Global Procurement Analytics Market report from Global Insight Services is the single authoritative source of intelligence on Procurement Analytics Market. The report will provide you with analysis of impact of latest market disruptions such as Russia-Ukraine war and Covid-19 on the market. Report provides qualitative analysis of the market using various frameworks such as Porters’ and PESTLE analysis. 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.
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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.
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.
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.
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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.
Restraints & Challenges
The key restraints and challenges in Procurement Analytics market are:
- Lack of skilled personnel: There is a lack of skilled personnel who can effectively use procurement analytics tools and techniques. This has resulted in a lack of adoption of these tools and techniques by organizations.
- High cost of tools and techniques: The tools and techniques used for procurement analytics are often expensive and out of reach for many organizations. This has resulted in a low adoption rate of these tools and techniques.
Key Players
The global procurement analytics market includes players such as Oracle, Genpact, Microsoft, IBM, Cisco, Zycus, Proactis, Workday, ProcurePro, Market Dojo, and others.
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