procurement analytics market. Market growth can be credited to the
early adoption by enterprises of analytics solution in the procurement process
and the involvement of industry giants like SAS Institute, Inc., IBM
Corporation and Oracle Corporation. In terms of market share, Europe is slated
to achieve second place in the procurement analytics market during the
assessment period.
During the
assessment period Asia-Pacific is expected to be the fastest growing segment in
the procurement analytics market. Market growth is attributed to heavy vendor
investment in developing robust cloud infrastructure in emerging economies like
India, China , and other South East Asian countries.
Browse
Full Report Details @ https://www.marketresearchfuture.com/reports/procurement-analytics-market-7682
At Market Research Future (MRFR), we enable
our customers to unravel the complexity of various industries through our
Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research
Reports (3R), Continuous-Feed Research (CFR), and Market Research &
Consulting Services.
Contact:
Market Research Future
Office No. 524/528, Amanora Chambers
Magarpatta Road, Hadapsar
Pune - 411028
Maharashtra, India
+1 646 845 9312
Comments
Post a Comment