Global Procurement Analytics Market By Component (Solutions, Services), Application Area (Supply Chain Analytics, Risk Analytics, Spend Analytics, Demand Forecasting, Contract Management, Vendor Management), Deployment Type (Cloud, On- Premises), Organization Type (Small and Medium-Sized Enterprises, Large Enterprises), Vertical (Retail and eCommerce, Manufacturing, Government and Defense, Healthcare and Life Sciences, Telecom and IT, Energy and Utilities, Banking, Financial Services, and Insurance, Others), Geography (North America, South America, Europe, Asia-Pacific, Middle East and Africa) – Industry Trends and Forecast to 2026
Market Analysis: Global Procurement Analytics Market
Global Procurement Analytics Market is expected to rise from its initial estimated value of USD 1.67 billion in 2018 to an estimated value of USD 7.38 billion by 2026, registering a CAGR of 20.42% in the forecast period of 2019-2026. Increasing demand for cloud based analytical solutions is driving the market.
Market Definition: Global Procurement Analytics Market
Procurement analytics is a technique which is used to get useful information and conclusion from the data which will help the company to make right decisions and improve their business. It usually uses the data of the historic year so that it can analyse it and predict the future trends. These techniques help the business to decrease their operation cost, save money and decrease the risk factors.
Market Drivers:
Rising demand for cloud based analytical solutions is driving the growth of this market
Increasing focus on augmenting the ability of procurement channels is driving the market
Market Restraints:
Lack trained and skilled analytical professionals is restraining the growth of this market
Increasing awareness towards data security is another factor restraining market
Segmentation: Global Procurement Analytics Market
By Component
Solutions
Services
Professional Services
Training and Education
Consulting
Support and Maintenance
Integration and Deployment
Managed Services
By Application Area
Supply Chain Analytics
Risk Analytics
Spend Analytics
Demand Forecasting
Contract Management
Vendor Management
By Deployment Type
Cloud
On- Premises
By Organization Type
Small and Medium-Sized Enterprises
Large Enterprises
By Vertical
Retail and eCommerce
Manufacturing
Government and Defense
Healthcare and Life Sciences
Telecom and IT
Energy and Utilities
Banking
Financial Services, and Insurance
Others
By Geography
North America
US
Canada
Mexico
South America
Brazil
Argentina
Rest of South America
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Turkey
Belgium
Netherlands
Switzerland
Rest of Europe
Asia-Pacific
Japan
China
South Korea
India
Australia
Singapore
Malaysia
Indonesia
Thailand
Philippines
Rest of Asia-Pacific
Middle East and Africa
South Africa
Egypt
Saudi Arabia
United Arab Emirates
Israel
Rest of Middle East and Africa
Key Developments in the Market:
In October 2018, Sievo announced the launch of their new Dynamic Benchmarking solution which is specially designed to help the procurement organization to observe category performance, critical financial metrics and peer benchmarks. The main aim is to help the business to analyse their performance and check where they are falling behind. This solution will help them to be more efficient & intelligent so that they can create more revenue.
In October 2018, Mintec announced the launch of their procurement platform which is equipped by Robotic Process Automation whose main aim is to change the relationship between the buyers and sellers. This platform is specially designed to provide information about the key drivers, weather patterns, events etc. which is affecting the price.
Competitive Analysis
Global procurement analytics market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of procurement analytics market for global, Europe, North America, Asia-Pacific and South America.
Major Market Competitors/Players
Few of the major competitors currently working in the global procurement analytics market are SAP SE, Oracle, SAS Institute Inc, Coupa Software Inc., BRIDGEi2i Analytics Solutions, Rosslyn Analytics, JAGGAER, Zycus Inc, Genpact, roactis Holdings Plc, BirchStreet Systems Inc., Tamr, Sievo, Tungsten Corporation plc., Dataction, Proactis Holdings Plc.
Market Analysis: Global Procurement Analytics Market
Global Procurement Analytics Market is expected to rise from its initial estimated value of USD 1.67 billion in 2018 to an estimated value of USD 7.38 billion by 2026, registering a CAGR of 20.42% in the forecast period of 2019-2026. Increasing demand for cloud based analytical solutions is driving the market.
Market Definition: Global Procurement Analytics Market
Procurement analytics is a technique which is used to get useful information and conclusion from the data which will help the company to make right decisions and improve their business. It usually uses the data of the historic year so that it can analyse it and predict the future trends. These techniques help the business to decrease their operation cost, save money and decrease the risk factors.
Market Drivers:
Rising demand for cloud based analytical solutions is driving the growth of this market
Increasing focus on augmenting the ability of procurement channels is driving the market
Market Restraints:
Lack trained and skilled analytical professionals is restraining the growth of this market
Increasing awareness towards data security is another factor restraining market
Segmentation: Global Procurement Analytics Market
By Component
Solutions
Services
Professional Services
Training and Education
Consulting
Support and Maintenance
Integration and Deployment
Managed Services
By Application Area
Supply Chain Analytics
Risk Analytics
Spend Analytics
Demand Forecasting
Contract Management
Vendor Management
By Deployment Type
Cloud
On- Premises
By Organization Type
Small and Medium-Sized Enterprises
Large Enterprises
By Vertical
Retail and eCommerce
Manufacturing
Government and Defense
Healthcare and Life Sciences
Telecom and IT
Energy and Utilities
Banking
Financial Services, and Insurance
Others
By Geography
North America
US
Canada
Mexico
South America
Brazil
Argentina
Rest of South America
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Turkey
Belgium
Netherlands
Switzerland
Rest of Europe
Asia-Pacific
Japan
China
South Korea
India
Australia
Singapore
Malaysia
Indonesia
Thailand
Philippines
Rest of Asia-Pacific
Middle East and Africa
South Africa
Egypt
Saudi Arabia
United Arab Emirates
Israel
Rest of Middle East and Africa
Key Developments in the Market:
In October 2018, Sievo announced the launch of their new Dynamic Benchmarking solution which is specially designed to help the procurement organization to observe category performance, critical financial metrics and peer benchmarks. The main aim is to help the business to analyse their performance and check where they are falling behind. This solution will help them to be more efficient & intelligent so that they can create more revenue.
In October 2018, Mintec announced the launch of their procurement platform which is equipped by Robotic Process Automation whose main aim is to change the relationship between the buyers and sellers. This platform is specially designed to provide information about the key drivers, weather patterns, events etc. which is affecting the price.
Competitive Analysis
Global procurement analytics market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of procurement analytics market for global, Europe, North America, Asia-Pacific and South America.
Major Market Competitors/Players
Few of the major competitors currently working in the global procurement analytics market are SAP SE, Oracle, SAS Institute Inc, Coupa Software Inc., BRIDGEi2i Analytics Solutions, Rosslyn Analytics, JAGGAER, Zycus Inc, Genpact, roactis Holdings Plc, BirchStreet Systems Inc., Tamr, Sievo, Tungsten Corporation plc., Dataction, Proactis Holdings Plc.
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