Global Procurement Analytics Market Size Revenue Expected to Surpass USD 20.1 Billion By 2030, at 24.6% CAGR: Polaris Market Research

NEW YORK, Dec. 8, 2022 /PRNewswire/ -- Polaris Market Research recently published [115+ Pages] research report on "Procurement Analytics Market Share, Size, Trends, Industry Analysis Report, By Component (Solution, Service); By Deployment; By Application; By Region; Segment Forecast, 2022-2030" in its research database.

According to the research report, the global procurement analytics market size & share was valued at USD 2.78 billion in 2021 and is expected to reach USD 20.1 Billion by 2030, growing at a CAGR of 24.6% during the forecast period.

What is Procurement Analytics? How Big is Procurement Analytics Market Size & Share?

• Overview

Procurement analytics is the process of obtaining and assessing procurement data to develop a set of actionable insights and make effective decisions. It involves the use of quantitative and analytical methods that helps in increasing value and enhancing operations. The process analyzes the historical data and provides estimations using predictive analytics for future.

Companies have now recognized the value of analytics and have adopted procurement analytics in one form or another. The process supports fact-based decision-making and gains strategic and competitive advantages. Descriptive analytics, diagnostic analytics, predictive analytics, and prescriptive analytics are the common types of analysis in procurement. The increased focus on enhancing placed on improving the operational performance of procurement procedures drives the procurement analytics market growth.

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(The sample of this report is readily available on request. The report sample contains a brief introduction to the research report, Table of Contents, Graphical introduction of regional analysis, Top players in the market with their revenue analysis and our research methodology.)

Important Details Provided by The Report

• Precise market size estimations of the industry
• Direct and indirect factors that have a profound effect on the industry
• Analysis of the challenges, threats, and how to tackle these situations.
• List of the top players in the market with an explanation of strategies on manufacturing, distribution, marketing, and more used by them.
• It elaborates the collected data, statistical analysis, strategies on development and sustainability, planning, and investment.

Some of the Top Market Players Are:

• Microsoft
• SAP
• IBM
• Oracle
• Cisco
• Amazon Web Service
• Birch Street
• Genpact
• Rosslyn Data Technologies
• SAS Institute
• Coupa Software
• Rosslyn Data Technologies
• Zycus

For Additional Information on Market Players and Detail List, Download a Report PDF Brochure

Growth Driving Factors

• Growing demand for cloud-based procurement solutions is likely to flourish the market growth

Rising awareness about the benefits of these procedures, such as precise supply chain projections, better decision models, and low cost, is fueling procurement analytics tools. Growing spending on marketing and advertising activities by various companies and changing customer needs are anticipated to propel the procurement analytics industry growth. Increasing technological developments such as IoT and big data are expected to create growth opportunities in the procurement analytics market.

Moreover, the need to identify risks and losses, reduce operating costs, enhance productivity, and implement ongoing business growth is driving an increase in the use of procurement analytics. Procurement processes have increased the adoption of analytics tools while improving actionable insights in the organization. In addition, rising demand for data-driven solutions coupled with a surge in demand for cloud-based procurement solutions is lifting the procurement analytics market size.

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Recent Developments

• In September 2021, Japan Cloud and Coupa Software announced a strategic partnership to create Coupa K.K which is a joint venture to grow business in Japan through Business Spend Management.

Segmental Analysis

• The solution category is projected to acquire the largest revenue share

Based on component, the solution category accounted for the highest procurement analytics market share in 2021. This is because procurement processes are often used in procurement analytics systems to provide a future prediction based on historical data, which aids management staff in making effective decisions about overall procurement. In addition, the rising requirement for well-established procurement analytics solutions for determining vendor relationships and purchasing decisions is fueling segment growth.

• The on-premise segment will capture the greatest revenue share

On the basis of deployment, the on-premise segment will hold the largest market share in the procurement analytics market over the forecast period owing to the increasing adoption of enterprise application software. Factors such as local security control and data protection linked with local security control and data protection majorly boost the segment growth in the market. Further, growing development strategies by market participants to establish a stronger regional presence are anticipated to propel the market expansion.

For More Research Related Queries, Speak to Our Research Analyst @ https://www.polarismarketresearch.com/industry-analysis/procurement-analytics-market/speak-to-analyst

Procurement Analytics Market: Report Scope

Also Read, Press Release: Procurement Analytics Market Size Worth $20.1 Billion By 2030 | CAGR: 24.6%

Geographic Overview

• The demand in North America is projected to dominate the market

In terms of geography, the procurement analytics market in North America is anticipated to witness the major share and is expected to retain its dominance throughout the projection period. The market is growing because new enterprises are entering the market to attract new clients and establish customer trust to gain a competitive advantage. For instance, in May 2021, IBM introduced Watson AIOps, an AI-based platform that automates how enterprises self-identify, diagnose, and react to IT abnormalities in real-time. Automation in IT Operations is provided for Watson AIOps Version 3.1 and its new features.

Browse the Detail Report "Procurement Analytics Market Share, Size, Trends, Industry Analysis Report, By Component (Solution, Service); By Deployment; By Application; By Region; Segment Forecast, 2022-2030" with in-depth TOC: https://www.polarismarketresearch.com/industry-analysis/procurement-analytics-market

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Procurement Analytics Market Report Highlights

• In 2021, the solution category is expected to dominate the market due to the growing procurement analytics solution used to develop future estimations from companies using prior data sets.
• On-premises businesses accounted for the largest market share in 2021. As a result of increasing corporate application software use, the market is predicted to grow more quickly throughout the forecast period.
• In 2021, supply chain management accounted for the largest revenue share. This is primarily due to the application of procurement, which facilitates the collection, classification, and analysis of expenditure data with specialized software.
• In 2021, North America is anticipated to garner the largest revenue share, owing to the early adoption of technologies such as analytics and process digitization.

Polaris Market Research has segmented the procurement analytics market report based on component, deployment, application, and region:

By Component Outlook

• Solution
• Services

By Deployment Outlook

• On-premise
• Cloud

By Application Outlook

• Spend Analytics
• Risk Analytics
• Supply Chain Management
• Vendor Analytics
• Contract Management
• Others

By Region Outlook

• North America (U.S., Canada)
• Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
• Asia Pacific (Japan, China, India, Malaysia, Indonesia, South Korea)
• Latin America (Brazil, Mexico, Argentina)
• Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)

About Polaris Market Research

Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for PMR's clientele spread across different enterprises. We at Polaris are obliged to serve PMR's diverse customer base present across the industries of healthcare, technology, semi-conductors and chemicals among various other industries present around the world. We strive to provide PMR's customers with updated information on innovative technologies, high growth markets, emerging business environments and latest business-centric applications, thereby helping them always to make informed decisions and leverage new opportunities. Adept with a highly competent, experienced and extremely qualified team of experts comprising SMEs, analysts and consultants, we at Polaris endeavor to deliver value-added business solutions to PMR's customers.

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SOURCE Polaris Market Research