Market Definition
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.
Market Outlook
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.
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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Research Objectives
• Estimates and forecast the overall market size for the total market, across product, service type, type, end-user, and region
• Detailed information and key takeaways on qualitative and quantitative trends, dynamics, business framework, competitive landscape, and company profiling
• Identify factors influencing market growth and challenges, opportunities, drivers and restraints
• Identify factors that could limit company participation in identified international markets to help properly calibrate market share expectations and growth rates
• Trace and evaluate key development strategies like acquisitions, product launches, mergers, collaborations, business expansions, agreements, partnerships, and R&D activities
• Thoroughly analyze smaller market segments strategically, focusing on their potential, individual patterns of growth, and impact on the overall market
• To thoroughly outline the competitive landscape within the market, including an assessment of business and corporate strategies, aimed at monitoring and dissecting competitive advancements.
• Identify the primary market participants, based on their business objectives, regional footprint, product offerings, and strategic initiatives
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Market Segmentation
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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Major 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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Research Scope
• Scope – Highlights, Trends, Insights. Attractiveness, Forecast
• Market Sizing – Product Type, End User, Offering Type, Technology, Region, Country, Others
• Market Dynamics – Market Segmentation, Demand and Supply, Bargaining Power of Buyers and Sellers, Drivers, Restraints, Opportunities, Threat Analysis, Impact Analysis, Porters 5 Forces, Ansoff Analysis, Supply Chain
• Business Framework – Case Studies, Regulatory Landscape, Pricing, Policies and Regulations, New Product Launches. M&As, Recent Developments
• Competitive Landscape – Market Share Analysis, Market Leaders, Emerging Players, Vendor Benchmarking, Developmental Strategy Benchmarking, PESTLE Analysis, Value Chain Analysis
• Company Profiles – Overview, Business Segments, Business Performance, Product Offering, Key Developmental Strategies, SWOT Analysis
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