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Procurement Analytics Market: Comprehensive Assessment by Type, Application, and Geography

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DavidLevy
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Executive Summary

The global Procurement Analytics market research reports indicate that the market is expected to grow at a CAGR of % during the forecasted period. Procurement Analytics refers to the use of technology and data analysis to optimize the procurement process, improve decision-making, and achieve cost savings.

Market trends in Procurement Analytics include the increasing adoption of cloud-based solutions, the integration of artificial intelligence and machine learning technologies, and the emphasis on predictive analytics to forecast demand and mitigate supply chain risks. Moreover, the growing focus on sustainability and ethical sourcing is driving the demand for procurement analytics solutions that can track and monitor supplier practices.

Geographically, the Procurement Analytics market is spread across North America, Asia Pacific (APAC), Europe, the United States, and China. North America holds the largest market share due to the presence of key players, technological advancements, and the high adoption rate of analytics solutions in industries such as retail, manufacturing, and healthcare. APAC is expected to witness significant growth, driven by the rapid digitization of procurement processes in countries like China and India.

Overall, the Procurement Analytics market is poised for substantial growth as organizations recognize the importance of data-driven decision-making in procurement operations. With the increasing complexity of global supply chains and the need for cost optimization, procurement analytics solutions are becoming essential tools for businesses to stay competitive and drive efficiency.

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Market Segmentation:

This Procurement Analytics Market is further classified into Overview, Deployment, Application, and Region. 

In terms of Components, Procurement Analytics Market is segmented into:

  • IBM
  • SAP
  • Oracle
  • Tamr
  • Zycus
  • SAS Institute
  • Accenture
  • GEP
  • Genpact
  • Sievo
  • Dataction
  • Tungsten Corporation
  • Rosslyn Data Technologies
  • BirchStreet

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The Procurement Analytics Market Analysis by types is segmented into:

  • Cloud-based
  • On-premise

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The Procurement Analytics Market Industry Research by Application is segmented into:

  • BFSI
  • Healthcare and Life Sciences
  • IT & Telecom
  • Retail & E-Commerce
  • Energy And Utilities
  • Others

In terms of Region, the Procurement Analytics Market Players available by Region are:

North America:

  • United States
  • Canada

Europe:

  • Germany
  • France
  • U.K.
  • Italy
  • Russia

Asia-Pacific:

  • China
  • Japan
  • South Korea
  • India
  • Australia
  • China Taiwan
  • Indonesia
  • Thailand
  • Malaysia

Latin America:

  • Mexico
  • Brazil
  • Argentina Korea
  • Colombia

Middle East & Africa:

  • Turkey
  • Saudi
  • Arabia
  • UAE
  • Korea

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Key Drivers and Barriers in the Procurement Analytics Market

Key drivers in the Procurement Analytics market include increasing adoption of advanced analytics to optimize procurement processes, growing demand for real-time data insights, and the need for cost reduction and improved supply chain management. Barriers include data privacy concerns, lack of skilled professionals, and resistance to change from traditional procurement methods.

Challenges faced in the market include the complexity of integrating multiple data sources, ensuring data accuracy and consistency, and adapting to changing regulations and market trends. Additionally, the high initial investment required for implementing analytics solutions and the difficulty in measuring ROI also pose significant challenges for organizations.

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Competitive Landscape

Out of the listed Competitive Procurement Analytics Market players, IBM, SAP, and Oracle are some of the key players in the market. IBM has a long history of providing data analytics solutions across various industries. SAP is known for its ERP software and has a strong presence in the procurement analytics market as well. Oracle is a global leader in enterprise software solutions and offers a comprehensive suite of procurement analytics tools.

IBM has seen steady growth in its procurement analytics business, with a focus on AI-driven data insights and automation. SAP has also expanded its procurement analytics offerings through strategic partnerships and acquisitions. Oracle continues to innovate its procurement analytics platform, incorporating advanced technologies like machine learning and blockchain.

In terms of market size, the Competitive Procurement Analytics Market is estimated to reach a value of over $7 billion by 2025, with key players like IBM, SAP, and Oracle driving growth in the market. IBM reported sales revenue of $ billion in 2020, while SAP reported sales revenue of €27.33 billion in the same year. Oracle's sales revenue was $39.07 billion in 2020, showcasing the strong market presence of these companies in the procurement analytics space.

Overall, these companies are expected to continue leading the Competitive Procurement Analytics Market, leveraging their technology expertise and industry experience to drive innovation and growth in the market.

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