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The procurement analytics market is influenced by a variety of market factors that shape its growth and trajectory. One significant factor is the increasing demand for data-driven decision-making in procurement processes across industries. As businesses strive to optimize their procurement strategies and reduce costs, the adoption of analytics solutions becomes essential. This demand is further fueled by the growing complexity of global supply chains and the need for greater transparency and efficiency.
Technological advancements also play a crucial role in driving the procurement analytics market. The advent of big data analytics, artificial intelligence, and machine learning has enabled organizations to process and analyze large volumes of procurement data in real-time, uncovering valuable insights and opportunities for optimization. Additionally, the proliferation of cloud computing has made analytics solutions more accessible and scalable, empowering businesses of all sizes to leverage advanced analytics capabilities.
Another market factor shaping the procurement analytics landscape is the increasing focus on risk management and compliance. With regulatory requirements becoming more stringent and supply chain risks on the rise, organizations are turning to analytics solutions to identify and mitigate potential risks such as supplier fraud, supply chain disruptions, and compliance violations. By leveraging predictive analytics and risk modeling techniques, businesses can proactively manage risks and ensure continuity in their procurement operations.
The competitive landscape also exerts a significant influence on the procurement analytics market. As more players enter the market, competition intensifies, driving innovation and prompting vendors to differentiate themselves through advanced analytics capabilities, industry-specific solutions, and value-added services. This competitive pressure benefits buyers, as they gain access to a wider range of options and solutions tailored to their specific needs.
Furthermore, the growing awareness of sustainability and corporate social responsibility (CSR) practices is shaping the procurement analytics market. Businesses are increasingly scrutinizing their supply chains to ensure ethical sourcing practices, minimize environmental impact, and support social initiatives. Analytics solutions play a crucial role in enabling organizations to track and measure their sustainability performance, identify areas for improvement, and drive positive change throughout the supply chain.
Market dynamics such as mergers and acquisitions also influence the procurement analytics landscape. Consolidation among vendors can lead to shifts in market share, changes in pricing strategies, and the introduction of new capabilities and offerings. Additionally, partnerships and strategic alliances between vendors and other stakeholders such as consulting firms, technology providers, and industry associations can accelerate market growth and foster innovation.
Moreover, economic factors such as fluctuating raw material prices, currency exchange rates, and geopolitical instability can impact procurement decisions and drive demand for analytics solutions. By providing visibility into cost drivers, market trends, and supplier performance, analytics solutions enable organizations to make informed decisions and navigate volatile market conditions more effectively.
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Procurement Analytics Market Highlights:
Procurement Analytics Market Synopsis
The Procurement Analytics Market Analysis shows a growth of 21.90% in the forecast period. Procurement analytics is a method to retrieve useful information to make effective decisions in the organization. It provides insight for a company to come to the right conclusion. Developing the business is possible through this technique. Mostly historic data is used to know about the future trend of the market. Increasing operational costs, improving decision making and efficiency are benefits of this analytics market.
Complex policies are handled by many organisations. However, with proper reports taking good decisions is impossible. Procuring information and making the best decision with the results is a crucial task of the market. Through procurement analytic reviewing market decisions and tasks are possible. SMEs are key end-users of the procurement analytics market having a higher adoption rate. The surge of procurement analytic is advantageous to these enterprises.
Outsourcing data or procuring information manually has several complexities. The information is unreliable and less accurate. However, the analytic software can offer useful information for the enterprise. The need to optimize productivity in the organization is leading to massive growth. All these factors will improve Global Procurement Analytics Market value by 33.2 billion by 2030.
Latest Industry Updates of Procurement Analytics Market
Multinational business process outsourcing company WNS announced in 2022 that it had acquired The Smart Cube, an AI and analytics company with a supply chain and procurement focus, as well as OptiBuy, a global consultancy with a focus on procurement management. The company hopes to improve its expertise and products in high-end procurement and sophisticated analytics with this purchase.
The Smart Cube was purchased by WNS for around $125 million. According to the business, the acquisition will boost WNS' net income by almost $9 million in FY2023. On the other side, OptiBuy was purchased for $30 million. According to reports, the acquisition is anticipated to boost WNS' net revenue by around $2 million in FY2023. Additionally, WNS has used a combination of cash and £83 million in debt to pay for the upfront payments for these purchases.
Procure Analytics ("PA"), the top data-enabled group purchasing company, will introduce Amicus Spend Management, its tail expenditure sourcing and acquiring service, in 2022. When procurement executives are unable to easily oversee one-time and recurring purchases from favoured vendors, Amicus is launched. Amicus enables PA members to lower total procurement costs without increasing internal labour, administration costs, or commercial obligations by providing on-demand access to knowledgeable sourcing professionals and the flexibility to transact through a single supplier.
COVID Analysis
The outbreak of covid 19 is affecting the operations of global industries. The pandemic has brought various difficulties for markets. Small and large scale is enterprises are facing challenges due to the virus spread. During this period, procurement of data is higher. Many markets are increasing their attention on procuring data and gaining insights. The market players are taking initiatives to keep the procurement analytic market on going.
The market is protecting its demand with customers and crucial end-user of the market. There is plenty of procurement analytics services software in the market.
This availability will bring favourable changes in the procurement analytics market. There are promising opportunities for the market during this period. Also, there are e-procurement platforms are gaining more traction in recent years. The scope for the procurement services is high. In the upcoming years, awareness about procurement analytics is high. All these will contribute to positive changes post covid 19.
Market Dynamics
Crucial Market Drivers
The need for operational efficiency is positively impacting the procurement analytics market. Most of the organisations are leading towards efficiency. Les wastage leads to more productivity and revenue for the market. The greater need for efficiency stirs market growth.
More awareness for procurement analytics is leading to high demand. The procurement process and operations are rising in many organisations. For heavy workload, Procurement analytics is an effective way to handle the task. Exceptional analytics assistance is useful for the procurement analytics market. The capability of the analytics software is to assist in a wide range of task lead to higher adoption.
Some of the crucial tasks in the organisation require procurement analysis. Inventory management, Transaction management, category management, and process management are tasks are requiring analytic software. These tasks are critical for any enterprise. Using this software for such tasks leads to efficiency. Data outsourcing is a crucial segment in this market. It is a market segment that will gain more Procurement Analytics Market Profit. Proper utilization of this analytics tool will provide greater assistance.
Also, the requirement for compliance contracts and policies handling is another driver for the procurement analytics market. Through this software company can gain information to handle contracts and policies. Making error are free decisions is possible through this software.
The Market Growth Opportunities
Today, technological advancement will lead to plenty of growth opportunities for the procurement analytics market. Procurement analytics software comes with AI features. Also, the integration of Machine learning makes create more efficiency in the market. The machine can think and make decisions through AI. The integration of this technology with services is highly beneficial. The integration of procurement analytics with AI and ML g will bring positive changes. The growth opportunities are higher in emerging regions.
Artificial intelligence technologies have high-end users. The remarkable features of these technologies are beneficial to any enterprise. Also, the integration of these technologies with analytics solutions will lead to more developments. The rising adoption of global procurement analytics will expand in the forecast period. Demand from the merging nations will create more developments. The developing countries have many SMEs. These SMEs have higher adoption of analytic solutions. In the upcoming year, the expansion possibilities are higher due to the wide range of end-users. This entire factor will improve the overall profitability of the procurement analytics market in the forecast period.
The Market Restraints
Less awareness about procurement analytics is a major restraint in this market. The need for the procurement analytics market is greater in many regions. However, the existence of this software is less known in many regions.
Especially, the demand from SMEs will play a key role in the growth of this market. However, the lack of awareness about the application, uses and benefits will lead to less adoption. Also, the procurement analytics market expansion rate can be affected due to these factors. The growth rate of the market will be affected by the crucial market restraints.
The Market Challenges
The data security problems pose a significant challenge in procurement analytics. The procurement analytics collects and examines plenty of unstructured data. From transaction management to policing handling it can do various tasks.
Also, the demand for online procurement services is higher in rennet years. Network security issues and data leaking issues in this platform. Advanced cyber attacks are prevalent in the market. The analytics software deals with sensitive information. This can lead to high revenue losses for the market. The adoption rate can decline from the user end due to these factors. Profitability can decline due to these complexities in the procurement analytics market.
The Cumulative Growth Analysis
The procurement analytics market growth is steady in the forecast period. The factors that propel the market demand lead to high developments. The need for automation is driving demand in this market. The massive need to handle contracts and compliance is another reason for the demand. However, a few factors restrict the overall growth of this market.
Less awareness among a few players can bring damaging changes in the market. Also, data leaking and cyber-attacks barriers in the procurement analytics market. There is a high need to fix these issues in the market. However, the AI and ML features in the analytics tool will bring growth opportunities. Overall procurement analytics market shows steady growth.
Value Chain Analysis
North America will hold the highest procurement analytics market shares. The presence of top players will continue to stir the demand. The surging investments from the key players bring new developments. Also, technological advancements are other factors leading to development.
In the forecast period, it is a region that marks the highest revenue rates. Accessibility of procurement services is increasing in this region. Procurement analytics as available for efficient cost in this region. The growth of SMEs is contributing to higher penetration of the software. Managing data, compliance and policies continues to stir demand for the procurement analytics market.
Segment Overview
By Component
- Services
- Solutions
By Deployment Mode
- Cloud
- On-premise
By Organisation Size
- Small medium-size enterprise
- Large scale enterprise
By Vertical
- IT
- Telecommunications
- Healthcare
- Retail
- Energy and utilities
By Region
- Europe
- North America
- Asia pacific
- The Middle East and Africa
The competition in the procurement as analytics market is moderate. Market acquisitions, expansion and partnership are the key strategies in the competitive landscape. As per Procurement Analytics Market Report, there is high technological advancement in the market. The key players are organisation specific analytics2 software will be available in this market.
Regional Analysis
The procurement analytics market is fragmented into North America, Asia Pacific and Europe. North America is leading the market-leading with 40% of the shares. Revenue for the market is high during the forecast period. Investment for the key end-users is high for the procurement analytics market.
Also, Europe is witnessing moderate in the upcoming years. UK and Germany have higher demand analytics solutions. The SMEs in this region is constantly growing. The Asia Pacific is the key contributor to the global procurement analytics market. The expansion of the contract handling and policies segment is higher. Also, the penetration of cloud procurement analytics will make create new developments.
The key players of the global procurement analytics market are
- Tamar
- Coupa Software
- BRIDGEi2i Analytics
- Simfoni
- Sievo
- SAS
- Genpact
- AP
- IBM
- BirchStreet
- JAGGAER
- Rosslyn Data Technologies
- Oracle
- Zycus
- Proactis
Recent Developments
Multinational business process outsourcing company WNS announced in 2022 that it had acquired The Smart Cube, an AI and analytics company with a supply chain and procurement focus, as well as OptiBuy, a global consultancy with a focus on procurement management. The company hopes to improve its expertise and products in high-end procurement and sophisticated analytics with this purchase.
The Smart Cube was purchased by WNS for around $125 million. According to the business, the acquisition will boost WNS' net income by almost $9 million in FY2023. On the other side, OptiBuy was purchased for $30 million. According to reports, the acquisition is anticipated to boost WNS' net revenue by around $2 million in FY2023. Additionally, WNS has used a combination of cash and £83 million in debt to pay for the upfront payments for these purchases.
Procure Analytics ("PA"), the top data-enabled group purchasing company, will introduce Amicus Spend Management, its tail expenditure sourcing and acquiring service, in 2022. When procurement executives are unable to easily oversee one-time and recurring purchases from favoured vendors, Amicus is launched. Amicus enables PA members to lower total procurement costs without increasing internal labour, administration costs, or commercial obligations by providing on-demand access to knowledgeable sourcing professionals and the flexibility to transact through a single supplier.
Report Overview
- Market Overview Highlights
- Analysis Based Upon COVID 19
- Explanation Upon The Market Dynamics
- Value Chain Analysis
- Market Segmentation Overview
- The Regional Analysis
- Competitive Landscape Analysis
- Recent Developments
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