According to a recently published analysis report by Future Market Insights, the Procurement Analytics Market will have global sales of US$ 2.6 billion in 2021. The anticipated market growth from 2022 to 2032 is anticipated to be significantly higher than the growth in the past, coming in at 22.5%.
The highest revenue-generating segment is anticipated to be supply chain analytics, which is anticipated to post a CAGR of 22.1% from 2022 to 2032.It is anticipated that a number of factors, such as growing marketing and promotion expenditures by large businesses and the growth of consumer bases, will promote the use of procurement analytics technology and services.
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Procurement analytics are being driven by the growing need to forecast risks and losses, lower operating costs, boost productivity, and implement ongoing business expansion.
Procurement Analytics assists SMEs in automating their processes by saving time and money while enhancing productivity and efficiency. It also focuses on core activities rather than regular business tasks, allowing it to focus on what matters most. It also aids in client communication and the creation of a digital presence, which help SMEs differentiate themselves from their competition at a low cost.
Key Takeaways from the Market Study
● Global Procurement Analytics Market is expected to reach a valuation of US$ 3.3 Bn by 2022.
● Supply Chain Analytics segment is expected to account for the highest CAGR rate of 22.1% during the forecast period.
● United States is projected to remain the most dominant market with an absolute dollar growth opportunity of US$ 7.6 Bn during 2022 – 2032.
● The market in US is set to experience the highest CAGR of 22.3% during 2022-2032.
“During the projected period, the rise of big data and Artificial Intelligence can become a key driver in raising the Procurement Analytics market revenue. Furthermore, increased research activities and technological collaborations by major corporations will benefit the Procurement Analytics industry trends in the coming years.” comments a Future Market Insights analyst.
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Competitive Landscape
The market is fiercely competitive, where key players are increasingly focused to obtain a competitive advantage. The key companies in the Procurement Analytics Market are focused on R&D to produce innovative technological solutions.
· In April 2022, The Kraft Heinz Business and Microsoft Corp. established a partnership to create solutions to help the consumer products be more robust in their supply chain. The endeavour is a key driver of Kraft Heinz’s ambitious AGILE SCALE strategy, and it is one of the company’s largest technology investments at present.
· In March 2022, HSBC and IBM announced today that they will collaborate to investigate quantum computing applications in financial services. The new three-year agreement seeks to boost HSBC’s quantum computing skills and ensure the bank’s preparedness to fully implement the technology
Market Segments Covered in Procurement Analytics Market Analysis
By Component:
- Solutions
- Services
- Managed Services
- Professional Services
By Application:
- Supply Chain Analytics
- Risk Analytics
- Spend Analytics
- Demand Forecasting
- Contract Management
- Vendor Management
- Category Management
By Deployment Mode:
- Cloud based Procurement Analytics Solutions
- On-premises Procurement Analytics Solutions
By Organization Size:
- Large Enterprises
- Small and Medium-sized Enterprises (SMEs)
By Industry Vertical:
- BFSI
- Retail and e-Commerce
- Telecom and IT
- Manufacturing
- Healthcare and Life Sciences
- Energy and Utilities
- Government and defence
By Region:
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- Latin America
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Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Summary of Statistics
1.3. Key Market Characteristics & Attributes
1.4. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Risks and Trends Assessment
3.1. Risk Assessment
3.1.1. COVID-19 Crisis and Impact on Demand
3.1.2. COVID-19 Impact Benchmark with Previous Crisis
3.1.3. Impact on Market Value (US$ Mn)
3.1.4. Assessment by Key Countries
3.1.5. Assessment by Key Market Segments
3.1.6. Action Points and Recommendation for Suppliers
About Future Market Insights, Inc.
Future Market Insights, Inc. is an ESOMAR-certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce and is headquartered in Delaware, USA. A recipient of Clutch Leaders Award 2022 on account of high client score (4.9/5), we have been collaborating with global enterprises in their business transformation journey and helping them deliver on their business ambitions. 80% of the largest Forbes 1000 enterprises are our clients. We serve global clients across all leading & niche market segments across all major industries.
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