March 2024
07 Aug 2024
The global procurement analytics market was evaluated at USD 4.13 billion in 2023 and is anticipated to be worth around USD 38.14 billion by 2033, growing at a CAGR of 24% during the forecast period. The increasing expenditure on advertising and marketing activities by enterprises is expected to drive the growth of the market during the forecast period.
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The procurement analytics market deals with the systematic examination of procurement information to produce actionable insights that help improve overall procurement efficiency, manage supplier relationships, and optimize purchasing processes. It necessitates using advanced analytical equipment to investigate various elements of procurement, such as risk management, contract compliance, supplier performance, and spending trends. Procurement analytics applications involve compliance monitoring, inventory optimization, demand forecasting, and contract management. The increasingly changing landscape of customer intelligence drives the growth of the procurement analytics market.
Increasing demand for cloud-based analytical solutions to fuel market growth.
The procurement analytics solution helps businesses with agility and flexibility to make better decisions faster at very little cost. A variety of businesses are implementing advanced analytics technology integrated with artificial intelligence and robot capabilities to create better business strategies. It helps enterprises in improving return on investment and forecasting market possibilities.
The ability of organizations to operate efficiently may be affected by future procurement outcomes. Various businesses are attempting to transfer their data to the cloud in order to analyze it for insights and maximize advantages; therefore, real-time data accessibility is becoming more accurate and prevalent. In addition, procurement analytics has made it easy for procurement analytics software providers to provide cloud-based services. Thus, these factors are expected to drive the growth of the procurement analytics market.
However, increasing concerns about data privacy may restrain market growth.
Businesses must streamline a number of internal processes to properly manage their procurement portfolio. To accurately make procurement decisions, all the multiple activities, such as reporting, sourcing, vendor selection, accounting, inventory management, and supply chain, should be placed and streamlined under a single umbrella.
Procurement analytics vendors must simplify a number of processes before implementing the analytics solutions on the organization's platforms. Due to the lack of companies and integration worries about privacy violations, procurement analytics is not growing significantly, which could damage their brand. These factors are expected to restrain the growth of the procurement analytics market.
Recent Innovation in Procurement Analytics Market by SAP SE
Recent Innovation in Procurement Analytics Market by IBM Corporation
Regional Insights
North America is expected to grow fastest during the forecast period.
The market for procurement analytics is driven by an increasingly mature procurement landscape, high adoption of analytics solutions, and rising advanced technological infrastructure. The businesses are prioritizing data-driven decision-making in the region, driving the demand for procurement analytics equipment.
In addition, increasing focus on innovation, rising robust government initiatives, and growing strong presence of major market players contributed to propel the market growth in the region. Furthermore, the rising technological advancements in the region and an increasing number of procurement analytics major players in the region are further anticipated to enhance the growth of the procurement analytics market.
Asia Pacific dominated the procurement analytics market in 2023.
The increasing widespread embrace of cutting-edge technologies, burgeoning industrial landscape, and rising robust development are anticipated to enhance the market growth in the region. Businesses within the region prioritize effective supply chain management, cost reduction, and operational streamlining. China, India, Japan, and South Korea are the leading countries in the Asia Pacific. Big data analytics is transforming governments and businesses. Countries such as China and India are adopting technologies to optimize supply chain management and operations. In addition, the increase in the adoption of data analysis and the Internet of Things (IoT) in manufacturing procedures is further driving the growth of the procurement analytics market in Asia Pacific.
Risk management capabilities to revolutionize the market growth
Procurement analytic services have the ability to eliminate and identify the risk of driving via the complex supply chain globally. These solutions provide predictive and detailed insights into the market volatility and potential disruptions, which further aid in the dynamic management of risk. These solutions also provide strategies to come up with various management policies to drive through the complex market landscape.
In addition, procurement analytics help businesses follow regulatory requirements. It also reduces the risk of legal fines and issues by constantly monitoring government regulations and internal policies. These factors are anticipated to enhance the growth of the procurement analytics market.
| Report Attribute | Key Statistics |
| Market Revenue in 2024 | USD 5.18 Billion |
| Market Revenue by 2033 | USD 38.14 Billion |
| CAGR | 24% |
| Quantitative Units | Revenue in USD million/billion, Volume in units |
| Largest Market | Asia-Pacific |
| Base Year | 2023 |
| Regions Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
Market Segmentation
By Component
By Deployment Mode
By Enterprise Size
By Industry Vertical
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