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Procurement Analytics Market Analysis

  • Report ID: GMI7293
  • Published Date: Nov 2023
  • Report Format: PDF

Procurement Analytics Market Analysis

Procurement Analytics Market Size, By Component, 2021 – 2032, (USD Billion)

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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.
 

Procurement Analytics Market Share (%), By Application, 2022

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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.
 

U.S. Procurement Analytics Market Size, 2021 -2032, (USD Million)

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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.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The procurement analytics industry was valued at USD 3.8 billion in 2022 and is estimated to register a CAGR of over 23% between 2023 and 2032, owing to the increasing emphasis on strengthening supplier relationships and enhancing purchasing processes.

In 2022, supply chain management segment held over 30% market share and is projected to grow through 2032, backed by the demand for end-to-end visibility in supply chain, from raw material sourcing to product delivery.

North America led the global procurement analytics market with a major share of over 32% in 2022 and will grow attributed to the emphasis on cost optimization among businesses who continually seek ways to streamline operations and reduce expenditures.

SAP SE, Cisco Systems, Inc., Coupa Software, Genpact Itd., IBM Corporation, Microsoft Corporation, Oracle Corporation, SAS Institute, and Zycus Inc.

Procurement Analytics Market Scope

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Premium Report Details

  • Base Year: 2022
  • Companies covered: 2
  • Tables & Figures: 414
  • Countries covered: 21
  • Pages: 220
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