1. What is the projected Compound Annual Growth Rate (CAGR) of the Procurement Analytics Market?
The projected CAGR is approximately 21.9%.
+1 2315155523
MR Forecast provides premium market intelligence on deep technologies that can cause a high level of disruption in the market within the next few years. When it comes to doing market viability analyses for technologies at very early phases of development, MR Forecast is second to none. What sets us apart is our set of market estimates based on secondary research data, which in turn gets validated through primary research by key companies in the target market and other stakeholders. It only covers technologies pertaining to Healthcare, IT, big data analysis, block chain technology, Artificial Intelligence (AI), Machine Learning (ML), Internet of Things (IoT), Energy & Power, Automobile, Agriculture, Electronics, Chemical & Materials, Machinery & Equipment's, Consumer Goods, and many others at MR Forecast. Market: The market section introduces the industry to readers, including an overview, business dynamics, competitive benchmarking, and firms' profiles. This enables readers to make decisions on market entry, expansion, and exit in certain nations, regions, or worldwide. Application: We give painstaking attention to the study of every product and technology, along with its use case and user categories, under our research solutions. From here on, the process delivers accurate market estimates and forecasts apart from the best and most meaningful insights.
Products generically come under this phrase and may imply any number of goods, components, materials, technology, or any combination thereof. Any business that wants to push an innovative agenda needs data on product definitions, pricing analysis, benchmarking and roadmaps on technology, demand analysis, and patents. Our research papers contain all that and much more in a depth that makes them incredibly actionable. Products broadly encompass a wide range of goods, components, materials, technologies, or any combination thereof. For businesses aiming to advance an innovative agenda, access to comprehensive data on product definitions, pricing analysis, benchmarking, technological roadmaps, demand analysis, and patents is essential. Our research papers provide in-depth insights into these areas and more, equipping organizations with actionable information that can drive strategic decision-making and enhance competitive positioning in the market.
Procurement Analytics MarketProcurement Analytics Market by Deployment Mode (On-Premise, Cloud), by Application (Supply Chain Management, Risk Analytics, Spend Analytics, Vendor Management, Contract Management, Others), by Enterprise Type (Large Enterprises, Small & Medium Enterprises (SMEs), by End-user (Manufacturing, Retail, Consumer Goods, BFSI, Transportation, Logistics, Healthcare, Life Sciences, Others), by By Deployment Mode (On-Premise, Cloud), by South America (Brazil, Argentina, Rest of South America), by Europe (U.K., Germany, France, Italy, Spain, Russia, Benelux, Nordics, Rest of Europe), by Middle East & Africa (Turkey, Israel, GCC, North Africa, South Africa, Rest of the Middle East & Africa), by Asia Pacific (China, Japan, India, South Korea, ASEAN, Oceania, Rest of Asia Pacific) Forecast 2026-2034
The Procurement Analytics Market size was valued at USD 3.36 USD Billion in 2023 and is projected to reach USD 13.44 USD Billion by 2032, exhibiting a CAGR of 21.9 % during the forecast period. The procurement analytics is the streamlined process of analysing the data connected to procurement activities in the institution to realize the insights and to enhance the quality of the purchasing decision(s). This procedure consists of acquisition of raw data, purification, classification, and description of procurement data from sources like contracts, invoices and supplier characteristics. Among the key remaining components are assessing spend, monitoring supplier's performance, managing contracts, and dealing with business risks. Through the application of the advanced analytics approach including predictive modelling and machine learning, the organizations would be at the pleasure of detecting cost-saving options, supplier bargaining and provision of the possible supply chain risks. The perks of procurement analytics cover more visibility, better effectiveness in procurement operations, better relationship management with sellers, and finally, cost-cutting at the end of the day.
Deployment Mode:
Application:
Enterprise Type:
End-user:
Procurement analytics is transforming the procurement function by providing data-driven insights, improving decision-making, and optimizing supply chains. The market is expected to continue its strong growth trajectory as organizations recognize the value of data analytics in streamlining procurement processes and gaining competitive advantage.
| Aspects | Details |
|---|---|
| Study Period | 2020-2034 |
| Base Year | 2025 |
| Estimated Year | 2026 |
| Forecast Period | 2026-2034 |
| Historical Period | 2020-2025 |
| Growth Rate | CAGR of 21.9% from 2020-2034 |
| Segmentation |
|
Note*: In applicable scenarios
Primary Research
Secondary Research
Involves using different sources of information in order to increase the validity of a study
These sources are likely to be stakeholders in a program - participants, other researchers, program staff, other community members, and so on.
Then we put all data in single framework & apply various statistical tools to find out the dynamic on the market.
During the analysis stage, feedback from the stakeholder groups would be compared to determine areas of agreement as well as areas of divergence
The projected CAGR is approximately 21.9%.
Key companies in the market include SAP (Germany), Oracle Corporation (U.S.), SAS Institute (U.S.), GEP (U.S.), Coupa Software Inc. (U.S.), Rosslyn Data Technologies Plc (U.K.), Simfoni (U.S.), JAGGAER (U.S.), Corcentric, Inc. (U.S.), Ivalua Inc. (France).
The market segments include Deployment Mode, Application, Enterprise Type, End-user.
The market size is estimated to be USD 3.36 USD Billion as of 2022.
Rapid Transformation in the Use of Consumer Intelligence for the Product to Aid Market Growth.
Growing Implementation of Touch-based and Voice-based Infotainment Systems to Increase Adoption of Intelligent Cars.
Data Inconsistency Issues May Hamper the Market Growth.
June 2023: Ivalua, a player in spend management, announced that ArcelorMittal, a steel manufacturer, expanded the partnership by growing the scope of its currently deployed solution. In addition to securing its supply chain, ArcelorMittal is reducing the risk of disruption through Ivalua. ArcelorMittal is particularly benefiting from the supply chain collaboration solution developed by Ivalua as a way of bridging the supply chain gap with its ERP suppliers to guarantee continuity.
Pricing options include single-user, multi-user, and enterprise licenses priced at USD 4850, USD 5850, and USD 6850 respectively.
The market size is provided in terms of value, measured in USD Billion.
Yes, the market keyword associated with the report is "Procurement Analytics Market," which aids in identifying and referencing the specific market segment covered.
The pricing options vary based on user requirements and access needs. Individual users may opt for single-user licenses, while businesses requiring broader access may choose multi-user or enterprise licenses for cost-effective access to the report.
While the report offers comprehensive insights, it's advisable to review the specific contents or supplementary materials provided to ascertain if additional resources or data are available.
To stay informed about further developments, trends, and reports in the Procurement Analytics Market, consider subscribing to industry newsletters, following relevant companies and organizations, or regularly checking reputable industry news sources and publications.