CHICAGO, April 9, 2019 /PRNewswire/ -- According to a new market research report "Procurement Analytics Market by Component, Application Area (Supply Chain Analytics, Risk Analytics, Spend Analytics, Demand Forecasting, and Contract Management), Deployment Type, Organization Size, Vertical, and Region - Global Forecast to 2023", published by MarketsandMarkets™, the global Procurement Analytics Market size is expected to grow from USD 1.6 billion in 2018 to USD 4.1 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 20.4% during the forecast period.
The key factors driving the market include increasing focus on enhancing procurement channels' operational efficiencies, imminent need to handle compliance polices and contracts, and organizations' struggle to sustain their position in the competitive environment.
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The solutions segment to account for a larger market size in 2018
Procurement analytics solutions help customers in various application areas such as supply chain analytics, risk analytics, spend analytics, demand forecasting, contract management, and vendor management. The solutions include various modules, such as financial analysis, sourcing analysis, real-time and batch data analysis, category management, and compliance and policy management. The implementation of these modules in the organizations will lead to higher data optimization, automated data cleansing, and sourcing category analysis of procurement platforms.
The cloud segment to grow at a higher CAGR during the forecast period
Cloud-based services are provided directly through the cloud-deployed network connection. The cloud deployment mode is a faster growing segment in the Procurement Analytics Market. Organizations can avoid certain costs, such as maintenance of infrastructure, and technical staff by using the cloud-based procurement analytics solutions. The cloud-based platforms are beneficial for organizations that have limited budget for analytical software and solution investments. Small and Medium-sized Enterprises (SMEs) deploy their procurement analytical solutions in the cloud, as it enables them to focus on their core competencies, rather than to invest their capital on hardware-based infrastructures.
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North America to account for the largest market size during the forecast period
North America is expected to account for the largest market size in the overall Procurement Analytics Market during the forecast period. The region is expected to provide market growth opportunities for procurement analytics vendors, as it is the highly regulated region with stringent laws and policies for safeguarding data, and due to the presence of 2 major economies: the US and Canada.
The Procurement Analytics Market comprises major solution providers, such as SAP (Germany), Oracle (US), SAS (US), IBM (US, Coupa Software (US), Zycus(US), BRIDGEi2i Analytics (India), JAGGAER (US), Rosslyn Data Technologies (England), Genpact (UK), Tamr (US), Simfoni (US), BirchStreet (US), Proactis (UK), and Sievo (Finland). The study includes an in-depth competitive analysis of the key players in the Procurement Analytics Market, along with their company profiles, recent developments, and key market strategies.
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