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Based on component, the market is divided into solution and services. In 2022, the market revenue of the solution segment was over USD 2.5 billion. The market is witnessing growth in the solution segment due to advancements in sourcing, purchasing, and door-to-door order management solutions. These innovations streamline procurement processes, ensuring efficient supplier sourcing, optimized purchasing strategies & seamless order management from initial to end phase. For instance, in November 2022, Procure Analytics, a prominent data-enabled group purchasing organization, introduced Amicus Spend Management, a tail spends sourcing and purchasing service. This new offering allows procure analytics members to lower the overall procurement costs without the need for additional internal labor, management fees, or commercial obligations.
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Based on application, the procurement analytics market is categorized into spend analytics, risk analytics, supply chain management, vendor analytics, contract management, and others. In 2022, supply chain management segment hold over 30% business share and is projected to grow by 2032. The demand for end-to-end visibility in supply chains is a pivotal factor propelling the growth of supply chain management applications. Businesses now require comprehensive insights into their supply chains, from raw material sourcing to product delivery. Procurement analytics provides real-time monitoring of supplier performance, enabling companies to uphold quality, compliance, and delivery standards. This heightened visibility not only mitigates risks and ensures regulatory compliance but also fosters efficient supplier relationships, leading to enhanced overall supply chain efficiency and effectiveness.
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North America led the procurement analytics market with a major share of over 32% in 2022. The emphasis on cost optimization is a pivotal factor driving the market expansion. Businesses continually seek ways to streamline operations and reduce expenditures. Procurement analytics plays a vital role by providing detailed insights into spending patterns, supplier performance, and negotiation opportunities. For instance, in March 2023, Resilinc Corporation introduced its Spend Analytics solution, a spend-management tool that links an organization's expenditure to specific suppliers, categories, or parts. This data, accessible beside other supplier risk insights on the Resilinc platform, offers companies comprehensive visibility into both direct and indirect supplier spend across the entire organization.