Home > Media & Technology > Next Generation Technologies > Analytics and Business Intelligence > Procurement Analytics Market

Procurement Analytics Market Size

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

Procurement Analytics Market Size

Procurement Analytics Market was valued at USD 3.8 billion in 2022 and is estimated to register a CAGR of over 23% between 2023 and 2032. The increasing emphasis on strengthening supplier relationships and enhancing purchasing processes has become a driving force behind the market growth

 

Procurement Analytics Market

To understand key trends  
Download Free Sample
 

Organizations recognize the pivotal role of robust supplier connections in ensuring a stable supply chain. For instance, in July 2023, EY and cloud data expert, Snowflake collaborated to introduce EY Spend Insights (SPI), a solution that offers insights into procurement spending and harmonizes supply chain networks across diverse sectors. This solution equips business owners, managers, and executives with tools to enhance strategic decision-making, strengthen supplier relationships, and optimize purchasing processes

 

The procurement analytics market is being propelled by the imperative to optimize procurement processes and enhance overall efficiency in organizations. By leveraging advanced analytics tools, businesses can gain deep insights into supplier performance, cost structures, and demand patterns. This data-driven approach enables strategic decision-making, supplier collaboration, and streamlined procurement workflows. As companies increasingly recognize the potential for cost savings and improved productivity, the demand for procurement analytics solutions continues to rise, driving innovation & market development.

 

Ensuring the accuracy and reliability of data is a fundamental challenge in procurement analytics. Incomplete or inconsistent data from various sources can lead to unreliable insights. Integrating data from disparate systems within an organization including ERP systems and legacy databases poses technical challenges. Moreover, harmonizing data from external sources such as suppliers further complicates the integration process. Addressing these issues requires robust data governance policies, advanced integration tools, and data cleansing techniques to derive meaningful & actionable analytics results.

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

Buy Now

Access to only 1 person; cannot be shared; cannot be printed
Access for 2 to 5 users only within same department of one company
Access to a company wide audience; includes subsidiary companies or other companies within a group of companies

Premium Report Details

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