New York, NY, July 02, 2019 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Procurement Analytics Market By Component (Solutions and Services), By Application Area (Risk Analytics, Supply Chain Analytics, Demand Forecasting, Spend Analytics, Vendor Management, and Contract Management), By Deployment Type (On-Premises and Cloud), By Organization Size (Large Enterprises and SMEs), and By Vertical (Manufacturing, Retail, Healthcare, Government, Energy and Utilities, BFSI, Telecom and IT, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2025’’. According to the report, the global procurement analytics market was around USD 1.5 billion in 2018 and is expected to reach approximately USD 5.6 billion by 2025, at a CAGR of slightly above 20.9% between 2019 and 2025.
Procurement analytics is a process of using quantitative methods to extract actionable insights and result from the gathered data. It requires collecting and using the information to help make decisions based on facts and gaining competitive advantages. It usually reviews the past incidents and makes an estimate, using its analytics-based tools on historical statistics to make future predictions. Rapid growth in technology and automation across numerous industry verticals is driving the global procurement analytics market. Increasing digitalization and rising need for data-driven solutions for several entities for making better decisions based on facts and historical statistics is also influencing the procurement analytics market positively.
Browse through 88 Tables & 40 Figures spread over 201 Pages and in-depth TOC on “Global Procurement Analytics Market Size 2018: By Components, Applications, Industry Share, Growth, Analysis, and Forecast to 2025”.
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Procurement analytics plays a vital role in numerous industry verticals, as it helps in minimizing operating and capital expenses and increasing return on investment (ROI), thereby generating market demand. Additionally, procurement solutions include a variety of modules to accomplish different tasks, such as sourcing analysis, category management, real-time and batch data analysis, compliance and policy management, and financial analysis, which supports the enterprises to grow and take predictive risks by enhancing their performance. However, growing data security concerns across enterprises may hinder the procurement analytics market globally.
The component segment of the market includes solutions and services. On the basis of deployment type, the market includes on-premises and cloud. Cloud-based service is likely to hold a substantial share of the procurement analytics market in the future. By application area, the market is categorized into risk analytics, supply chain analytics, demand forecasting, spend analytics, vendor management, and contract management. The organization size segment of the market includes SMEs and large enterprises. Enterprises play a crucial role in the procurement analytics market and account for a significant market share, owing to the rising procurement analytics solutions demand in small- and medium-sized enterprises. Moreover, the rising concerns of SME management regarding expenditure incurred in deploying on-premises procurement analytics solutions for hiring skilled staff and IT maintenance is also driving the procurement analytics market. The vertical segment of the market comprises telecom and IT, BFSI, energy and utilities, government, healthcare, retail, manufacturing, and others.
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The North American procurement analytics market is expected to hold a notable share globally over the forecast time period, owing to the presence of technologically advanced countries like the U.S and Canada and rising automation and digitalization, and the presence of leading market players, such as Oracle, IBM, SAS, JAGGAER, etc. Moreover, the rising number of business mergers and acquisitions is also anticipated to significantly support this regional market. In addition, SAP upgraded its cloud by adding machine language capabilities to automate various functions, to meet customer requirement, which is further boosting the procurement analytics market in the region.
The European procurement analytics market is driven by the rising procurement analytics solutions demand, increasing automation and cloud-based solutions, and regional expansion of the globally renowned market players.
Browse the full “Procurement Analytics Market By Component (Solutions and Services), By Application Area (Risk Analytics, Supply Chain Analytics, Demand Forecasting, Spend Analytics, Vendor Management, and Contract Management), By Deployment Type (On-Premises and Cloud), By Organization Size (Large Enterprises and SMEs), and By Vertical (Manufacturing, Retail, Healthcare, Government, Energy and Utilities, BFSI, Telecom and IT, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2025” Report at https://www.zionmarketresearch.com/report/procurement-analytics-market
The Asia Pacific procurement analytics market is anticipated to hold a significant share over the projected time period, owing to the growing regional demand for procurement analytics and rising investments made by leading players to develop cloud-based infrastructure in the emerging economies of India and China. Furthermore, small- and medium-sized and large enterprises are opting for procurement analytics due to its cost benefits that help them in surviving competition.
Latin America will show significant growth in the global procurement analytics market in the future, owing to the favorable government initiatives to improve market conditions. The declining number of Brazilian manufacturers in the region will also fuel this market. Moreover, Latin America is a potential market for the implementation of procurement analytics in various industries, such as BFSI, healthcare, manufacturing, and others.
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Additionally, the increasing regional demand for cloud-based procurement analytics is also expected to drive this regional market. The Middle East and Africa are expected to witness moderate market growth over the anticipated timeframe, owing to the increasing adoption and awareness of procurement analytics and the rising demand for software as a service (SaaS) and cloud-based BI solutions.
Some key participants operating in the global procurement analytics market are Oracle, SAP, IBM, Coupa Software, SAS, BRIDGEi2i Analytics, Zycus, Rosslyn Data Technologies, JAGGAER, and Genpact.
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The report segments the global procurement analytics market into:
Global Procurement Analytics Market: Component Analysis
- Solutions
- Services
- Professional Services
- Training and Education
- Consulting
- Support and Maintenance
- Integration and Deployment
- Managed Services
Global Procurement Analytics Market: Application Area Analysis
- Risk Analytics
- Supply Chain Analytics
- Demand Forecasting
- Spend Analytics
- Vendor Management
- Contract Management
Global Procurement Analytics Market: Deployment Type Analysis
- On-Premises
- Cloud
Global Procurement Analytics Market: Organization Size Analysis
- Large Enterprises
- SMEs
Global Procurement Analytics Market: Vertical Analysis
- Manufacturing
- Retail
- Healthcare
- Government
- Energy and Utilities
- BFSI
- Telecom and IT
- Others
Global Procurement Analytics Market: Regional Analysis
- North America
- The U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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