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
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)
Procurement Analytics, Deployment Outlook (Revenue - USD Billion, 2018 - 2030)
Procurement Analytics, Application Outlook (Revenue - USD Billion, 2018 - 2030)
Procurement Analytics, Regional Outlook (Revenue - USD Billion, 2018 - 2030)