Procurement analytics uses quantitative methods to wring out more value from purchase data for better negotiation, product pricing, and vendor management. The market is growing as individuals, small & medium scale enterprises, and large enterprises are adopting procurement analytics to improve their efficiency and productivity.
MARKET SCOPE
The "Global Procurement Analytics Market Analysis to 2028" is a specialized and in-depth study with a special focus on the global market trend analysis. The report aims to provide an overview of the procurement analytics market with detailed market segmentation by application, deployment, industry vertical, and geography. The report provides key statistics on the market status of the leading procurement analytics market players and offers key trends and opportunities in the market.
MARKET SEGMENTATION
- Based on application, the global procurement analytics market is segmented into supply chain analytics, risk analytics, spend analytics, demand forecasting, contract management, and vendor management.
- On the basis of deployment, the market is segmented into cloud and on premises.
- Based on industry vertical, the market is segmented into retail and e commerce, manufacturing, government and defense, healthcare and life sciences, telecom and IT, energy and utility, and banking financial services and insurance.
MARKET DYNAMICS
Drivers:
- Rapid advances in technology, digital innovation increased the need for data-driven solutions to aid them in better decision-making and this is likely to propel the business of companies operating in the procurement analytics market.
- Also, the increasing demand for sustainable solutions which facilitates in raising operational efficiency is expected to drive the procurement analytics market. On the other hand, the concern over data security and data privacy is negatively impacting on market growth.
Restraints:
- The adoption of machine learning and artificial intelligence and the need for cloud-based analytical solution are expected to create new opportunities for procurement analytics market globally.
REGIONAL FRAMEWORK
The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global market based on various segments. It also provides market size and forecast estimates from the year 2019 to 2028 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), the Middle East and Africa (MEA), and South America. The procurement analytics market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.
The report analyzes factors affecting the market from both demand and supply side and further evaluates market dynamics affecting the market during the forecast period i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive PEST analysis for all five regions namely; North America, Europe, APAC, MEA, and South America after evaluating political, economic, social and technological factors affecting the procurement analytics market in these regions.
IMPACT OF COVID-19 ON PROCUREMENT ANALYTICS MARKET
COVID-19 first began in Wuhan (China) during December 2019 and since then it has spread at a fast pace across the globe. The US, India, Brazil, Russia, France, the UK, Turkey, Italy, and Spain are some of the worst affected countries in terms confirmed cases and reported deaths. The COVID-19 has been affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. Shutdown of various plants and factories has affected the global supply chains and negatively impacted the manufacturing, delivery schedules, and sales of products in global market. Few companies have already announced possible delays in product deliveries and slump in future sales of their products. In addition to this, the global travel bans imposed by countries in Europe, Asia-Pacific, and North America are affecting the business collaborations and partnerships opportunities.
MARKET PLAYERS
The report covers key developments in the procurement analytics market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals and others such as patents and events. Inorganic growth strategies activities witnessed in the market were acquisitions, and partnership & collaborations. These activities have paved way for the expansion of business and customer base of market players. The market players from procurement analytics market are anticipated to lucrative growth opportunities in the future with the rising demand in the global market.
The report also includes the profiles of key companies along with their SWOT analysis and market strategies in the procurement analytics market. In addition, the report focuses on leading industry players with information such as company profiles, components, and services offered, financial information of the last 3 years, the key development in the past five years.
- BRIDGEi2i Analytics Solutions
- Coupa Software Inc
- Genpact
- JAGGAER
- Oracle
- Proactis Holdings Limited.
- Rosslyn Data Technologies.
- SAP
- SAS Institute Inc
- Zycus Inc.