Reports and Data’s latest document, titled ‘Global Procurement Analytics Market - Forecast to 2027,’ is one of the most sought-after market reports involving an in-depth analysis of the global Procurement Analytics market. The report’s authors have offered necessary details on the latest Procurement Analytics market trends and the crucial parameters impacting both short-term and long-term market growth. Its panoramic view of the Procurement Analytics industry entails useful insights into the estimated Procurement Analytics market size, revenue share, and sales distribution networks. Such helpful market insights are bound to help readers outline this industry’s key outcomes in the near future. Those are further intended to assist businesses involved in this sector in sound decision-making and formulating lucrative business plans. The primary addressees of this report include some of the globally renowned venture capitalists. The report offers these individuals a vivid description of the competitive spectrum of the global Procurement Analytics market.
Our experienced market research team has provided updated information on the ongoing COVID-19 pandemic and its adverse economic impact in the latter segment of the report. The coronavirus outbreak has led to drastic changes in the current Procurement Analytics business landscape, limiting the growth opportunities for various manufacturers and buyers for the next few years. Besides making speculations about the market’s post-COVID-19 scenario, the report discusses its existing situation. The report eventually offers conclusive data related to the Procurement Analytics market growth assessed on both regional and global levels.
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The procurement analytics market has emerged as a critical component of modern business operations, enabling organizations to gain valuable insights and optimize their procurement processes. Procurement analytics involves the use of advanced data analytics techniques to analyze procurement data, identify patterns, and make data-driven decisions. This market has witnessed significant growth in recent years, driven by various factors.
The global procurement analytics market size was USD 3.17 Billion in 2022 and is expected to register a revenue CAGR of 25.5% during the forecast period, according to the latest analysis by Emergen Research. One of the key drivers of the procurement analytics market is the increasing complexity of supply chains. With globalization and the expansion of businesses into new markets, supply chains have become more intricate, involving multiple suppliers, vendors, and stakeholders. Procurement analytics provides organizations with the ability to analyze vast amounts of data from various sources, such as supplier performance, pricing trends, and market dynamics. This enables them to gain a holistic view of their supply chains and make informed decisions to optimize procurement processes.
Moreover, the growing adoption of digital technologies and the Internet of Things (IoT) has generated a massive amount of data across different business functions, including procurement. This data explosion has created a need for advanced analytics tools and techniques to extract meaningful insights. Procurement analytics solutions offer organizations the ability to harness this data and derive actionable intelligence, leading to improved cost savings, supplier management, and risk mitigation.
However, despite the positive growth prospects, the procurement analytics market also faces certain restraints. One of the major challenges is the lack of skilled professionals in the field of data analytics. The successful implementation of procurement analytics requires expertise in data management, statistical analysis, and data visualization. The shortage of skilled professionals with these capabilities poses a significant barrier to market growth, as organizations struggle to find the right talent to leverage the full potential of procurement analytics.
Additionally, data security and privacy concerns act as restraints to the adoption of procurement analytics solutions. Procurement data often contains sensitive information, such as pricing details, contract terms, and supplier performance metrics. Organizations need to ensure that their data is protected from unauthorized access and breaches. The implementation of robust data security measures and compliance with data protection regulations becomes crucial in the procurement analytics space.
According to a report published by the United States Department of Commerce, the value of goods and services procured by the federal government in the United States exceeded $586 billion in 2020. This significant expenditure highlights the need for effective procurement strategies and the potential for the adoption of procurement analytics solutions in the public sector.
Furthermore, a study conducted by the European Commission revealed that public procurement accounts for approximately 14% of the European Union's GDP. This statistic emphasizes the importance of efficient procurement processes and the potential for the adoption of procurement analytics solutions across European countries.
Market Scope:
One of the report’s central components is the broad Procurement Analytics market segmentation that includes the product type gamut, application spectrum, end-user industry landscape, significant geographical regions, and the top market contenders. The report contains unbiased industry expert opinions on the current market scenario, past market performance, production consumption rates, demand supply ratio, and revenue generation forecasts over the estimated period. The key players’ financial positions, along with their gross profits, sales volumes, sales revenue, manufacturing costs, and other financial ratios, have been accurately gauged in the report. Furthermore, several analytical tools like investment assessment, SWOT analysis, and Porter’s Five Forces Analysis have been implemented by our analysts’ team to evaluate the production and distribution capacities of the Procurement Analytics market players.
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- Report Overview
1.1 Research Scope
1.2 Key Procurement Analytics market segments
1.3 Major players
1.4 Market analysis by product
1.5 Market analysis by application
1.6 Report timeline
Top competitors of the Procurement Analytics Market profiled in the report include:
Oracle, SAP, SAS Institute Inc., Genpact, IBM, Microsoft, Cisco Systems, Inc., Coupa Software Inc., Amazon Web Services, Inc. and GEP
Emergen Research has segmented the global Procurement Analytics on the basis of product, fitting, application, and region:
Component Outlook (Revenue, USD Billion; 2019-2032)
- Services
- Solutions
Deployment Outlook (Revenue, USD Billion; 2019-2032)
- On-premises
- Cloud
Organization Size Outlook (Revenue, USD Billion; 2019-2032)
- Small and Medium-sized Enterprises (SMEs)
- Large enterprises
Regional Analysis of the Procurement Analytics Market:
- North America (U.S., Canada)
- Europe (U.K., Italy, Germany, France, Rest of EU)
- Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Rest of Latin America)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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Key questions addressed in the report:
- What are the key factors driving the global Procurement Analytics market?
- Who are the key manufacturers in this market space?
- Who are the distributors, traders and dealers of this market?
- What are the market opportunities and risks affecting the performance of the vendors in the global Procurement Analytics market?
- What are the sales and revenue estimations for the top manufacturers in this market over the projected timeline?
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Procurement Analytics Snapshots
About Us:
Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyse consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.
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