The Procurement Analytics Market size to grow from USD 2.6 billion in 2021 to USD 8.0 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 25.3% during the forecast period, according to a new report by MarketsandMarkets™. Various factors such as increasing spending on marketing and advertising activities by enterprises, Imminent need to handle compliance policies and contracts, and Organizations’ struggle to sustain their position in the competitive environment are expected to drive the adoption of procurement analytics technologies and services.
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procurement analytics is the process of using quantitative methods to derive actionable insights and outcomes from data. It involves the capture and use of data to support fact-based decision-making. It typically reports what has happened in the past and creates estimates, using predictive analytics based on historical data to guess what will happen in the future. The procurement analytics market includes standalone solutions, which can be integrated into other solutions and devices for value addition. The use of analytics for these data involves various quantitative methods, which will help derive actionable insights and outcomes that can be helpful for the organizations in making strategic decisions and gaining competitive advantage. Procurement analytics solutions majorly apply predictive analytics on historical data sets of the organizations and derive predictions for the future, which helps management personnel to take key decisions pertaining to the overall procurement.
By deployment mode, the procurement analytics market has been segmented into on-premises and cloud. The CAGR of the cloud deployment mode is estimated to be the largest during the forecast period. Cloud-based services are provided directly through the cloud-deployed network connection. Cloud-based platforms are beneficial for organizations that have strict budgets for security investments. The cloud deployment mode is growing, as cloud-based procurement analytics solutions are easy to maintain and upgrade.
The procurement analytics market has been segmented by organization size into large enterprises and SMEs. The market for SMEs is expected to register a higher CAGR during the forecast period. These enterprises are early adopters of procurement analytics solutions. They are faced with the troublesome task of effectively managing security because of the diverse nature of IT infrastructure, which is complex in nature.
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The procurement analytics market by vertical has been categorized into telecom and IT, manufacturing, government and defense, retail and e-commerce, energy and utilities, healthcare and life sciences, and BFSI. The retail and e-commerce vertical is expected to witness the highest growth rate, while the telecom and IT vertical is expected to have the largest market size during the forecast period. The larger market size of the telecom and IT vertical can be attributed to the fast use of smartphones and other connected mobile devices increasing the volume of data flowing across the telecom networks.
The procurement analytics market has been segmented into five major regions: North America, Europe, APAC, Latin America, and MEA. APAC is expected to grow at a good pace during the forecast period. The region will be booming, as it is experiencing a lot of new entrepreneur setups, which would be looking forward to acquiring new customers and gaining customer trust by involving new paradigms of digital technologies to have a competitive advantage over the established players. Procurement analytics vendors in this region focus on innovations related to their product line. China, Japan, and India have displayed ample growth opportunities in the procurement analytics market.
Top Trends in Global Procurement Analytics Market
The landscape of procurement analytics has been changing as a result of AI and ML technology. Large-scale data analysis, pattern recognition, supplier performance prediction, spend optimisation, and better procurement decision-making procedures are all made possible by these technologies.
Predictive analytics is becoming more popular among businesses as a way to identify potential hazards, estimate demand more precisely, and obtain insights into upcoming trends in procurement. Procurement experts can take advantage of opportunities and obstacles in advance thanks to predictive analytics.
Big data is used by procurement analytics to gather and examine data from a variety of sources, including social media, supplier databases, market trends, and historical procurement data. Businesses may now make data-driven decisions and enhance their overall procurement efficiency thanks to this connection.
Supply chain visibility and risk management have received a lot of attention in procurement analytics as supply chains around the world become increasingly complicated and susceptible to interruptions. In order to maintain business continuity, it is essential to be able to track supplier performance, keep an eye on potential risks, and evaluate supplier compliance.
The adaptability, scalability, and affordability of cloud-based procurement analytics tools have increased demand for them. Organisations can now access data and insights from any location thanks to cloud-based systems, which facilitates collaboration and helps them make wise decisions.
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Key Industry Development
A significant industrial advancement was the incorporation of cutting-edge artificial intelligence and machine learning technologies into procurement analytics systems. More advanced data analysis, predictive modelling, and automation of the procurement processes are made possible by these technologies, increasing productivity and reducing costs.
To improve their capabilities, broaden their market reach, and offer comprehensive solutions to clients, several procurement analytics businesses were forging strategic alliances and merging. These partnerships intended to provide comprehensive procurement solutions and improve their market position.
Due to its scalability, affordability, and simplicity of use, cloud-based procurement analytics solutions were becoming more popular. Organisations were utilising cloud-based systems more frequently to get real-time data and streamline their procurement procedures.
Real-time analytics and insights were becoming more and more in demand. To help them make more informed and quick decisions, procurement experts looked for systems that could offer current data on supplier performance, inventory levels, and market trends.
Attention was being drawn to the use of blockchain and the Internet of Things (IoT) in procurement analytics. Real-time data on inventory levels, logistics, and supplier performance was provided via IoT devices, and blockchain improved procurement processes' transparency, traceability, and security.
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