Procurement Analytics Market Segmentation, Future Prospects and Opportunity Assessment
The Procurement Analytics Market size to grow from USD 2.6 billion in 2021 to USD 8.0 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 25.3% during the forecast period.
Download Report Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=141409924
Various factors such as increasing spending on marketing and advertising activities by enterprises, changing landscape of customer intelligence to drive the market, and proliferation of customer channels are expected to drive the adoption of procurement analytics technologies and services.
Procurement analytics is the process of using quantitative methods to derive actionable insights and outcomes from data. It involves the capture and use of data to support fact-based decision-making. It typically reports what has happened in the past and creates estimates, using predictive analytics based on historical data to guess what will happen in the future. Procurement is usually referred to as an umbrella term, which consists of various processes crucial for determining the organization’s corporate strategy, such as purchasing of goods and services, vendor selection, sourcing, establishing payment terms, contract negotiations, and also strategic vetting. These processes generate huge voluminous amounts of data in the organizations. The use of analytics for these data involves various quantitative methods, which will help derive actionable insights and outcomes that can be helpful for the organizations in making strategic decisions and gaining competitive advantage. Procurement analytics solutions majorly apply predictive analytics on historical data sets of the organizations and derive predictions for the future, which helps management personnel to take key decisions pertaining to the overall procurement.
Supply Chain Analytics segment to account for a larger market size during the forecast period
Supply chain analytics is the application of different analytics tools to improve the supply chain operational efficiency and effectiveness with data-driven intelligence. Various industry verticals, such as manufacturing, retail and consumer goods, energy and utilities, and healthcare, are expected to make informed decisions related to procurement, supplier performance, inventory optimization, demand planning and forecasting, and supply chain optimization using supply chain analytics solutions. Many supply chain analytics solutions offered by industry players include supplier performance analytics, spend and procurement analytics, inventory analytics, demand analysis and forecasting, and transportation and logistics analytics.
Telecom and IT vertical to have the largest market size during the forecast period
The telecom and IT sector is highly competitive and continuously focuses on delivering enhanced services to acquire new customers and retain the existing ones. Factors such as the growing complexity of the telecom industry and the growth in the number of service providers have created the demand to adopt procurement analytics solutions. The fast use of smartphones and other connected mobile devices has increased the volume of data flowing across telecom networks. Operators must process, store, and extract information from the given data. Procurement analytics can help them maximize profits by optimizing network consumption, enhancing customer experience, and improving scalability.
Get More Info : - https://www.marketsandmarkets.com/Market-Reports/procurement-analytics-market-141409924.html
APAC to hold higher CAGR during the forecast period
The procurement analytics market has been segmented into five major regions: North America, Europe, APAC, Latin America, and MEA. APAC is expected to grow at a good pace during the forecast period. The region will be booming, as it is experiencing a lot of new entrepreneur setups, which would be looking forward to acquiring new customers and gaining customer trust by involving new paradigms of advanced analytics to have a competitive advantage over the established players. China, Japan, and India have displayed ample growth opportunities in the procurement analytics market.
The major vendors in the global procurement analytics market include SAP (Germany), Oracle (US), SAS Institute (US), Coupa Software (US), Genpact (US), Rosslyn Data Technologies (UK), Microsoft (US), IBM (US), Cisco (US), GEP (US), Corcentric (US), and Zycus (US).
About MarketsandMarkets™
MarketsandMarkets™ has been recognized as one of America's best management consulting firms by Forbes, as per their recent report.
MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes.
The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.
Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: sales@marketsandmarkets.com
- Art
- Causes
- Crafts
- Dance
- Drinks
- Film
- Fitness
- Food
- Games
- Gardening
- Health
- Home
- Literature
- Music
- Networking
- Other
- Party
- Religion
- Shopping
- Sports
- Theater
- Wellness
- IT, Cloud, Software and Technology
Arabic
Français
Español
Português
Deutsch
Türkçe
Dutch
Italiano
Russian
Romaian