DUBLIN--(BUSINESS WIRE)--The "Procurement Analytics Global Market Report 2022" report has been added to ResearchAndMarkets.com's offering.
This report provides strategists, marketers and senior management with the critical information they need to assess the global procurement analytics market.
The global procurement analytics market is expected to grow from $3.41 billion in 2021 to $4.07 billion in 2022 at a compound annual growth rate (CAGR) of 19.40%. The procurement analytics market is expected to grow to $8.36 billion in 2026 at a compound annual growth rate (CAGR) of 19.71%.
Major players in the procurement analytics market are SAP, Oracle, Coupa Software, Genpact, Rosslyn Data Technologies, IBM, Cisco, Microsoft Corp, BirchStreet Systems LLC, Sievo, Corcentric, Zycus, Amazon Web Services, Inc, and JAGGAER LLC.
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The procurement analytics market consists of the sales of procurement analytics solutions and services by entities (organizations, partnerships, and sole proprietors) that refers to software, which automates spend analysis and purchase analysis and operates completely organizations' expenditure through an insightful dashboard. These procurement analytics solutions collect data from various sources such as ERPs, process raw data into use-case taxonomies, and display in visualization dashboards.
The main components of procurement analytics are solutions and services. The procurement analytics solutions refer to procurement analytics software and tools that operate on on-premise or cloud platforms.
The key applications of procurement analytics include supply chain analytics, risk analytics, spend analytics, demand forecasting, contract management, vendor management, and category management. They are used by end-use industries ranging from retail and e-commerce, manufacturing, government and defense, healthcare and life sciences, telecom and IT, energy and utilities, banking, financial services, and insurance (BFSI), others.
North America was the largest region in the procurement analytics market in 2021 and is also expected to be the fastest-growing region in the forecast period. The regions covered in the procurement analytics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Growth in e-commerce and the organized retail industry is expected to propel the growth of the procurement analytics market. E-commerce refers to a medium used by customers and vendors to buy or sell goods and services from the Internet from websites, applications and others through computers, tablets, smartphones, and other smart devices. Procurement analytics is widely used by e-commerce giants and organized retail stores, as it offers data-driven analysis of customer behaviours and spending analysis.
For instance, in Dec 2021, according to the Indian brand equity foundation, e-commerce turnover in India reached $50 billion in 2020 and evolved as the eighth-largest market for e-commerce across the globe, and it is predicted to reach $350 billion by 2030. Thus, an increase in usage of e-commerce and the organized retail industry is expected to boost demand for procurement analytics during the forecast period.
Technological advancements such as artificial intelligence (AI) and cognitive computing are gaining popularity in the procurement analytics market. Major companies operating in the procurement analytics sector are focused on developing and implementing new technological solutions such as AI to expand their product portfolio and strengthen their position in the market.
The countries covered in the procurement analytics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
For more information about this report visit https://www.researchandmarkets.com/r/j13qqk
