Global Procurement Analytics Market is expected to rise from its initial estimated value of USD 1.67 billion in 2018 to an estimated value of USD 7.38 billion by 2026, registering a CAGR of 20.42% in the forecast period of 2019-2026. Increasing demand for cloud based analytical solutions is driving the market.
Procurement analytics is a technique which is used to get useful information and conclusion from the data which will help the company to make right decisions and improve their business. It usually uses the data of the historic year so that it can analyse it and predict the future trends. These techniques help the business to decrease their operation cost, save money and decrease the risk factors.
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Global procurement analytics market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of procurement analytics market for global, Europe, North America, Asia-Pacific and South America.
Major Market Competitors/Players
Few of the major competitors currently working in the global procurement analytics market are SAP SE, Oracle, SAS Institute Inc, Coupa Software Inc., BRIDGEi2i Analytics Solutions, Rosslyn Analytics, JAGGAER, Zycus Inc, Genpact, roactis Holdings Plc, BirchStreet Systems Inc., Tamr, Sievo, Tungsten Corporation plc., Dataction, Proactis Holdings Plc.
Segmentation: Global Procurement Analytics Market
- By Component (Solutions, Services)
- By Application Area (Supply Chain Analytics, Risk Analytics, Spend Analytics, Demand Forecasting, Contract Management, Vendor Management)
- By Deployment Type (Cloud, On- Premises)
- By Organization Type (Small and Medium-Sized Enterprises, Large Enterprises)
- By Vertical (Retail and eCommerce, Manufacturing, Government and Defense, Healthcare and Life Sciences, Telecom and IT, Energy and Utilities, Banking, Financial Services, and Insurance, Others)
- By Geography (North America, South America, Europe, Asia-Pacific, Middle East and Africa)
- Rising demand for cloud based analytical solutions is driving the growth of this market
- Increasing focus on augmenting the ability of procurement channels is driving the market
- Lack trained and skilled analytical professionals is restraining the growth of this market
- Increasing awareness towards data security is another factor restraining market
Key Insights in the report:
- Complete and distinct analysis of the market drivers and restraints
- Key market players involved in this industry
- Detailed analysis of the market segmentation
- Competitive analysis of the key players involved
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