Home Press Releases Procurement Analytics Market Size Worth $20.1 Billion By 2030 | CAGR: 24.6%

Procurement Analytics Market Size Worth $20.1 Billion By 2030 | CAGR: 24.6%

The global procurement analytics market size is expected to reach USD 20.1 billion by 2030, according to a new study by Polaris market research. The report “Procurement Analytics Market Share, Size, Trends, Industry Analysis Report, By Component (Solution, Service); By Deployment; By Application; By Region; Segment Forecast, 2022-2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.

 

The development of procurement analytics technology is expected to be driven by increased enterprise spending on marketing and advertising campaigns, evolving consumer intelligence market dynamics, and the expansion of customer channels. Machine learning and AI increase an organization’s ability to evaluate and make justifiable decisions based on data with the least amount of human input. Business organizations can lower their overall procurement expenses and boost service levels by using the data-driven insights provided by procurement analytics.

 

For instance, on September 2022, introduced the Zycus AI-powered Procure-to-Pay system to transform its procurement process. The eProc solution from Zycus will boost productivity and efficiency in the handling of catalogs, requisitions, and purchase orders. Additionally, the vital information from the invoice documents will be automatically extracted by Zycus’ AI-powered Merlin Invoice Reader. Managing incoming supplier requests and queries will also become easier thanks to Merlin AP Smart Desk.

 

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Due to its ability to provide a data-driven analysis of consumer behavior and spending, procurement analytics is commonly used by e-commerce businesses and organized retail locations. For instance, the Indian Brand Equity Foundation projects that the country’s e-commerce sector will expand by 21.5% in 2022 to reach USD 74.8 billion. By 2030, it is expected that the Indian e-commerce market would be worth USD 350 billion. As a result, it is expected that both organized retail and e-commerce would see an increase in usage throughout the course of the projected time.

 

During the pandemic, companies are implementing the work-from-home module. Businesses are investing less in cutting-edge products and services to maintain profitability. The demand for procurement analytics increased during the pandemic emergency but increased less during the COVID-19 shut down due to the increased reliance of commercial sectors and services on procurement analytics.

 

Procurement Analytics Market Report Highlights

  • In 2021, the solution category is expected to dominate the market due to the growing procurement analytics solution used to develop future estimations from companies using prior data sets.
  • On-premises businesses accounted for the largest market share in 2021. As a result of increasing corporate application software use, the market is predicted to grow more quickly throughout the forecast period.
  • In 2021, supply chain management accounted for the largest revenue share. This is primarily due to the application of procurement, which facilitates the collection, classification, and analysis of expenditure data with specialized software.
  • In 2021, North America is anticipated to garner the largest revenue share, owing to the early adoption of technologies such as analytics and process digitization.
  • The global players include Microsoft, SAP, IBM, Oracle, Cisco, Amazon Web Service, and Birch Street.

 

Polaris Market Research has segmented the procurement analytics market report based on component, deployment, application, and region:

 

Procurement Analytics, Component Outlook (Revenue – USD Billion, 2018 – 2030)

  • Solution
  • Services

Procurement Analytics, Deployment Outlook (Revenue – USD Billion, 2018 – 2030)

  • On-premise
  • Cloud

Procurement Analytics, Application Outlook (Revenue – USD Billion, 2018 – 2030)

  • Spend Analytics
  • Risk Analytics
  • Supply Chain Management
  • Vendor Analytics
  • Contract Management
  • Others

Procurement Analytics, Regional Outlook (Revenue – USD Billion, 2018 – 2030)

  • North America
    • U.S
    • Canada
  • Europe
    • Germany
    • UK
    • France
    • Italy
    • Spain
    • Russia
    • Netherlands
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Indonesia
    • Malaysia
  • Latin America
    • Argentina
    • Brazil
    • Mexico
  • Middle East & Africa
    • UAE
    • Saudi Arabia
    • Israel
    • South Africa

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