According to a new market research report published by Global Insight Services” Procurement Analytics Market is expected to reach US$ XX bn by 2031. Report includes in-depth segmentation and market size data by categories, product types, applications, and geographies. Report also includes comprehensive analysis of key issues, trends and drivers, restraints and challenges, competitive landscape, as well as recent events such as M&A activities in the market.
Procurement analytics is the practice of using data and analytics to improve procurement decision-making. It involves the collection and analysis of data on past procurement decisions, prices, supplier performance, and other factors to inform future decision-making. The goal of procurement analytics is to improve the efficiency and effectiveness of procurement decisions, leading to improved organizational outcomes.
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Key Players
The global procurement analytics market includes players such as Oracle, Genpact, Microsoft, IBM, Cisco, Zycus, Proactis, Workday, ProcurePro, Market Dojo, and others.
Key Trends
There are several key trends in procurement analytics technology. One is the move towards cloud-based solutions. This means that instead of running software on-premises, companies are now able to access it via the internet. This has a number of advantages, including lower costs and greater flexibility.
Another trend is the increasing use of artificial intelligence (AI) and machine learning. These technologies are being used to help identify patterns and trends in data, and to make predictions about future demand. This is helping procurement teams to become more proactive and efficient in their work.
Key Drivers
There are a few key drivers of the procurement analytics market.
The first driver is the need for organizations to save on costs. With the help of procurement analytics, organizations can identify areas where they can save on costs.
The second driver is the need for organizations to improve their decision-making process. With the help of procurement analytics, organizations can make better decisions about their procurement process.
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Market Segments
The procurement analytics market is segmented by component, application, end-use, and region. By component, the market is divided into solutions, and services. Based on application, it is bifurcated into supply chain analytics, risk analytics, spend analytics, demand forecasting, and others. On the basis of end-use, the market is classified into BFSI, manufacturing, telecom and IT, healthcare and life sciences, and others. Region-wise, the market is segmented into North America, Europe, Asia Pacific, and Rest of the World.
Reasons to buy Procurement Analytics Market Report:
- Develop comprehensive understanding of market landscape – industry structure, value-chain, key players, trends, drivers, and challenges
- Drive revenue and market-entry strategy by gaining insights into which segments and geographies are largest and likely to grow fastest
- Formulate sales and marketing strategies by gaining understanding of competitors, their positioning, and strengths & weaknesses
- Develop business and M&A strategies through understanding of latest trends and emerging players in the market
- Refine your business plans by understanding impact of disruptions such as Covid-19 and Russia-Ukraine conflict on the market
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Key Questions answered in the report:
- How is the market structured and what the key drivers and trends of this industry?
- How is the market segmented and what is the size of each segment?
- Which segments and geographies provide best growth opportunities?
- What’s the competitive landscape and positioning of players in this market?
- What is the impact of latest events such as Covid-19 and Russia-Ukraine conflict on the market?
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