Global $4.11 Bn Procurement Analytics Market Forecast to 2023 - Advent of ML and AI in the Procurement Process & Growing Demand for Cloud-Based Analytical Solutions

DUBLIN, May 17, 2019 /PRNewswire/ -- The "Procurement Analytics Market by Component, Application Area (Supply Chain Analytics, Risk Analytics, Spend Analytics, Demand Forecasting, and Contract Management), Deployment Type, Organization Size, Vertical, and Region - Global Forecast to 2023" report has been added to ResearchAndMarkets.com's offering.

The global procurement analytics market size is expected to grow from USD 1,626.7 million in 2018 to USD 4,111.4 million by 2023, at a Compound Annual Growth Rate (CAGR) of 20.4% from 2018 to 2023.

The market growth can be attributed to the increasing awareness of procurement solutions and rising investments in procurement analytics solutions by global organizations operating across verticals.

Procurement analytics is the process of deriving real-time and actionable insights through predictive analytics, which help enterprises derive meaningful insights from historical data and forecast futuristic data to enhance their decision-making capabilities. It is the practice of extracting meaningful information from the present as well as historical data sets.

This practice determines data patterns and predicts future outcomes and trends. Predictive models and analyses are used to estimate future probabilities with an acceptable level of consistency. The procurement analytics solutions rely on predictive methodologies to solve the complex business problems involved in procurement. Procurement analytics solutions and services help enterprises in various application areas, which include supply chain analytics, risk analytics, spend analytics, demand forecasting, contract management, and vendor management.

Market Dynamics

Drivers

• Increasing Focus on Enhancing Procurement Channels' Operational Efficiencies
• Imminent Need to Handle Compliance Policies and Contracts
• Organizations' Struggle to Sustain Their Position in the Competitive Environment

Restraints

• Growing Concerns Over Data Security Across Enterprises
• Complexities in Streamlining the Processes and Concerns Regarding Data Privacy

Opportunities

• Advent of ML and AI in the Procurement Process
• Growing Demand for Cloud-Based Analytical Solutions

Challenges

• Lack of Analytical Expertise
• Reluctance to Adopt Advanced Analytical Technologies

Regulatory Implications

• Sarbanes-Oxley Act of 2002
• General Data Protection Regulation
• Government Procurement Agreement

Use Cases

• Adoption of Procurement Analytics Solutions for Improving the Productivity and Optimizing Issues
• Leading Chemical Firm Adopted Procurement Analytics Solution for Improved Reporting and Efficiency of the Process
• Implementation of Procurement Analytics Solutions By A Packaging Manufacturer Firm to Handle ITs Procurement and Spend Portfolios

Innovation Spotlight

• Latest Innovations in Procurement Analytics

Analytics Types

The key players in the global procurement analytics market include vendors such as

• BirchStreet
• BRIDGEi2i
• Coupa Software
• Genpact
• JAGGAER
• Oracle
• Proactis
• Rosslyn Data Technologies
• SAP
• SAS
• Sievo
• Simfoni
• Tamr
• Zycus

For more information about this report visit https://www.researchandmarkets.com/r/y0ph29

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