Procurement Analytics
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Procurement Analytics Market Size Valuation Forecast: What Will the Market Be Worth by 2025?
In recent years, the size of the procurement analytics market has seen quick expansion. It is projected to increase from $5.36 billion in 2024 to about $6.29 billion in 2025, progressing at a compound annual growth rate (CAGR) of 17.4%. The development during the historical period can be linked to the need for cost reductions, management of supplier performance, compliance and risk reduction, optimization of strategic sourcing, and improved visibility of expenditure.
Procurement Analytics Market Size Forecast: What’s the Projected Valuation by 2029?
The market size of procurement analytics is predicted to experience substantial expansion in the approaching years. It is anticipated to escalate to $14.59 billion by 2029, growing at a compound annual growth rate (CAGR) of 23.4%. The increment during the anticipated period can be ascribed to a focus on sustainable procurement, adaptable pricing optimization, customizable dashboards and reports, and improved contract management analytics. Significant trends during this period include an escalated adoption of advanced analytics, an emphasis on spend visibility, integration with other procurement technologies, real-time analytics for flexible decision-making, and AI-generated insights for supplier relationship management.
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What Are the Drivers Transforming the Procurement Analytics Market?
The procurement analytics market is projected to expand due to the rise in e-commerce and the advanced retail sector. E-commerce is a mode by which vendors and buyers trade goods and services over the internet, using websites, applications and other platforms through smart devices like computers, tablets, smartphones, etc. E-commerce giants and organized retail chains make frequent use of procurement analytics as it delivers analysis based on consumer behavior and expenditure assessment. For instance, data reported by the United States Census Bureau, a U.S. government body, in August 2023 revealed that compared to the second quarter of 2022, there was a 7.5% (or 1.4%) rise in e-commerce in the second quarter of 2023, while the total retail sales boosted by 0.6% (or 0.4%). Online stores accounted for 15.4% of all sales in the second quarter of 2023. Consequently, an upsurge in e-commerce utilization and the structured retail industry will likely fuel the need for procurement analytics in the future.
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What Long-Term Trends Will Define the Future of the Procurement Analytics Market?
Key players in the procurement analytics market, such as EY, are introducing innovative analytics solutions like EY Spend Insights. This service revolutionizes the understanding of spending patterns by offering a comprehensive perspective, hence improving procurement spending transparency and creating synchronized supply chain networks across various sectors. In June 2023, EY, a firm located in the UK that specializes in consultancy, launched the EY Spend Insights (EY SPI) on the Snowflake Data Cloud platform, eliminating the need for manual management tasks. The solution brings together advanced analytics, automation, and machine learning capacities. EY SPI improves transparency into procurement expenditure and promotes a consistent supply chain network across a plethora of industries, including retail, consumer packaged goods, advanced manufacturing, and mobility.
Which Segments in the Procurement Analytics Market Offer the Most Profit Potential?
The procurement analytics market covered in this report is segmented –
1) By Component: Solutions, Services
2) By Deployment Mode: Cloud, On-Premises
3) By End User: Retail And E-commerce, Manufacturing, Government And Defense, Healthcare And Life Sciences, Telecom And IT, Energy and Utilities, Banking, Financial Services, And Insurance, Other End Users
4) By Application: Supply Chain Analytics, Risk Analytics, Spend Analytics, Demand Forecasting, Contract Management, Vendor Management, Category Management
Subsegments:
1) By Solutions: Spend Analytics Solutions, Supplier Analytics Solutions, Contract Analytics Solutions, Procurement Performance Analytics Solutions, Risk Management Analytics Solutions
2) By Services: Consulting Services, Implementation Services, Support And Maintenance Services, Training And Education Services
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Which Firms Dominate the Procurement Analytics Market by Market Share and Revenue in 2025?
Major companies operating in the procurement analytics market include SAP SE, Oracle Corporation, Statistical Analysis Systems, Coupa Software Inc., Genpact, Jaggaer, GEP Worldwide, Ivalua Inc., Zycus, ProcurePort, Basware, SynerTrade, Corcentric, Scout RFP, BirchStreet, Periscope Holdings,Tealbook,Keelvar,Proactis,Sievo,Xeeva Inc., POOL4TOOL AG,Vroozi,Rosslyn Data Technologies,Simfoni,Applegate,Scanmarket,EC Sourcing Group
Which Regions Offer the Highest Growth Potential in the Procurement Analytics Market?
North America was the largest region in the procurement analytics market in 2024 and is also expected to be the fastest-growing region in the forecast period. The regions covered in the procurement analytics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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