The procurement analytics market is expected to develop at a CAGR of 22.5% from 2022 to 2032, with revenues estimated at US$ 2.6 Billion in 2021. The market is estimated to be worth US$ 24.8 billion by the end of 2032. As SMEs’ revenue has increased, they have begun to invest in technology to optimise their supply chain and reduce operational expenses.
The World Bank estimates that SMEs make up about 90% of all enterprises and more than half of all jobs worldwide. Up to 40% of the national income in emerging economies comes from formal SMEs. With a persistent focus on dashboards, reporting, and advanced visualisation, SMEs have prioritised big data, governance, and data catalogues.
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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 helps 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 Billion by 2022.
- The 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 the US is set to experience the highest CAGR of 22.3% during 2022-2032.
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, Kraft Heinz Business and Microsoft Corp. established a partnership to create solutions to help 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.
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Procurement Analytics Market Segmentation:
By Component:
- Solutions
- Services
By Application:
- Supply Chain Analytics
- Risk Analytics
- Spend Analytics
- Demand Forecasting
- Contract 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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