Product Code: PM2876
The global procurement analytics market size is expected to reach USD 20.1 billion by 2030, according to a new study by Polaris Market Research. The report "Procurement Analytics Market Share, Size, Trends, Industry Analysis Report, By Component (Solution, Service); By Deployment; By Application; By Region; Segment Forecast, 2022-2030" gives a detailed insight into current market dynamics and provides analysis on future market growth.
The development of procurement analytics technology is expected to be driven by increased enterprise spending on marketing and advertising campaigns, evolving consumer intelligence market dynamics, and the expansion of customer channels. Machine learning and AI increase an organization's ability to evaluate and make justifiable decisions based on data with the least amount of human input. Business organizations can lower their overall procurement expenses and boost service levels by using the data-driven insights provided by procurement analytics.
For instance, on September 2022, introduced the Zycus AI-powered Procure-to-Pay system to transform its procurement process. The eProc solution from Zycus will boost productivity and efficiency in the handling of catalogs, requisitions, and purchase orders. Additionally, the vital information from the invoice documents will be automatically extracted by Zycus' AI-powered Merlin Invoice Reader. Managing incoming supplier requests and queries will also become easier thanks to Merlin AP Smart Desk.
Due to its ability to provide a data-driven analysis of consumer behavior and spending, procurement analytics is commonly used by e-commerce businesses and organized retail locations. For instance, the Indian Brand Equity Foundation projects that the country's e-commerce sector will expand by 21.5% in 2022 to reach USD 74.8 billion. By 2030, it is expected that the Indian e-commerce market would be worth USD 350 billion. As a result, it is expected that both organized retail and e-commerce would see an increase in usage throughout the course of the projected time.
During the pandemic, companies are implementing the work-from-home module. Businesses are investing less in cutting-edge products and services to maintain profitability. The demand for procurement analytics increased during the pandemic emergency but increased less during the COVID-19 shut down due to the increased reliance of commercial sectors and services on procurement analytics.
Procurement Analytics Market Report Highlights
In 2021, the solution category is expected to dominate the market due to the growing procurement analytics solution used to develop future estimations from companies using prior data sets.
On-premises businesses accounted for the largest market share in 2021. As a result of increasing corporate application software use, the market is predicted to grow more quickly throughout the forecast period.
In 2021, supply chain management accounted for the largest revenue share. This is primarily due to the application of procurement, which facilitates the collection, classification, and analysis of expenditure data with specialized software.
In 2021, North America is anticipated to garner the largest revenue share, owing to the early adoption of technologies such as analytics and process digitization.
The global players include Microsoft, SAP, IBM, Oracle, Cisco, Amazon Web Service, and Birch Street.
Polaris Market Research has segmented the procurement analytics market report based on component, deployment, application, and region:
Procurement Analytics, Component Outlook (Revenue - USD Billion, 2018 - 2030)
Solution
Services
Procurement Analytics, Deployment Outlook (Revenue - USD Billion, 2018 - 2030)
On-premise
Cloud
Procurement Analytics, Application Outlook (Revenue - USD Billion, 2018 - 2030)
Spend Analytics
Risk Analytics
Supply Chain Management
Vendor Analytics
Contract Management
Others
Procurement Analytics, Regional Outlook (Revenue - USD Billion, 2018 - 2030)
North America
U.S
Canada
Europe
Germany
UK
France
Italy
Spain
Russia
Netherlands
Asia Pacific
China
India
Japan
South Korea
Indonesia
Malaysia
Latin America
Argentina
Brazil
Mexico
Middle East & Africa
UAE
Saudi Arabia
Israel
South Africa
Table of Contents
1. Introduction
- 1.1. Report Description
- 1.1.1. Objectives of the Study
- 1.1.2. Market Scope
- 1.1.3. Assumptions
- 1.2. Stakeholders
2. Executive Summary
3. Research Methodology
- 3.1. Overview
- 3.2. Data Sources
- 3.2.1. Primary Sources
- 3.2.2. Secondary Sources
4. Global Procurement Analytics Market Insights
- 4.1. Procurement Analytics - Industry Snapshot
- 4.2. Procurement Analytics Market Dynamics
- 4.2.1. Drivers and Opportunities
- 4.2.1.1. Growing Adoption of Artificial Intelligence
- 4.2.1.2. Need for Efficacy in Organizations
- 4.2.2. Restraints and Challenges
- 4.2.2.1. Concerns Over Data Security
- 4.3. Porter's Five Forces Analysis
- 4.3.1. Bargaining Power of Suppliers (Moderate)
- 4.3.2. Threats of New Entrants: (Low)
- 4.3.3. Bargaining Power of Buyers (Moderate)
- 4.3.4. Threat of Substitute (Moderate)
- 4.3.5. Rivalry among existing firms (High)
- 4.4. PESTEL Analysis
- 4.5. Procurement Analytics Market Industry Trends
- 4.6. Value Chain Analysis
- 4.7. COVID-19 Impact Analysis
5. Global Procurement Analytics Market, by Component
- 5.1. Key Findings
- 5.2. Introduction
- 5.2.1. Global Procurement Analytics Market, by Component, 2018 - 2030 (USD Billion)
- 5.3. Solution
- 5.3.1. Global Procurement Analytics Market, by Solution, by Region, 2018 - 2030 (USD Billion)
- 5.4. Services
- 5.4.1. Global Procurement Analytics Market, by Services, by Region, 2018 - 2030 (USD Billion)
6. Global Procurement Analytics Market, by Deployment
- 6.1. Key Findings
- 6.2. Introduction
- 6.2.1. Global Procurement Analytics Market, by Deployment, 2018 - 2030 (USD Billion)
- 6.3. On-premise
- 6.3.1. Global Procurement Analytics Market, by On-premise, by Region, 2018 - 2030 (USD Billion)
- 6.4. Cloud
- 6.4.1. Global Procurement Analytics Market, by Cloud, by Region, 2018 - 2030 (USD Billion)
7. Global Procurement Analytics Market, by Application
- 7.1. Key Findings
- 7.2. Introduction
- 7.2.1. Global Procurement Analytics Market, by Application, 2018 - 2030 (USD Billion)
- 7.3. Spend Analytics
- 7.3.1. Global Procurement Analytics Market, by Spend Analytics, by Region, 2018 - 2030 (USD Billion)
- 7.4. Risk Analytics
- 7.4.1. Global Procurement Analytics Market, by Risk Analytics, by Region, 2018 - 2030 (USD Billion)
- 7.5. Supply Chain Management
- 7.5.1. Global Procurement Analytics Market, by Supply Chain Management, by Region, 2018 - 2030 (USD Billion)
- 7.6. Vendor Analytics
- 7.6.1. Global Procurement Analytics Market, by Vendor Analytics, by Region, 2018 - 2030 (USD Billion)
- 7.7. Contract Management
- 7.7.1. Global Procurement Analytics Market, by Contract Management, by Region, 2018 - 2030 (USD Billion)
- 7.8. Others
- 7.8.1. Global Procurement Analytics Market, by others, by Region, 2018 - 2030 (USD Billion)
8. Global Procurement Analytics Market, by Geography
- 8.1. Key findings
- 8.2. Introduction
- 8.2.1. Procurement Analytics Market Assessment, By Geography, 2018 - 2030 (USD Billion)
- 8.3. Procurement Analytics Market - North America
- 8.3.1. North America: Procurement Analytics Market, by Component, 2018 - 2030 (USD Billion)
- 8.3.2. North America: Procurement Analytics Market, by Application, 2018 - 2030 (USD Billion)
- 8.3.3. North America: Procurement Analytics Market, by Deployment, 2018 - 2030 (USD Billion)
- 8.3.4. Procurement Analytics Market - U.S.
- 8.3.4.1. U.S.: Procurement Analytics Market, by Component, 2018 - 2030 (USD Billion)
- 8.3.4.2. U.S.: Procurement Analytics Market, by Application, 2018 - 2030 (USD Billion)
- 8.3.4.3. U.S.: Procurement Analytics Market, by Deployment, 2018 - 2030 (USD Billion)
- 8.3.5. Procurement Analytics Market - Canada
- 8.3.5.1. Canada: Procurement Analytics Market, by Component, 2018 - 2030 (USD Billion)
- 8.3.5.2. Canada.: Procurement Analytics Market, by Application, 2018 - 2030 (USD Billion)
- 8.3.5.3. Canada: Procurement Analytics Market, by Deployment, 2018 - 2030 (USD Billion)
- 8.4. Procurement Analytics Market - Europe
- 8.4.1. Europe: Procurement Analytics Market, by Component, 2018 - 2030 (USD Billion)
- 8.4.2. Europe.: Procurement Analytics Market, by Application, 2018 - 2030 (USD Billion)
- 8.4.3. Europe: Procurement Analytics Market, by Deployment, 2018 - 2030 (USD Billion)
- 8.4.4. Procurement Analytics Market - UK
- 8.4.4.1. UK: Procurement Analytics Market, by Component, 2018 - 2030 (USD Billion)
- 8.4.4.2. UK.: Procurement Analytics Market, by Application, 2018 - 2030 (USD Billion)
- 8.4.4.3. UK: Procurement Analytics Market, by Deployment, 2018 - 2030 (USD Billion)
- 8.4.5. Procurement Analytics Market - France
- 8.4.5.1. France: Procurement Analytics Market, by Component, 2018 - 2030 (USD Billion)
- 8.4.5.2. France.: Procurement Analytics Market, by Application, 2018 - 2030 (USD Billion)
- 8.4.5.3. France: Procurement Analytics Market, by Deployment, 2018 - 2030 (USD Billion)
- 8.4.6. Procurement Analytics Market - Germany
- 8.4.6.1. Germany: Procurement Analytics Market, by Component, 2018 - 2030 (USD Billion)
- 8.4.6.2. Germany.: Procurement Analytics Market, by Application, 2018 - 2030 (USD Billion)
- 8.4.6.3. Germany: Procurement Analytics Market, by Deployment, 2018 - 2030 (USD Billion)
- 8.4.7. Procurement Analytics Market - Italy
- 8.4.7.1. Italy: Procurement Analytics Market, by Component, 2018 - 2030 (USD Billion)
- 8.4.7.2. Italy.: Procurement Analytics Market, by Application, 2018 - 2030 (USD Billion)
- 8.4.7.3. Italy: Procurement Analytics Market, by Deployment, 2018 - 2030 (USD Billion)
- 8.4.8. Procurement Analytics Market - Spain
- 8.4.8.1. Spain: Procurement Analytics Market, by Component, 2018 - 2030 (USD Billion)
- 8.4.8.2. Spain.: Procurement Analytics Market, by Application, 2018 - 2030 (USD Billion)
- 8.4.8.3. Spain: Procurement Analytics Market, by Deployment, 2018 - 2030 (USD Billion)
- 8.4.9. Procurement Analytics Market - Netherlands
- 8.4.9.1. Netherlands: Procurement Analytics Market, by Component, 2018 - 2030 (USD Billion)
- 8.4.9.2. Netherlands.: Procurement Analytics Market, by Application, 2018 - 2030 (USD Billion)
- 8.4.9.3. Netherlands: Procurement Analytics Market, by Deployment, 2018 - 2030 (USD Billion)
- 8.4.10. Procurement Analytics Market - Russia
- 8.4.10.1. Russia: Procurement Analytics Market, by Component, 2018 - 2030 (USD Billion)
- 8.4.10.2. Russia.: Procurement Analytics Market, by Application, 2018 - 2030 (USD Billion)
- 8.4.10.3. Russia: Procurement Analytics Market, by Deployment, 2018 - 2030 (USD Billion)
- 8.5. Procurement Analytics Market - Asia Pacific
- 8.5.1. Asia Pacific: Procurement Analytics Market, by Component, 2018 - 2030 (USD Billion)
- 8.5.2. Asia Pacific.: Procurement Analytics Market, by Application, 2018 - 2030 (USD Billion)
- 8.5.3. Asia Pacific: Procurement Analytics Market, by Deployment, 2018 - 2030 (USD Billion)
- 8.5.4. Procurement Analytics Market - China
- 8.5.4.1. China: Procurement Analytics Market, by Component, 2018 - 2030 (USD Billion)
- 8.5.4.2. China.: Procurement Analytics Market, by Application, 2018 - 2030 (USD Billion)
- 8.5.4.3. China: Procurement Analytics Market, by Deployment, 2018 - 2030 (USD Billion)
- 8.5.5. Procurement Analytics Market - India
- 8.5.5.1. India: Procurement Analytics Market, by Component, 2018 - 2030 (USD Billion)
- 8.5.5.2. India.: Procurement Analytics Market, by Application, 2018 - 2030 (USD Billion)
- 8.5.5.3. India: Procurement Analytics Market, by Deployment, 2018 - 2030 (USD Billion)
- 8.5.6. Procurement Analytics Market - Malaysia
- 8.5.6.1. Malaysia: Procurement Analytics Market, by Component, 2018 - 2030 (USD Billion)
- 8.5.6.2. Malaysia.: Procurement Analytics Market, by Application, 2018 - 2030 (USD Billion)
- 8.5.6.3. Malaysia: Procurement Analytics Market, by Deployment, 2018 - 2030 (USD Billion)
- 8.5.7. Procurement Analytics Market - Japan
- 8.5.7.1. Japan: Procurement Analytics Market, by Component, 2018 - 2030 (USD Billion)
- 8.5.7.2. Japan.: Procurement Analytics Market, by Application, 2018 - 2030 (USD Billion)
- 8.5.7.3. Japan: Procurement Analytics Market, by Deployment, 2018 - 2030 (USD Billion)
- 8.5.8. Procurement Analytics Market - Indonesia
- 8.5.8.1. Indonesia: Procurement Analytics Market, by Component, 2018 - 2030 (USD Billion)
- 8.5.8.2. Indonesia.: Procurement Analytics Market, by Application, 2018 - 2030 (USD Billion)
- 8.5.8.3. Indonesia: Procurement Analytics Market, by Deployment, 2018 - 2030 (USD Billion)
- 8.5.9. Procurement Analytics Market - South Korea
- 8.5.9.1. South Korea: Procurement Analytics Market, by Component, 2018 - 2030 (USD Billion)
- 8.5.9.2. South Korea.: Procurement Analytics Market, by Application, 2018 - 2030 (USD Billion)
- 8.5.9.3. South Korea: Procurement Analytics Market, by Deployment, 2018 - 2030 (USD Billion)
- 8.6. Procurement Analytics Market - Middle East & Africa
- 8.6.1. Middle East & Africa: Procurement Analytics Market, by Component, 2018 - 2030 (USD Billion)
- 8.6.2. Middle East & Africa.: Procurement Analytics Market, by Application, 2018 - 2030 (USD Billion)
- 8.6.3. Middle East & Africa: Procurement Analytics Market, by Deployment, 2018 - 2030 (USD Billion)
- 8.6.4. Procurement Analytics Market - Saudi Arabia
- 8.6.4.1. Saudi Arabia: Procurement Analytics Market, by Component, 2018 - 2030 (USD Billion)
- 8.6.4.2. Saudi Arabia.: Procurement Analytics Market, by Application, 2018 - 2030 (USD Billion)
- 8.6.4.3. Saudi Arabia: Procurement Analytics Market, by Deployment, 2018 - 2030 (USD Billion)
- 8.6.5. Procurement Analytics Market - UAE
- 8.6.5.1. UAE: Procurement Analytics Market, by Component, 2018 - 2030 (USD Billion)
- 8.6.5.2. UAE.: Procurement Analytics Market, by Application, 2018 - 2030 (USD Billion)
- 8.6.5.3. UAE: Procurement Analytics Market, by Deployment, 2018 - 2030 (USD Billion)
- 8.6.6. Procurement Analytics Market - Israel
- 8.6.6.1. Israel: Procurement Analytics Market, by Component, 2018 - 2030 (USD Billion)
- 8.6.6.2. Israel.: Procurement Analytics Market, by Application, 2018 - 2030 (USD Billion)
- 8.6.6.3. Israel: Procurement Analytics Market, by Deployment, 2018 - 2030 (USD Billion)
- 8.6.7. Procurement Analytics Market - South Africa
- 8.6.7.1. South Africa: Procurement Analytics Market, by Component, 2018 - 2030 (USD Billion)
- 8.6.7.2. South Africa.: Procurement Analytics Market, by Application, 2018 - 2030 (USD Billion)
- 8.6.7.3. South Africa: Procurement Analytics Market, by Deployment, 2018 - 2030 (USD Billion)
- 8.7. Procurement Analytics Market - Latin America
- 8.7.1. Latin America: Procurement Analytics Market, by Component, 2018 - 2030 (USD Billion)
- 8.7.2. Latin America.: Procurement Analytics Market, by Application, 2018 - 2030 (USD Billion)
- 8.7.3. Latin America: Procurement Analytics Market, by Deployment, 2018 - 2030 (USD Billion)
- 8.7.4. Procurement Analytics Market - Mexico
- 8.7.4.1. Mexico: Procurement Analytics Market, by Component, 2018 - 2030 (USD Billion)
- 8.7.4.2. Mexico.: Procurement Analytics Market, by Application, 2018 - 2030 (USD Billion)
- 8.7.4.3. Mexico: Procurement Analytics Market, by Deployment, 2018 - 2030 (USD Billion)
- 8.7.5. Procurement Analytics Market - Brazil
- 8.7.5.1. Brazil: Procurement Analytics Market, by Component, 2018 - 2030 (USD Billion)
- 8.7.5.2. Brazil.: Procurement Analytics Market, by Application, 2018 - 2030 (USD Billion)
- 8.7.5.3. Brazil: Procurement Analytics Market, by Deployment, 2018 - 2030 (USD Billion)
- 8.7.6. Procurement Analytics Market - Argentina
- 8.7.6.1. Argentina: Procurement Analytics Market, by Component, 2018 - 2030 (USD Billion)
- 8.7.6.2. Argentina.: Procurement Analytics Market, by Application, 2018 - 2030 (USD Billion)
- 8.7.6.3. Argentina: Procurement Analytics Market, by Deployment, 2018 - 2030 (USD Billion)
9. Competitive Landscape
- 9.1. Expansion and Acquisition Analysis
- 9.1.1. Expansion
- 9.1.2. Acquisitions
- 9.2. Partnerships/Collaborations/Agreements/Exhibitions
10. Company Profiles
- 10.1. Microsoft
- 10.1.1. Company Overview
- 10.1.2. Financial Performance
- 10.1.3. Product Benchmarking
- 10.1.4. Recent Development
- 10.2. SAP
- 10.2.1. Company Overview
- 10.2.2. Financial Performance
- 10.2.3. Product Benchmarking
- 10.2.4. Recent Development
- 10.3. IBM
- 10.3.1. Company Overview
- 10.3.2. Financial Performance
- 10.3.3. Product Benchmarking
- 10.3.4. Recent Development
- 10.4. Oracle
- 10.4.1. Company Overview
- 10.4.2. Financial Performance
- 10.4.3. Product Benchmarking
- 10.4.4. Recent Development
- 10.5. Cisco
- 10.5.1. Company Overview
- 10.5.2. Financial Performance
- 10.5.3. Product Benchmarking
- 10.5.4. Recent Development
- 10.6. Amazon Web Service
- 10.6.1. Company Overview
- 10.6.2. Financial Performance
- 10.6.3. Product Benchmarking
- 10.6.4. Recent Development
- 10.7. Birch Street
- 10.7.1. Company Overview
- 10.7.2. Financial Performance
- 10.7.3. Product Benchmarking
- 10.7.4. Recent Development
- 10.8. Genpact
- 10.8.1. Company Overview
- 10.8.2. Financial Performance
- 10.8.3. Product Benchmarking
- 10.8.4. Recent Development
- 10.9. Rosslyn Data Technologies
- 10.9.1. Company Overview
- 10.9.2. Financial Performance
- 10.9.3. Product Benchmarking
- 10.9.4. Recent Development
- 10.10. SAS Institute
- 10.10.1. Company Overview
- 10.10.2. Financial Performance
- 10.10.3. Product Benchmarking
- 10.10.4. Recent Development
- 10.11. Coupa Software
- 10.11.1. Company Overview
- 10.11.2. Financial Performance
- 10.11.3. Product Benchmarking
- 10.11.4. Recent Development
- 10.12. Rosslyn Data Technologies
- 10.12.1. Company Overview
- 10.12.2. Financial Performance
- 10.12.3. Product Benchmarking
- 10.12.4. Recent Development
- 10.13. Zycus
- 10.13.1. Company Overview
- 10.13.2. Financial Performance
- 10.13.3. Product Benchmarking
- 10.13.4. Recent Development