Global Procurement Analytics Market
The latest report titled ‘Global Procurement Analytics Market,’ published by Emergen Research, provides the reader with a comprehensive view of the global Procurement Analytics industry, acquainting them with the latest market trends, industry insights, and market share. The report provides an in-depth investigation of the global market, largely focusing on each segment and sub-segment of the Procurement Analytics market. The market forecasts included in the report are performed by our team of experts and are of great significance as they provide deep insights into various crucial industry parameters. These facts and figures help readers evaluate the global market growth, production, and consumption rates, volatility in demand and product prices, and upcoming market trends over the projected period. The market research report contains significant details on the global Procurement Analytics market value based on market dynamics and various growth factors. It scrutinizes several key aspects of the market, including the latest technological innovations in the industry, ongoing trends, and developmental opportunities. One of the most vital components of the report is the SWOT analysis, coupled with a detailed overview of the market’s competitive landscape.
The procurement analytics market has emerged as a critical component of modern business operations, enabling organizations to gain valuable insights and optimize their procurement processes. Procurement analytics involves the use of advanced data analytics techniques to analyze procurement data, identify patterns, and make data-driven decisions. This market has witnessed significant growth in recent years, driven by various factors.
The global procurement analytics market size was USD 3.17 Billion in 2022 and is expected to register a revenue CAGR of 25.5% during the forecast period, according to the latest analysis by Emergen Research. One of the key drivers of the procurement analytics market is the increasing complexity of supply chains. With globalization and the expansion of businesses into new markets, supply chains have become more intricate, involving multiple suppliers, vendors, and stakeholders. Procurement analytics provides organizations with the ability to analyze vast amounts of data from various sources, such as supplier performance, pricing trends, and market dynamics. This enables them to gain a holistic view of their supply chains and make informed decisions to optimize procurement processes.
Moreover, the growing adoption of digital technologies and the Internet of Things (IoT) has generated a massive amount of data across different business functions, including procurement. This data explosion has created a need for advanced analytics tools and techniques to extract meaningful insights. Procurement analytics solutions offer organizations the ability to harness this data and derive actionable intelligence, leading to improved cost savings, supplier management, and risk mitigation.
However, despite the positive growth prospects, the procurement analytics market also faces certain restraints. One of the major challenges is the lack of skilled professionals in the field of data analytics. The successful implementation of procurement analytics requires expertise in data management, statistical analysis, and data visualization. The shortage of skilled professionals with these capabilities poses a significant barrier to market growth, as organizations struggle to find the right talent to leverage the full potential of procurement analytics.
Additionally, data security and privacy concerns act as restraints to the adoption of procurement analytics solutions. Procurement data often contains sensitive information, such as pricing details, contract terms, and supplier performance metrics. Organizations need to ensure that their data is protected from unauthorized access and breaches. The implementation of robust data security measures and compliance with data protection regulations becomes crucial in the procurement analytics space.
According to a report published by the United States Department of Commerce, the value of goods and services procured by the federal government in the United States exceeded $586 billion in 2020. This significant expenditure highlights the need for effective procurement strategies and the potential for the adoption of procurement analytics solutions in the public sector.
Furthermore, a study conducted by the European Commission revealed that public procurement accounts for approximately 14% of the European Union’s GDP. This statistic emphasizes the importance of efficient procurement processes and the potential for the adoption of procurement analytics solutions across European countries.
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However, the report takes into account the current COVID-19 impact on the global economy and this particular business sector. The global Procurement Analytics market growth has been extensively hampered by the current economic situation triggered by the COVID-19 pandemic. The pandemic has led to some devastating effects on the global economy, besides disrupting the functioning of the Procurement Analytics industry. It offers an exhaustive analysis of the present and future effects of the pandemic on this business sphere. Moreover, the adverse effects of the coronavirus pandemic on the global Procurement Analytics market, as well as its fundamental segments, have also been elucidated in this report.
The report bifurcates the Procurement Analytics market on the basis of different product types, applications, end-user industries, and key regions of the world where the market has already established its presence. The report accurately offers insights into the supply-demand ratio and production and consumption volume of each segment.
Procurement Analytics Market Segmentation:
Component Outlook (Revenue, USD Billion; 2019-2032)
Deployment Outlook (Revenue, USD Billion; 2019-2032)
Organization Size Outlook (Revenue, USD Billion; 2019-2032)
- Small and Medium-sized Enterprises (SMEs)
- Large enterprises
Furthermore, the report includes an in-depth analysis of the competitive landscape. The segment covers a comprehensive overview of the company profiles along with product profiles, production capacities, products/services, pricing analysis, profit margins, and manufacturing process developments. The report also covers strategic business measures undertaken by the companies to gain substantial market share. The report provides insightful information about recent mergers and acquisitions, product launches, collaborations, joint ventures, partnerships, agreements, and government deals.
The report also discusses the key players involved in the market such as
Oracle, SAP, SAS Institute Inc., Genpact, IBM, Microsoft, Cisco Systems, Inc., Coupa Software Inc., Amazon Web Services, Inc. and GEP
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Key Reasons to Buy This Report:
- The report presents a thorough examination of the Procurement Analytics market, elaborating on its core segments. The report conducts historical and future assessments of the market dynamics and offers precise data in a well-organized order.
- The report evaluates the most prominent market growth potentials, dynamic market trends, driving factors, restraints, investment opportunities, and threats.
- The report is inclusive of an in-depth study of the industry variables, manufacturers’ value chain, sales volume, market share, competitive landscape, and effective business tactics.
- The report further identifies the key regions and segments dominating the market. These regions are foreseen to register fast-paced growth over the forecast duration.
Regional Landscape section of the Procurement Analytics report offers deeper insights into the regulatory framework, current and emerging market trends, production and consumption patterns, supply and demand dynamics, import/export, and presence of major players in each region.
The various regions analyzed in the report include:
- North America (U.S., Canada)
- Europe (U.K., Italy, Germany, France, Rest of EU)
- Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Rest of Latin America)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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Research Report on the Procurement Analytics Market Addresses the Following Key Questions:
- Who are the dominant players of the Procurement Analytics Market Demand?
- Which regional market is anticipated to have a high growth rate over the projected period?
- What consumer trends and demands are expected to influence the operations of the market players in the Procurement Analytics Market Forecast?
- What are the key growth drivers and restraining factors of the Procurement Analytics Market Growth?
- What are the expansion plans and strategic investment plans undertaken by the players to gain a robust footing in the market?
- What is the overall impact of the COVID-19 pandemic on the Procurement Analytics market and its key segments?
Highlights of Table of Contents (TOC):
- Overview of Global Procurement Analytics Market
- Competitive analysis of the Procurement Analytics market
- Regional analysis of Global Procurement Analytics market production and revenue
- Regional analysis of Global Procurement Analytics market supply, consumption, and export & import
- Type-based market analysis of global Procurement Analytics production, revenue, and price trends
- Application-based analysis of the global Procurement Analytics market
- Manufacturer profiles, manufacturing cost, and upstream and downstream analysis of global Procurement Analytics market
- Global Procurement Analytics market forecast (2020-2027)
- Conclusion of the research report
Thank you for reading our report. Please get in touch with us if you have any query regarding the report or its customization. Our team will ensure the report is best suited to your needs.
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