Explore the dynamic landscape of the ICT industry and uncover its trends and opportunities with the comprehensive insights offered in the procurement analytics market research report. Delve into a panoramic view of the market, gaining in-depth analysis and a broader perspective that encompasses the swiftly changing market dynamics. This report not only reveals the existing market scenario but also forecasts future trends, expectations, competitive environments, and strategies adopted by competitors, empowering you to strategize effectively and surpass industry rivals.
Dive into the depths of market analysis, segmentation, key development areas, and competitive strategies outlined within the Procurement Analytics Market report. This global research resource doesn’t just stop there; it furnishes abundant insights and business solutions that act as a guiding beacon in maintaining a competitive edge. Detailed company profiles, product specifications, production values, and market shares for the forecasted period are encapsulated within this report, offering a comprehensive understanding of the industry's pulse. The Procurement Analytics Market research report transcends mere statistics by formulating industry trends at a macro level, enabling businesses to anticipate future market shifts and potential challenges. Embrace a thorough analysis of market structures, dissecting various segments and sub-segments, providing a comprehensive overview that aids in informed decision-making.
Procurement analytics market size is valued at USD 165.05 billion by 2028 and is expected to grow at a compound annual growth rate of 22.35% in the forecast period of 2021 to 2028.
Definition
Procurement analytics is a type of a technique which is used to get useful information and conclusion from the data which will help the company to make right decisions and develop their business. It generally uses the data of the historic year so that it can analyze it and foresee the future trends. These methods help the business to decrease their operation cost, save money and decrease the risk factors.
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Key Growth Drivers:
The rising focus on enhancing procurement channels’ operational efficiencies have been directly influencing the growth of procurement analytics market over the forecast period of 2021 to 2028. Also the impending need to handle compliance polices and contracts as well as organizations’ struggle to maintain their position in the competitive environment are also flourishing the growth of the procurement analytics market. Also the rapid technological developments such as the internet of things ( IoT) and cognitive computing is also positively impacting the growth of the market. Furthermore, the rising need for highly efficient procurement solutions to improve operational performance is also acting as an active growth driver towards the growth of the procurement analytics market. Moreover, the high demand for cloud-based procurement solutions and increasing demand for data-driven solutions are creating a huge demand for procurement analytics as well as lifting the growth of the procurement analytics market.
However, the rising concerns over data security across enterprises as well as the various complexities in streamlining the processes and concerns regarding data privacy are acting as the major restrictions for the growth of procurement analytics in the above mentioned forecasted period, whereas the dearth of analytical expertise and unwillingness to adopt advanced analytical technologies can challenge the procurement analytics market growth in the forecast period of 2021 to 2028.
Likewise, the introduction of machine learning and artificial intelligence in procurement process along with increasing demand for cloud-based analytical solutions will further cater ample new opportunities that will lead to the growth of the procurement analytics market in the above mentioned forecasted period.
The report emphasizes the participation of key entities, notably:
- SAP SE
- Oracle
- SAS Institute Inc.
- Coupa Software Inc.
- BRIDGEi2i Analytics
- Rosslyn Data Technologies
- JAGGAER
- Zycus Inc.
- Genpact
- Proactis Holdings Plc
- BirchStreet Systems, LLC
- Tamr
- Sievo
- Tungsten Network
- Dataction
- IBM
- Simfoni
- Cisco Systems, Inc.
- Microsoft
- Amazon Web Services, Inc.
Key Market Perspectives:
- Thorough examination of prevailing market tendencies
- Updates on the latest product advancements and innovations
- Procurement analyticsmarket's Compound Annual Growth Rate (CAGR) for both historic and forecasted years
- Strategies and activities of prominent players and brands in the field
- Insights into the industry landscape for emerging participants
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Key Market Segmentation
Component (Solutions, Services), Deployment Model (0n-Premises, Cloud), Organization Size (Small and Medium-Sized Enterprises, Large Enterprises), Application Area (Supply Chain Analytics, Risk Analytics, Spend Analytics, Demand Forecasting, Contract Management, Vendor Management), 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, Others)
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