Procurement Analytics Market Set to Soar Past USD 18.18 Billion by 2030

The global Procurement Analytics market size is expected to reach USD 18.18 billion by 2030 and exhibit a CAGR of 23.10% in the forecast period (2023−2030), according to Skyquest’s latest research report. The growing need for cost optimization and efficiency in procurement processes, the increasing volume and complexity of data generated in supply chain operations, the adoption of advanced technologies such as artificial intelligence and machine learning to enhance data analysis and decision-making, rising demand for real-time visibility into procurement operations, and the desire to mitigate supply chain risks through data-driven insights is fueling the market’s growth.

Westford,USA, Feb. 01, 2024 (GLOBE NEWSWIRE) — According to SkyQuest’s latest global research of the Procurement Analytics market, increased adoption of cloud-based procurement analytics solutions for scalability and flexibility, the integration of data from various sources and systems to enable comprehensive insights, the emphasis on predictive and prescriptive analytics to proactively manage supply chain disruptions, and the increasing use of AI-powered chatbots and virtual assistants for procurement-related inquiries and tasks are the trends that aid in the market’s growth.

Browse in-depth TOC on “Procurement Analytics Market”

  • Pages – 157
  • Tables – 61
  • Figures – 75

Procurement analytics uses data and analytics to improve an organization’s procurement operations’ efficiency, effectiveness, and profitability. It involves collecting, analyzing, and visualizing data from various sources, including purchase orders, invoices, contracts, and performance metrics.

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Prominent Players in Procurement Analytics Market

  • SAP
  • Oracle
  • SAS Institute
  • Coupa Software
  • Genpact
  • Rosslyn Data Technologies
  • Microsoft
  • IBM
  • Cisco
  • GEP
  • Jaggaer
  • Proactis
  • BirchStreet Systems
  • Tamr
  • Simfoni
  • Sievo
  • Workday
  • ProcurePro
  • Kearney
  • PRM360
  • Market Dojo
  • Synertrade
  • Ivalua

Software (Analytics and Reporting Tools) Demand to Grow Substantially in the Forecast Period

Software (Analytics and Reporting Tools) dominates the global online market as software plays a critical role in enabling organizations to collect, analyze, and visualize data for better procurement decision-making. Analytics tools can process vast amounts of data, uncover insights, and make data-driven decisions. With the increasing volume and complexity of data in procurement, the demand for advanced analytics solutions is rising.

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Spend Analysis is the Leading Application Segment

In terms of application, the spend analysis is the leading segment as it examines an organization’s spending patterns to identify cost-saving opportunities, improve supplier relationships, and ensure compliance. Spend analysis provides immediate value to organizations by helping them optimize procurement expenses, negotiate better supplier contracts, and enhance overall cost efficiency.

North America is the leading Market Due to the Technological Advancements

Region-wise, North America is one of the largest growing markets with a huge emphasis on technological advancements. The United States is home to numerous technology companies that offer advanced procurement analytics solutions. Additionally, organizations in North America often prioritize data-driven decision-making, which fuels the adoption of procurement analytics tools.

A recent report thoroughly analyzes the major players operating within the Procurement Analytics market. This comprehensive evaluation has considered several crucial factors, such as collaborations, mergers, innovative business policies, and strategies, providing invaluable insights into the key trends and breakthroughs in the market. Additionally, the report has carefully scrutinized the market share of the top segments and presented a detailed geographic analysis. Finally, the report has highlighted the major players in the industry and their ongoing endeavors to develop innovative solutions that cater to the ever-increasing demand for Procurement Analytics.

Key Developments in the Procurement Analytics Market

  • Zycus Inc. unveiled its latest version of procurement analytics software, offering advanced reporting and visualization capabilities for better data-driven decision-making in procurement.
  • Coupa Software Inc. introduced enhancements to its procurement analytics capabilities, empowering organizations to gain deeper insights into their procurement operations and drive cost savings.

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Key Questions Answered in Procurement Analytics Market Report

  • What specific growth drivers will impact the market during the forecast period?
  • Can you list the top companies in the market and explain how they have achieved their positions of influence?
  • In what ways do regional trends and patterns differ within the global market, and how might these differences shape the market’s future growth?

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