LONDON--(BUSINESS WIRE)--The global procurement analytics market is expected to post a CAGR of almost 20% during the period 2019-2023, according to the latest market research report by Technavio.
A key factor driving the growth of the global procurement analytics market is the rising need to improve business efficiency. With the growing number of connected devices across the manufacturing and healthcare industry, there has been a significant amount of data generation in recent years. Enterprises across the globe are using procurement analytics to optimize procurement costs and boost revenues. This has also helped companies create new opportunities by reducing errors and failure rates. In addition, the procurement analytics solutions also help identify business risks and trends, which helps to speed up the management and planning of complex contracts and projects. Furthermore, procurement solutions help in organizing and managing supplier information, while minimizing risks, providing better visibility, and enhancing accuracy. Therefore, the increasing need to improve business efficiency will boost the demand for procurement analytics solutions over the next few years.
As per Technavio, the growing demand for e-procurement will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global procurement analytics market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global procurement analytics market: Growing demand for e-procurement
Electronic procurement (E-procurement) is an emerging process of selling and purchasing services or goods through electronic methods over the Internet. Enterprises are opting for e-procurement platforms as they help in reducing additional costs incurred by deploying middle men and handling irregularities in the procurement process. E-procurement solutions also enable the automation of the whole process, which allow enterprises to reduce the hassles involved in the manual procurement process. Thus, with the growing demand for e-procurement, the need for procurement analytics is likely to surge considerably in the forthcoming years.
“Procurement analytics with e-procurement enables enterprises to identify qualified vendors and forecast demand based on historical patterns. The rising use of e-procurement solutions increases efficiency and predictability. Predictive analytics enables enterprises to develop appropriate strategies and business decisions. Therefore, the increased use of e-procurement will fuel the procurement analytics market demand in the forthcoming years,” says a senior research analyst at Technavio.
Global procurement analytics market: Segmentation analysis
This market research report segments the global procurement analytics market by deployment (on-premises, and cloud-based) and geographic regions (North America, Europe, APAC, MEA, and South America).
North America led the market in 2018, followed by Europe, APAC, MEA, and South America respectively. The market growth in North America can be attributed to the growing use of procurement analytics by the healthcare and retail sectors in the US. Furthermore, the increasing demand for procurement analytics from other industries including the aerospace and automotive sector will foster market growth during the forecast period.
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Some of the key topics covered in the report include:
Market Landscape
- Market ecosystem
- Market characteristics
- Market segmentation analysis
Market Sizing
- Market definition
- Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
- Regional comparison
- Key leading countries
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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