Global Procurement Analytics Market Research Report—Forecast till 2027

Global Procurement Analytics Market Research Report: by Component [Solutions (Category Management, Vendor Management, Spend Analytics, Contract Management), Services], by Deployment (Cloud), by Organization Size, and by Industry Vertical—Forecast till 2027

ID: MRFR/ICT/6213-HCR | February 2021 | Region: Global | 100 pages

Please note that the assessment period of report has been updated from 2019-2024 to 2020-2027. Cordially fill the sample form for updated data.

Market Synopsis


Rapid advances in technology, digital innovation, and robust cloud infrastructure have increased the need for data-driven solutions for enterprises to aid them in better decision-making. Thus, analytics plays a critical role in the enterprises that enable them, to minimize the capital and operational expenditure and increases the return on investments (ROI) significantly.


Procurement analytics is a software tool that offers quantitative methods to derive actionable insights and outcomes from datasets. The procurement analytics provide comprehensive information about the historical data, and with the help of predictive analytical tools enables enterprises to forecast future trends. These quantitative data allows enterprises with data-driven decision-making to gain a competitive advantage in the market. Moreover, implementing analytics in the procurement process, allows enterprises to achieve better visibility and control over expenses.


Integration of analytics with technological trends such as the Internet of Things (IoT) and cognitive computing is likely to propel the adoption of the procurement process for highly insightful decision-making. Thus, rising need for highly efficient solutions for the procurement process to increase the operational efficiency is expected to drive the procurement analytics market during the assessment period. Also, surge in demand for cloud-based procurement solutions and rise in demand for data-driven solutions is likely to drive the procurement analytics market during the forecast period.


On the other hand, lack of secured solutions, privacy concerns, and lack of technical expertise are some of the factors that hinder the growth of the procurement analytics market over the next few years.


The global procurement analytics market valued USD 2.03 billion and is expected to register a CAGR of 21.4% during the forecast period to reach USD 7.90 billion by 2024.
procurement analytics market


Segmentation


The global procurement analytics market has been segmented based on component, deployment mode, organization size, and industry vertical.


By component, the global procurement analytics market has been divided into solutions and services. The solutions segment has been sub-divided into spend analytics, sourcing, vendor management, invoicing analytics, contract management, category management, and others. Furthermore, the services segment has been further bifurcated into professional services and managed services.


Based on deployment mode, the global procurement analytics market has been bifurcated into on-premise and cloud.


Based on organization size, the global procurement analytics market categorized as small and medium-sized enterprises (SMEs) and large enterprises.


On the basis of industry vertical, the global procurement analytics market has been divided into banking, financial services and insurance (BFSI), healthcare and life sciences, telecom and IT, retail and e-commerce, energy and utilities, and others.


Regional Analysis


Geographically, the global procurement analytics market has been categorized into North America, Europe, Asia-Pacific, the Middle East and Africa, and South America.


North America led the procurement analytics market in 2018, however, Asia-Pacific is expected to be the fastest growing market from 2019 to 2024. Europe is expected to attain the second spot in the procurement analytics market in terms of market share during the assessment period.


North America accounted for the largest market share in 2018 and expected to dominate the global procurement analytics market during the forecast period. The market growth can be attributed to the early adoption of analytics solution in the procurement process by the enterprises and the presence of market giants such as SAS Institure, Inc., IBM Corporation, and Oracle Corporation.


Asia-Pacific is expected to be the fastest growing segment in the procurement analytics market during the assessment period. The market growth is attributed to heavy investments by the vendors to develop robust cloud infrastructure in emerging economies such as China, India, and other South East Asian countries.


Key Players


Some of the key players in the global procurement analytics market include IBM Corporation. (US), SAP SE (Germany), Oracle Corporation (US), Tamr (US), Zycus Inc. (US), SAS Institute Inc.,(US), Genpact (UK),. BRIDGEi2i Analytics (India), Sievo (Finland), Dataction (India), Tungsten Corporation plc (UK), Rosslyn Data Technologies (UK), Simfoni (US), BirchStreet (US), Proactis (UK). The key strategies adopted by most of the players are partnerships, agreements, collaborations, and solutions launch to gain a significant market share in the procurement analytics market during the forecast period.


Competitive Analysis


The vendors operating in the procurement analytics are majorly from the US and Europe. The market players are witnessing a collaborative approach to expand its business through new product development and integrating disruptive technologies such as artifical intelligence (AI), machine learning (ML). The players are focusing on expanding their customer base across the world by adopting various organic and inorganic growth strategies.


Intended Audience


Procurement Analytics solutions providers


Systems integrators


Cloud services providers


Government organizations


Retail Vendors


Local/Government Agencies


Supply Chain Analytics Services Providers


Cloud Service Providers


IT Providers


Value-added Resellers


Cloud Infrastructure Agencies


Research Firms


Software Vendors



Frequently Asked Questions (FAQ) :


The procurement analytics market is supposed to augment at 21.4% CAGR.

The segments of the procurement analytics market covered on the basis of industry vertical are energy and utilities, telecom and IT, healthcare and life sciences, retail and e-commerce, banking financial services and insurance (BFSI), and others.

Lack of secured solutions can check the expansion of the procurement analytics market in the coming years.

IBM Corporation. (US), Oracle Corporation (US), SAP SE (Germany), Tamr (US), SAS Institute Inc., (US), Zycus Inc. (US), Genpact (UK), Sievo (Finland), BRIDGEi2i Analytics (India), Dataction (India), Rosslyn Data Technologies (UK), Tungsten Corporation plc (UK), BirchStreet (US), Simfoni (US), and Proactis (UK) are the key players of the procurement analytics market.

TABLE OF CONTENTS

1 Executive Summary

1.1 Market Attractiveness Analysis

1.1.1 Global Procurement Analytics Market, by Component

1.1.2 Global Procurement Analytics Market, by Deployment Mode

1.1.3 Global Procurement Analytics Market, by Organization Size

1.1.4 Global Procurement Analytics Market, by Industry Vertical

1.1.5 Procurement Analytics Market, by Region

2 Scope of the Report

2.1 Market Definition

2.2 Scope of the Study

2.3 Market Structure

3 Market Research Methodology

3.1 Research Process

3.2 Primary Research

3.3 Secondary Research

3.4 Market Size Estimation

3.5 Forecast Model

3.6 List of Assumptions

4 Market Insights

5 Industry Overview of the Global Procurement Analytics Market

5.1 Introduction

5.2 Drivers

5.2.1 Drivers: Impact Analysis

5.3 Restraints

5.2.2 Restraints: Impact Analysis

5.4 Opportunities

6 Market Factor Analysis

6.1 Porter’s Five Forces Analysis

6.1.1 Threat of New Entrants

6.1.2 Bargaining Power of Suppliers

6.1.3 Bargaining Power of Buyers

6.1.4 Threat of Substitutes

6.1.4 Segment Rivalry

6.2 Value Chain/Supply Chain of the Global Procurement Analytics Market

7. Global Procurement Analytics Market, by Component

7.1 Introduction

7.2 Solutions

7.2.1 Spend Analytics

7.2.1.1 Market Estimates & Forecast, 2020–2027

7.2.1.2 Market Estimates & Forecast, by Region, 2020–2027

7.2.2 Sourcing

7.2.2.1 Market Estimates & Forecast, 2020–2027

7.2.2.2 Market Estimates & Forecast, by Region, 2020–2027

7.2.3 Vendor Management

7.2.3.1 Market Estimates & Forecast, 2020–2027

7.2.3.2 Market Estimates & Forecast, by Region, 2020–2027

7.2.4 Invoicing analytics

7.2.4.1 Market Estimates & Forecast, 2020–2027

7.2.4.2 Market Estimates & Forecast, by Region, 2020–2027

7.2.5 Category management

7.2.5.1 Market Estimates & Forecast, 2020–2027

7.2.5.2 Market Estimates & Forecast, by Region, 2020–2027

7.2.6 Others

7.2.6.1 Market Estimates & Forecast, 2020–2027

7.2.6.2 Market Estimates & Forecast, by Region, 2020–2027

7.3 Services

7.3.1 Professional Services

7.3.1.1 Market Estimates & Forecast, 2020–2027

7.3.1.2 Market Estimates & Forecast, by Region, 2020–2027

7.3.2 Managed Services

7.3.2.1 Market Estimates & Forecast, 2020–2027

7.3.2.2 Market Estimates & Forecast, by Region, 2020–2027

8. Global Procurement Analytics Market, by Deployment Type

8.1 Introduction

8.2 On-Premise

8.2.1 Market Estimates & Forecast, 2020–2027

8.2.2 Market Estimates & Forecast, by Region, 2020–2027

8.3 Cloud

8.3.1 Market Estimates & Forecast, 2020–2027

8.3.2 Market Estimates & Forecast, by Region, 2020–2027

9. Global Procurement Analytics Market, by Organization Size

9.1 Introduction

9.2 Large Enterprises

9.2.1 Market Estimates & Forecast, 2020–2027

9.2.2 Market Estimates & Forecast, by Region, 2020–2027

9.3 Small and Medium-Sized Enterprises

9.3.1 Market Estimates & Forecast, 2020–2027

9.3.2 Market Estimates & Forecast, by Region, 2020–2027

10. Global Procurement Analytics Market, by Industry Vertical

10.1 Introduction

10.2 BFSI

10.2.1 Market Estimates & Forecast, 2020–2027

10.2.2 Market Estimates & Forecast, by Region, 2020–2027

10.3 Healthcare and Life Sciences

10.3.1 Market Estimates & Forecast, 2020–2027

10.3.2 Market Estimates & Forecast, by Region, 2020–2027

10.4 IT & Telecommunications

10.4.1 Market Estimates & Forecast, 2020–2027

10.4.2 Market Estimates & Forecast, by Region, 2020–2027

10.5 Retail & E-commerce

10.5.1 Market Estimates & Forecast, 2020–2027

10.5.2 Market Estimates & Forecast, by Region, 2020–2027

10.6 Energy and Utilities

10.6.1 Market Estimates & Forecast, 2020–2027

10.6.2 Market Estimates & Forecast, by Region, 2020–2027

10.7 Others

10.7.1 Market Estimates & Forecast, 2020–2027

10.7.2 Market Estimates & Forecast, by Region, 2020–2027

11. Global Procurement Analytics Market, by Region

11.1 Introduction

11.2 North America

11.2.1 Market Estimates & Forecast, 2020–2027

11.2.2 Market Estimates & Forecast, by Component, 2020–2027

11.2.3 Market Estimates & Forecast, by Deployment Mode, 2020–2027

11.2.4 Market Estimates & Forecast, by Organization Size, 2020–2027

11.2.6 Market Estimates & Forecast, by Industry Vertical, 2020–2027

11.2.7 US

11.2.7.1 Market Estimates & Forecast, 2020–2027

11.2.7.2 Market Estimates & Forecast, by Component, 2020–2027

11.2.7.3 Market Estimates & Forecast, by Deployment Mode, 2020–2027

11.2.7.4 Market Estimates & Forecast, by Organization Size, 2020–2027

11.2.7.5 Market Estimates & Forecast, by Industry Vertical, 2020–2027

11.2.8 Canada

11.2.8.1 Market Estimates & Forecast, 2020–2027

11.2.8.2 Market Estimates & Forecast, by Component, 2020–2027

11.2.8.3 Market Estimates & Forecast, by Deployment Mode, 2020–2027

11.2.8.4 Market Estimates & Forecast, by Organization Size, 2020–2027

11.2.8.5 Market Estimates & Forecast, by Industry Vertical, 2020–2027

11.2.9 Mexico

11.2.9.1 Market Estimates & Forecast, 2020–2027

11.2.9.2 Market Estimates & Forecast, by Component, 2020–2027

11.2.9.3 Market Estimates & Forecast, by Deployment Mode, 2020–2027

11.2.9.4 Market Estimates & Forecast, by Organization Size, 2020–2027

11.2.9.5 Market Estimates & Forecast, by Industry Vertical, 2020–2027

11.3 Europe

11.3.1 Market Estimates & Forecast, 2020–2027

11.3.2 Market Estimates & Forecast, by Component, 2020–2027

11.3.3 Market Estimates & Forecast, by Deployment Mode, 2020–2027

11.3.4 Market Estimates & Forecast, by Organization Size, 2020–2027

11.3.5 Market Estimates & Forecast, by Industry Vertical, 2020–2027

11.3.6 Germany

11.3.6.1 Market Estimates & Forecast, 2020–2027

11.3.6.2 Market Estimates & Forecast, by Component, 2020–2027

11.2.6.3 Market Estimates & Forecast, by Deployment Mode, 2020–2027

11.2.6.4 Market Estimates & Forecast, by Organization Size, 2020–2027

11.2.6.5 Market Estimates & Forecast, by Industry Vertical, 2020–2027

11.3.7 France

11.3.7.1 Market Estimates & Forecast, 2020–2027

11.3.7.2 Market Estimates & Forecast, by Component, 2020–2027

11.2.7.3 Market Estimates & Forecast, by Deployment Mode, 2020–2027

11.2.7.4 Market Estimates & Forecast, by Organization Size, 2020–2027

11.2.7.5 Market Estimates & Forecast, by Industry Vertical, 2020–2027

11.3.8 UK

11.3.8.1 Market Estimates & Forecast, 2020–2027

11.3.8.2 Market Estimates & Forecast, by Component, 2020–2027

11.3.8.3 Market Estimates & Forecast, by Deployment Mode, 2020–2027

11.3.8.4 Market Estimates & Forecast, by Organization Size, 2020–2027

11.3.8.5 Market Estimates & Forecast, by Industry Vertical, 2020–2027

11.3.9 Rest of Europe

11.3.9.1 Market Estimates & Forecast, 2020–2027

11.3.9.2 Market Estimates & Forecast, by Component, 2020–2027

11.3.9.3 Market Estimates & Forecast, by Deployment Mode, 2020–2027

11.3.9.4 Market Estimates & Forecast, by Organization Size, 2020–2027

11.3.9.5 Market Estimates & Forecast, by Industry Vertical, 2020–2027

11.4 Asia-Pacific

11.4.1 Market Estimates & Forecast, 2020–2027

11.4.2 Market Estimates & Forecast, by Component, 2020–2027

11.4.3 Market Estimates & Forecast, by Deployment Mode, 2020–2027

11.4.4 Market Estimates & Forecast, by Organization Size, 2020–2027

11.4.5 Market Estimates & Forecast, by Industry Vertical, 2020–2027

11.4.6 China

11.4.6.1 Market Estimates & Forecast, 2020–2027

11.4.6.2 Market Estimates & Forecast, by Component, 2020–2027

11.4.6.3 Market Estimates & Forecast, by Deployment Mode, 2020–2027

11.4.6.4 Market Estimates & Forecast, by Organization Size, 2020–2027

11.4.6.5 Market Estimates & Forecast, by Industry Vertical, 2020–2027

11.4.7 India

11.4.7.1 Market Estimates & Forecast, 2020–2027

11.4.7.2 Market Estimates & Forecast, by Component, 2020–2027

11.4.7.3 Market Estimates & Forecast, by Deployment Mode, 2020–2027

11.4.7.4 Market Estimates & Forecast, by Organization Size, 2020–2027

11.4.7.5 Market Estimates & Forecast, by Industry Vertical, 2020–2027

11.4.8 Japan

11.4.8.1 Market Estimates & Forecast, 2020–2027

11.4.8.2 Market Estimates & Forecast, by Component, 2020–2027

11.4.8.3 Market Estimates & Forecast, by Deployment Mode, 2020–2027

11.4.8.4 Market Estimates & Forecast, by Organization Size, 2020–2027

11.4.8.5 Market Estimates & Forecast, by Industry Vertical, 2020–2027

11.4.9 Rest of Asia-Pacific

11.4.9.1 Market Estimates & Forecast, 2020–2027

11.4.9.2 Market Estimates & Forecast, by Component, 2020–2027

11.4.9.3 Market Estimates & Forecast, by Deployment Mode, 2020–2027

11.4.9.4 Market Estimates & Forecast, by Organization Size, 2020–2027

11.4.9.5 Market Estimates & Forecast, by Industry Vertical, 2020–2027

11.5 Middle East & Africa

11.5.1 Market Estimates & Forecast, by Component, 2020–2027

11.5.2 Market Estimates & Forecast, by Deployment Mode, 2020–2027

11.5.3 Market Estimates & Forecast, by Organization Size, 2020–2027

11.5.4 Market Estimates & Forecast, by Industry Vertical, 2020–2027

11.6 South America

11.6.1 Market Estimates & Forecast, by Component, 2020–2027

11.6.2 Market Estimates & Forecast, by Deployment Mode, 2020–2027

11.6.3 Market Estimates & Forecast, by Organization Size, 2020–2027

11.6.4 Market Estimates & Forecast, by Industry Vertical, 2020–2027

12. Company Landscape

12.1 Competitive Overview

12.2 Competitor Dashboard

12.3 Major Growth Strategies in the Global Procurement Analytics Market

12.4 Competitive Benchmarking

12.5 Market Share Analysis

12.6 XXXX: The leading player in terms of number of developments in the Global Procurement Analytics Market

12.7 Key Developments & Growth Strategies

12.7.1 Product Launches/Service Deployment

12.7.2 Mergers & Acquisitions

12.7.3 Joint Ventures

12.7.4 Business Expansion

13. Company Profiles

13.1 SAP SE.

13.1.1 Company Overview

13.1.2 Product/Business Segment Overview

13.1.3 Financial Updates

13.1.4 Key Developments

13.2 Oracle Corporation

13.2.1 Company Overview

13.2.2 Product/Business Segment Overview

13.2.3 Financial Updates

13.2.4 Key Developments

13.3 Zycus Inc

13.3.1 Company Overview

13.3.2 Product/Business Segment Overview

13.3.3 Financial Updates

13.3.4 Key Developments

13.4 SAS Institute Inc.

13.4.1 Company Overview

13.4.2 Product/Business Segment Overview

13.4.3 Financial Updates

13.4.4 Key Developments

13.5 Genpact

13.5.1 Company Overview

13.5.2 Product/Business Segment Overview

13.5.3 Financial Updates

13.5.4 Key Developments

13.6 BRIDGEi2i Analytics

13.6.1 Company Overview

13.6.2 Product/Business Segment Overview

13.6.3 Financial Updates

13.6.4 Key Developments

13.7 Sievo.

13.7.1 Company Overview

13.7.2 Product/Business Segment Overview

13.7.3 Financial Updates

13.7.4 Key Developments

13.8 Dataction

13.8.1 Company Overview

13.8.2 Product/Business Segment Overview

13.8.3 Financial Updates

13.8.4 Key Developments

13.9 Tungsten Corporation plc.

13.9.1 Company Overview

13.9.2 Product/Business Segment Overview

13.9.3 Financial Updates

13.9.4 Key Developments

13.10 Rosslyn Data Technologies.

13.10.1 Company Overview

13.10.2 Product/Business Segment Overview

13.10.3 Financial Updates

13.10.4 Key Developments

13.11 Simfoni

13.11.1 Company Overview

13.11.2 Product/Business Segment Overview

13.11.3 Financial Updates

13.11.4 Key Developments

13.12 BirchStreet

13.12.1 Company Overview

13.12.2 Product/Business Segment Overview

13.12.3 Financial Updates

13.12.4 Key Developments

13.13 Proactis

13.13.1 Company Overview

13.13.2 Product/Business Segment Overview

13.13.3 Financial Updates

13.13.4 Key Developments


LIST OF TABLES

Table 1 Global Procurement Analytics Market, by Region, 2020–2027

Table 2 North America: Procurement Analytics Market, by Country, 2020–2027

Table 3 Europe: Procurement Analytics Market, by Country, 2020–2027

Table 4 Asia-Pacific: Procurement Analytics Market, by Country, 2020–2027

Table 5 Middle East & Africa: Procurement Analytics Market, by Country, 2020–2027

Table 6 South America: Procurement Analytics Market, by Country, 2020–2027

Table 7 Global Procurement Analytics Component Market, by Region, 2020–2027

Table 8 North America: Procurement Analytics Component Market, by Country, 2020–2027

Table 9 Europe: Procurement Analytics Component Market, by Country, 2020–2027

Table10 Asia-Pacific: Procurement Analytics Component Market, by Country, 2020–2027

Table11 Middle East & Africa: Procurement Analytics Component Market, by Country, 2020–2027

Table12 South America: Procurement Analytics Component Market, by Country, 2020–2027

Table13 Global Procurement Analytics Deployment Mode Market, by Region, 2020–2027

Table14 North America: Procurement Analytics Deployment Mode Market, by Country, 2020–2027

Table15 Europe: Procurement Analytics Deployment Mode Market, by Country, 2020–2027

Table16 Asia-Pacific: Procurement Analytics Deployment Mode Market, by Country, 2020–2027

Table17 Middle East & Africa: Procurement Analytics Deployment Mode Market, by Country, 2020–2027

Table18 South America: Procurement Analytics Deployment Mode Market, by Country, 2020–2027

Table19 Global Procurement Analytics Organization Size Market, by Region, 2020–2027

Table20 North America: Procurement Analytics Organization Size Market, by Country, 2020–2027

Table21 Europe: Procurement Analytics Organization Size Market, by Country, 2020–2027

Table22 Asia-Pacific: Procurement Analytics Organization Size Market, by Country, 2020–2027

Table23 Middle East & Africa: Procurement Analytics Organization Size Market, by Country, 2020–2027

Table24 South America: Procurement Analytics Organization Size Market, by Country, 2020–2027

Table25 Global Procurement Analytics Industry Vertical Market, by Region, 2020–2027

Table 26 North America: Procurement Analytics Industry Vertical Market, by Country, 2020–2027

Table27 Europe: Procurement Analytics Industry Vertical Market, by Country, 2020–2027

Table28 Asia-Pacific: Procurement Analytics Industry Vertical Market, by Country, 2020–2027

Table29 Middle East & Africa: Procurement Analytics Industry Vertical Market, by Country, 2020–2027

Table30 South America: Procurement Analytics Industry Vertical Market, by Country, 2020–2027

LIST OF FIGURES

FIGURE 1 Global Procurement Analytics Market Segmentation

FIGURE 2 Forecast Methodology

FIGURE 3 Porter’s Five Forces Analysis of the Global Procurement Analytics Market

FIGURE 4 Value Chain of the Global Procurement Analytics Market

FIGURE 5 Share of the Global Procurement Analytics Market, by Country, 2020 (in %)

FIGURE 6 Global Procurement Analytics Market, 2020–2027

FIGURE 7 Sub-Segments of Type

FIGURE 8 Global Procurement Analytics Market Size, by Component, 2020

FIGURE 9 Share of the Global Procurement Analytics Market, by Component, 2020–2027

FIGURE 10 Global Procurement Analytics Market Size, by Deployment Mode, 2020

FIGURE 11 Share of Global Procurement Analytics Market, by Deployment Mode, 2020–2027

FIGURE 12 Global Procurement Analytics Market Size, by Industry Vertical, 2020–2027

FIGURE 13 Share of Global Procurement Analytics Market, by Industry Vertical, 2020–2027