Market Outlook

According to Future Market Consulting analysis, Global Procurement Analytics Market size was valued at USD 3.03 Billion in 2021 and is projected to reach USD 18.39 Billion by 2030, growing at a CAGR of 16.15 % from 2022 to 2030.

A wide range of factors, which include increasing promotional and marketing spending by major corporations and the expansion of customer networks, are expected to promote the adoption of procurement analytics services and technology.

it is being driven by the growing need to predict associated risks, lower operating costs, maximize productivity, and execute uninterrupted company growth. It provides businesses with data-driven information on how to enhance quality standards. Analytics tools are increasingly being used in procurement activities like planning, organizing, delivery, manufacturing, and service.

Procurement analytics can even assist with transactional aspects of orders. These analytics can be used to spot errors, purchase requisition turnaround time, and cost-cutting possibilities associated with contract conditions. Using procurement analytics, the user can evaluate payment accuracy, evaluate discount benefits, and observe identical purchases or frauds. It can also be utilized to identify critical procurement event alerts, making it extremely helpful to end users.

Key Players

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

Segmentation

By Component

• Solutions
• Services

By Deployment Mode

• Cloud
• On-Premises

By Organization Size

• Large Organizations
• Small & Medium Sized Organization

By Vertical

• BFSI
• Retail & E-commerce
• Telecom & IT
• Manufacturing
• Healthcare & Life Science
• Energy & Utilities
• Government & Defense

By Applications

• Supply Chain Analytics
• Risk Analytics
• Spending Analytics
• Demand Forecasting
• Contract Management
• Vendor Management
• Category Management

By Region

• North America (US, Canada, Mexico);
• Europe (UK, Germany, France, Italy, Spain, Rest of Europe);
• Asia Pacific (China, India, Japan, South Korea, Rest of Asia Pacific);
• Middle East & Africa (GCC, South Africa, Rest of Middle East & Africa);
• South America (Brazil, Argentina, Rest of South America);