Pune, India, Oct. 16, 2023 (GLOBE NEWSWIRE) -- According to Fortune Business Insights, global procurement analytics market size was valued at USD 3.36 billion in 2022 and is projected to reach USD 16.14 billion by 2030, exhibiting a CAGR of 21.9% during the forecast period. Rising Demand for Procurement Automation and Digitalization to Proliferate Market Growth. Fortune Business Insights™ provides this information in its research report, titled “Procurement Analytics Market Forecast, 2023-2030
The expansion can be credited to the growing expenditure by businesses on advertising and marketing activities. Procurement analytics helps in business development, managing resources, planning strategies, and other aspects.
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Key Industry Development:
June 2023- RENK entered a partnership with Ivalua to consolidate and digitalize its procurement operations. This move would help RENK improve its risk and performance monitoring ability across its supplier base. It would also provide the company with vital insights to meet ESG requirements and ensure compliance with local regulations.
Key Takeaways
- On-premise Segment to Dominate Owing to the Local Security Control Feature
- Increased Product Adoption amid the Pandemic Positively Impacted the Market Growth
- Rising Demand for Procurement Automation and Digitization is the Latest Trend
- By Enterprise Type Analysis: Large Enterprises Segment Dominated due to Rising Product Usage for Vendor Management
Discover the Leading Players Featured in the Report:
“Companies leading the Procurement Analytics Market share are SAP (Germany), Oracle Corporation (U.S.), SAS Institute (U.S.), GEP (U.S.), Coupa Software Inc. (U.S.), Rosslyn Data Technologies Plc (U.K.), Simfoni (U.S.), JAGGAER (U.S.), Corcentric, Inc. (U.S.), Ivalua Inc. (France)”
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 21.9% |
| 2030 Value Projection | USD 16.14 Billion |
| Base Year | 2022 |
| Procurement Analytics Market Size in 2022 | USD 3.36 Billion |
| Historical Data for | 2019 to 2021 |
| No. of Pages | 160 |
| Segments covered | Deployment Mode, Application, Enterprise Type, End-user and Geography |
Browse Complete Report Details:
https://www.fortunebusinessinsights.com/procurement-analytics-market-108496
Drivers and Restraints:
Surging Demand for Procurement Automation and Digitalization to Impel Market Growth
One of the major factors driving the procurement analytics market growth is the rising demand for procurement automation and digitization. Supplier collaboration tools, predictive analytic capabilities, and strategic sourcing tools are being used by businesses to automate manual tasks, boost productivity, and fasten the procurement process. This factor is escalating the market expansion.
Despite such growth opportunities, the issues pertaining to data inconsistency may impede market growth.
Segments:
By Deployment Mode
- On-Premise
- Cloud
By Application
- Supply Chain Management
- Risk Analytics
- Spend Analytics
- Vendor Management
- Contract Management
- Others
By Enterprise Type
- Large Enterprises
- Small & Medium Enterprises
By End-user
- Manufacturing
- Retail and Consumer Goods
- BFSI
- Transportation and Logistics
- Healthcare and Life Sciences
- Others
By Region
- North America
- South America
- Europe
- Middle East & Africa
- Asia Pacific
Regional Insights:
North America Dominated the Market Owing to Surge in Expenditure on Risk Management
North America registered the highest procurement analytics market share in 2022. The regional growth can be attributed to the growing expenditure on supply chain management analysis, vendor analytical solutions, and risk management. In addition, technologies, such as analytics, have been adopted early in the region.
The Asia Pacific market is anticipated to expand at the highest CAGR during the forecast period. The growing deployment of IoT and data analytics in manufacturing processes is driving regional expansion.
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Competitive Landscape:
Notable Companies Focus on Entering Partnerships to Diversify their Offerings
Prominent market players are deploying competitive strategies such as joint ventures, product innovations, collaborations, and others. Several companies are also focusing on partnership strategies to offer diversified products.
FAQ’s
How large is the Procurement Analytics Market?
Procurement Analytics Market size was USD 3.36 billion in 2022.
How fast is the Procurement Analytics Market growing?
The Procurement Analytics Market will exhibit a CAGR of 21.9% during the forecast period, 2023-2030.
Related Reports:
Procurement Software Market Size, Share, Trends, Analysis
Supply Chain Management Market Size, Share, Growth, Trends
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Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them to address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.
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