According to the report, the global procurement analytics market is estimated to generate $3.3 billion in 2021 and $32.3 billion by 2031, witnessing a CAGR of 25.8% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscapes, and competitive scenarios.
The growing demand for procurement and demand management solutions and newer applications for procurement solutions in the healthcare sector, and the need to optimize global supply chain fuels the growth of the global procurement analytics market.
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However, the high costs associated with the implementation and maintenance of procurement solutions are likely to hinder global market growth. On the other hand, the growing integration of advanced technologies such as blockchain and cloud technology will present new growth opportunities for the global market in the coming years.
Based on deployment mode, the on-premise segment contributed to the largest share of nearly three-fifths of the global procurement analytics market in 2021, and is expected to rule the roost during the forecast period. Increase in the adoption of procurement analytics solutions and services has led to the rise in adoption of on-premises-based solutions for security reasons.
However, the cloud segment is projected to witness the fastest CAGR of 27.1% from 2022 to 2031, as the adoption of cloud computing is increasing globally, owing to the flexibility and cost benefits associated with cloud services.
Based on the enterprise size, the large enterprises segment held the largest share of more than half of the global procurement analytics market in 2021, as it is very important for large-scale enterprises to keep procurement analytics data handy and securely to analyze customer demand.
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However, the SMEs segment is expected to maintain prominent growth and exhibit the highest CAGR of 27.3% in 2031, due to the high adoption of procurement analytics by SMEs to effectively manage customer data, gain insights for developing marketing strategies, and become more productive, smarter, and efficient.
Based on component, the solution segment held the largest share of more than three-fifths of the global procurement analytics market in 2021, and is expected to maintain noteworthy growth during the forecast period, owing to several advantages offered by procurement analytics such as complete transparency, high efficiency, and improved data quality.
However, the services segment is likely to exhibit the highest CAGR of 27.3% in 2031. This is due to the deployment and adoption of integration services by end users, as they ensure effective functioning of procurement analytics solution throughout the process.
Based on region, North America was the largest market in 2021, accounting for two-fifths of the global procurement analytics market share. This is due to its rapidly changing technical landscape, increasing digitization throughout North American nations, and the intensifying market competitiveness in the region.
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However, the market in Asia-Pacific is likely to show progressive growth in terms of revenue and manifest the fastest CAGR of 30.7% during the forecast period, owing to the massive use of procurement analytics in growing economies such as India and China and cloud-native countries such as Japan.
The key players operating in the market include Amazon Web Services (AWS), BirchStreet Systems, Cisco System, Inc., Coupa Software Inc., Genpact, International Business Machine (IBM), Jaggaer, Microsoft Corporation, Oracle Corporation, Proactis, Rosslyn Data Technologies, SAP SE, SAS Institute, Sievo, Simfoni, Workday, Inc., and Zycus Inc. These major players have adopted various key development strategies such as business expansion, new product launches, and partnerships, which propel the growth of the procurement analytics market globally.
Covid-19 Scenario
- The COVID-19 outbreak had a positive impact on the growth of procurement analytics market. An increasing number of smartphone users, growing adoption of connected devices, and the surging e-commerce sector offer many opportunities for the growth of the procurement analytics market. COVID had caused crises in social, economic, and energy areas and medical life worldwide throughout 2020.
- In the post-pandemic period, organizations reduced their operational and running costs around all business functions to compensate the losses bore during the pandemic. Moreover, the accelerated demand for online facilities across various industries such as retail and marketing, manufacturing, and energy and utilities propel the demand for procurement analytics solutions.
- Moreover, disruptions in the supply chain also raised the demand for procurement analytics services worldwide. Furthermore, many enterprises are investing highly in procurement analytics solutions to thrive the changes in the working environment and increased complexity of the supply chain.
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