Procurement Analytics Market Size, Share & Trends â€“ 2032

Procurement Analytics Market Size and Share Forecast Outlook 2022 to 2032

Newly released Procurement Analytics Market analysis report by Future Market Insights shows that global sales of the Procurement Analytics Market in 2021 was held at USD 2.6 Billion. With 22.5%, the projected market growth during 2022 to 2032 is expected to be significantly higher than the historical growth.

Supply Chain Analytics is expected to be the highest revenue-generating category, projected to register a CAGR of 22.1% during 2022 to 2032.

Attributes	Details
Global Procurement Analytics Market CAGR (2022 to 2032)	22.5%
Global Procurement Analytics Market Size (2022)	USD 3.3 billion
Global Procurement Analytics Market Size (2032)	USD 24.8 billion
North America Procurement Analytics Market Size (2022)	USD 3.3 billion
USA Procurement Analytics Market CAGR (2022 to 2032)	22.3%
Key Companies Covered	Microsoft Corp.; SAP SE; IBM Corp; Oracle Corp.; Cisco Systems Inc.; Amazon Web Service Inc.; SAS Institute Inc.; Coupa Software Inc.; Rosslyn Data Technologies Inc.; Zycus Inc

Comparison of Revenue from 2015 to 2021 vs Demand Outlook for 2022 to 2032

As per the Procurement Analytics Market research by Future Market Insights - market research and competitive intelligence provider, historically, from 2015 to 2021, the market value of the procurement analytics market increased at around 25.4% CAGR.

A variety of factors are expected to encourage the use of procurement analytics technology and services, including rising marketing and promotion expenditures by large businesses and the development of consumer bases.

The growing requirement to predict risks and losses, reduce operating costs, improve efficiency, and execute continual company growth is driving procurement analytics.

Procurement analytics offers companies data-driven insight into how to enhance service levels. The use of analytics tools in procurement processes such as design, planning, delivery, production, and service has expanded.

The transactional elements of procurements can benefit from procurement analytics as well. These analytics may be utilized to identify inefficiencies, purchase order cycle times, and savings opportunities linked with contract conditions. The user may assess payment accuracy, analyze discount opportunities, and monitor duplicate payments or frauds using procurement analytics.

According to a research study conducted by Regina Corso Consulting of US supply chain experts, 90% of the respondents agree procurement analytics has taken on more duties to handle supply chain and sustainability concerns.

With almost half of supply chain professionals stating shortages and interruptions keep them awake at night, it is critical to rely on procurement to help solve these issues. Procurement analytics may be used to split spending across locations, commodities, and entities to uncover potential for value and savings in strategic sourcing.

Procurement analytics is used to detect critical sourcing event triggers which makes it highly useful to the end-users.

Key Drivers Propelling Procurement Analytics Demand

Due to factors such as the vast amount of procurement data in every sector, especially in the telecom and IT, the industry is likely to grow rapidly. Greater knowledge of the benefits of this data, such as precise forecasting of future supply chain management, enhanced decision modelling, and reduced costs, are also influencing the growth of the procurement analytics market.

Digitalization has played a vital role in boosting demand for analytics. Data security, integration concerns, and insufficient analytics capabilities, on the other hand, are impeding the market's growth.

Also, the use of procurement analytics in small and medium businesses (SMEs) is projected to provide the industry with several opportunities in the future years.

Data security, integration concerns, and insufficient analytics capabilities, on the other hand, are impeding the market's growth. Despite the hindrance, predictive analytics companies are continuously working to ensure the safety of information to the users of such tools.

Contribution of Big Data to the Procurement Analytics Market

Supply chains and data procurement can be transformed by new digital technologies and the big data analytics they deliver. Every quarter, procurement teams are confronted with higher demands. Companies desire lower costs, fewer risks, more efficient processes, and higher profit margins.

Governments also demand firms adhere to defined criteria at every stage of the supply chain. Consumers are also expecting more corporate accountability in terms of ethical sourcing.

There are various advantages to data-driven buying. By integrating real-time information, historical data, and consumer insights, chief procurement officers may take a proactive approach to make informed decisions, optimize the supply chain, and be more prepared for disruptions caused by external factors.

When a firm knows how to use big data to create data-driven procurement strategy, it may have a huge influence on its bottom line. Only about 1/4th of procurement organizations has a long-term digital strategy.

Regional Performance and Growth Trends in the Procurement Analytics Market

Which Region is projected to Offer the Largest Opportunity for Procurement Analytics Market?

North America is the most lucrative region with procurement analytics market share of over 40%. The rising diffusion of big data in the retail industry is driving procurement analytics market growth.

Businesses are shifting their attention from data collection to engineering approaches to extract insights from data, owing to the extraction of customer data from consumer and retail technology. This information can give merchants a competitive edge and differentiated tools to improve the purchasing experience for their customers.

Furthermore, incorporating procurement data analytics into the purchase system allows businesses to gain greater insights and control over their spending. Some of the primary drivers expected to fuel market growth in North America are the growing Internet of Things (IoT), cloud computing, and the requirement for supply chain and demand intelligence trends.

Analysis of Top Countries Adopting Procurement Analytics

Which Country Lies at the CenterStage for Procurement Analytics Market Revenue?

The United States is expected to account for the highest market share of USD 8.7 Billion by the end of 2032 with a predicted CAGR of 22.3%. To expand market offers, procurement analytics providers have used a variety of development tactics, including new product releases, product upgrades, collaborations and contracts, corporate expansion and acquisitions.

Oracle, SAS Institute, Coupa Software, Microsoft, IBM, Cisco, and others are among the leading suppliers in the US procurement analytics industry.

Procurement Analytics Industry Analysis by Top Investment Segments

Which Procurement Analytics Segment is projected to Witness the Fastest Growth among Procurement Analytics Type?

Supply Chain Analytics segment is forecasted to grow at the highest CAGR of over 22.1% during 2022 to 2032. The demand for increased operational and supply chain efficiency, as well as the integration of AI and machine learning into supply chain management, will grow as the volume and velocity of data rises.

On the other hand, data security issues and data set flaws are expected to constrain industry growth. Factors such as the swelling utility of supply chain analytics based on the cloud would generate significant opportunities in the forthcoming years.

For enterprises, supply chain analytics may help with cost reduction, transportation network design, inventory optimization, risk assessment, customer interaction, and global integration.

Furthermore, the extensive use of Internet of Things devices in industries such as automotive, medicine, and manufacturing has resulted in large volumes of data being collected, resulting in a surge in the use of such solutions in supply chains.

Which Industry Vertical of Procurement Analytics is expected to Score the Highest Growth in the Coming Years?

Market revenue through Telecom and IT segment is forecasted to grow at the highest CAGR of over 22.1% during 2022 to 2032. As per blogs posted by Infosys, the telecom sector has made the initial steps toward commercializing a variety of technologies in 2019, including 5G and the Internet of Things (IoT).

In the telecommunications and information technology industries, the use of the Internet of Things, machine learning, and Blockchain is expected to improve procurement decision-making regarding expenditure and purchasing, supplier portfolios, and contract fulfilment.

Competitive Landscape of the Procurement Analytics Market

Among the leading global Procurement Analytics players market are SAP, Oracle, SAS Institute, Coupa Software, and Genpact. To gain a competitive advantage in the industry, these providers of procurement analytics are engaging in partnerships, mergers and acquisitions, and expansions.

The market for procurement analytics is very competitive. To increase their market presence, players in the market are constantly implementing strategies such as product innovations, collaborations, and mergers and acquisitions.

In April 2022, The Kraft Heinz Business and Microsoft Corp. established a partnership to create solutions to help the consumer products be more robust in their supply chain. The endeavor is a key driver of Kraft Heinz's ambitious AGILE SCALE strategy, and it is one of the company's largest technology investments at present.
In March 2022, SAP SE acquired a controlling share in Taulia, a provider of working capital management solutions. Taulia's solutions will be fully linked with SAP software while still remaining stand-alone options. Taulia will operate as a separate entity inside the SAP Group, with its own brand.
In March 2022, HSBC and IBM announced that they will collaborate to investigate quantum computing applications in financial services. The new three-year agreement seeks to boost HSBC's quantum computing skills and ensure the bank's preparedness to fully implement the technology. In order to meet its net-zero targets, HSBC will look into using quantum computing for pricing and portfolio management, as well as risk management, such as identifying and addressing malfeasance.
In April 2021, Oracle's latest pre-built procurement analytics tools within Fusion ERP Analytics give executives and category managers the complete visibility into spend, supplier performance, and operational effectiveness they need to stay competitive. This service combines finance and procurement data.

Similarly, recent Procurement Analytics Market Key Developments related to companies have been tracked by the team at Future Market Insights, which are available in the full report.

Scope and Coverage of the Procurement Analytics Market Report

Attribute	Details
Forecast Period	2022 to 2032
Historical Data Available for	2015 to 2021
Market Analysis	USD million for Value
Key Regions Covered	North America; Europe; Asia Pacific; Middle East & Africa; Latin America
Key Countries Covered	United States, Canada, Brazil, Mexico, Germany, UK, France, Italy, Spain, Russia, China, South Korea, Japan, India, South Africa, UAE
Key Market Segments Covered	Component, Application, Deployment Mode, Organization Size, Industry Vertical, Region
Key Companies Profiled	Microsoft Corp.; SAP SE; IBM Corp; Oracle Corp.; Cisco Systems Inc.; Amazon Web Service Inc.; SAS Institute Inc.; Coupa Software Inc.; Rosslyn Data Technologies Inc.; Zycus Inc
Pricing	Available upon Request

Key Segmentation

By Component:

Solutions
Services
- Managed Services
- Professional Services

By Application:

Supply Chain Analytics
Risk Analytics
Spend Analytics
Demand Forecasting
Contract Management
Vendor Management
Category Management

By Deployment Mode:

Cloud based Procurement Analytics Solutions
On-premises Procurement Analytics Solutions

By Organization Size:

Large Enterprises
Small and Medium-sized Enterprises (SMEs)

By Industry Vertical:

BFSI
Retail and e-Commerce
Telecom and IT
Manufacturing
Healthcare and Life Sciences
Energy and Utilities
Government and defence

By Region:

North America
Europe
Asia Pacific
Middle East and Africa
Latin America

Table of Content

1. Executive Summary
2. Market Overview
3. Market Risks and Trends Assessment
4. Market Background
5. Key Success Factors
6. Global Market Demand Analysis 2015 to 2021 and Forecast, 2022 to 2032
7. Global Market Value Analysis 2015 to 2021 and Forecast, 2022 to 2032
8. Global Market Analysis 2015 to 2021 and Forecast 2022 to 2032, By Component
- 8.1. Solutions
- 8.2. Services
  - 8.2.1. Managed Services
  - 8.2.2. Professional Services
9. Global Market Analysis 2015 to 2021 and Forecast 2022 to 2032, By Application
- 9.1. Supply Chain Analytics
- 9.2. Risk Analytics
- 9.3. Spend Analytics
- 9.4. Demand Forecasting
- 9.5. Contract Management
- 9.6. Vendor Management
- 9.7. Category Management
10. Global Market Analysis 2015 to 2021 and Forecast 2022 to 2032, By Deployment Mode
- 10.1. Cloud
- 10.2. On-premises
11. Global Market Analysis 2015 to 2021 and Forecast 2022 to 2032, By Organization Size
- 11.1. Large Enterprises
- 11.2. Small and Medium-sized Enterprises (SMEs)
12. Global Market Analysis 2015 to 2021 and Forecast 2022 to 2032, By Industry Vertical
- 12.1. BFSI
- 12.2. Retail and eCommerce
- 12.3. Telecom and IT
- 12.4. Manufacturing
- 12.5. Healthcare and Life Science
- 12.6. Energy and Utilities
- 12.7. Government and Defense
13. Global Market Analysis 2015 to 2021 and Forecast 2022 to 2032, By Region
- 13.1. North America
- 13.2. Latin America
- 13.3. Europe
- 13.4. Asia Pacific
- 13.5. Middle East and Africa (MEA)
14. North America Market Analysis 2015 to 2021 and Forecast 2022 to 2032
15. Latin America Market Analysis 2015 to 2021 and Forecast 2022 to 2032
16. Europe Market Analysis 2015 to 2021 and Forecast 2022 to 2032
17. Asia Pacific Market Analysis 2015 to 2021 and Forecast 2022 to 2032
18. Middle East and Africa Market Analysis 2015 to 2021 and Forecast 2022 to 2032
19. Key Countries Market Analysis 2015 to 2021 and Forecast 2022 to 2032
20. Market Structure Analysis
21. Competition Analysis
- 21.1. SAP
- 21.2. Oracle
- 21.3. SAS Institute
- 21.4. Coupa Software
- 21.5. Genpact
- 21.6. Rosslyn Data Technologies
- 21.7. Microsoft
- 21.8. IBM
- 21.9. Cisco
- 21.10. GEP
22. Assumptions and Acronyms Used
23. Research Methodology

List of Tables

Table 1: Global Market Value (US$ Mn),By Deployment Mode , 2015 – 2021

Table 2: Global Market Value (US$ Mn),By Deployment Mode , 2022 – 2032

Table 3: Global Market Value (US$ Mn), By Component, 2015 – 2021

Table 4: Global Market Value (US$ Mn), By Component, 2022 – 2032

Table 5: Global Market Value (US$ Mn), By Application , 2015 – 2021

Table 6: Global Market Value (US$ Mn), By Application , 2022 – 2032

Table 7: Global Market Value (US$ Mn), By Industry Vertical , 2015 – 2021

Table 8: Global Market Value (US$ Mn), By Industry Vertical , 2022 – 2032

Table 9: Global Market Value (US$ Mn), By Organization Size , 2015 – 2021

Table 10: Global Market Value (US$ Mn), By Organization Size , 2022 – 2032

Table 11: Global Market, By Region, 2015 – 2021

Table 12: Global Market, By Region, 2022 – 2032

Table 13: North America Market Value (US$ Mn),By Deployment Mode , 2015 – 2021

Table 14: North America Market Value (US$ Mn),By Deployment Mode , 2022 – 2032

Table 15: North America Market Value (US$ Mn), By Component, 2015 – 2021

Table 16: North America Market Value (US$ Mn), By Component, 2022 – 2032

Table 17: North America Market Value (US$ Mn), By Application , 2015 – 2021

Table 18: North America Market Value (US$ Mn), By Application , 2022 – 2032

Table 19: North America Market Value (US$ Mn), By Industry Vertical , 2015 – 2021

Table 20: North America Market Value (US$ Mn), By Industry Vertical , 2022 – 2032

Table 21: North America Market Value (US$ Mn), By Organization Size , 2015 – 2021

Table 22: North America Market Value (US$ Mn), By Organization Size , 2022 – 2032

Table 23: North America Market, By Country, 2015 – 2021

Table 24: North America Market, By Country, 2022 – 2032

Table 25: Latin America Market Value (US$ Mn),By Deployment Mode , 2015 – 2021

Table 26: Latin America Market Value (US$ Mn),By Deployment Mode , 2022 – 2032

Table 27: Latin America Market Value (US$ Mn), By Component, 2015 – 2021

Table 28: Latin America Market Value (US$ Mn), By Component, 2022 – 2032

Table 29: Latin America Market Value (US$ Mn), By Application , 2015 – 2021

Table 30: Latin America Market Value (US$ Mn), By Application , 2022 – 2032

Table 31: Latin America Market Value (US$ Mn), By Industry Vertical , 2015 – 2021

Table 32: Latin America Market Value (US$ Mn), By Industry Vertical , 2022 – 2032

Table 33: Latin America Market Value (US$ Mn), By Organization Size , 2015 – 2021

Table 34: Latin America Market Value (US$ Mn), By Organization Size , 2022 – 2032

Table 35: Latin America Market, By Country, 2015 – 2021

Table 36: Latin America Market, By Country, 2022 – 2032

Table 37: Europe Market Value (US$ Mn),By Deployment Mode , 2015 – 2021

Table 38: Europe Market Value (US$ Mn),By Deployment Mode , 2022 – 2032

Table 39: Europe Market Value (US$ Mn), By Component, 2015 – 2021

Table 40: Europe Market Value (US$ Mn), By Component, 2022 – 2032

Table 41: Europe Market Value (US$ Mn), By Application , 2015 – 2021

Table 42: Europe Market Value (US$ Mn), By Application , 2022 – 2032

Table 43: Europe Market Value (US$ Mn), By Industry Vertical , 2015 – 2021

Table 44: Europe Market Value (US$ Mn), By Industry Vertical , 2022 – 2032

Table 45: Europe Market Value (US$ Mn), By Organization Size , 2015 – 2021

Table 46: Europe Market Value (US$ Mn), By Organization Size , 2022 – 2032

Table 47: Europe Market, By Country, 2015 – 2021

Table 48: Europe Market, By Country, 2022 – 2032

Table 49: Asia Pacific Market Value (US$ Mn),By Deployment Mode , 2015 – 2021

Table 50: Asia Pacific Market Value (US$ Mn),By Deployment Mode , 2022 – 2032

Table 51: Asia Pacific Market Value (US$ Mn), By Component, 2015 – 2021

Table 52: Asia Pacific Market Value (US$ Mn), By Component, 2022 – 2032

Table 53: Asia Pacific Market Value (US$ Mn), By Application , 2015 – 2021

Table 54: Asia Pacific Market Value (US$ Mn), By Application , 2022 – 2032

Table 55: Asia Pacific Market Value (US$ Mn), By Industry Vertical , 2015 – 2021

Table 56: Asia Pacific Market Value (US$ Mn), By Industry Vertical , 2022 – 2032

Table 57: Asia Pacific Market Value (US$ Mn), By Organization Size , 2015 – 2021

Table 58: Asia Pacific Market Value (US$ Mn), By Organization Size , 2022 – 2032

Table 59: Asia Pacific Market, By Country, 2015 – 2021

Table 60: Asia Pacific Market, By Country, 2022 – 2032

Table 61: MEA Market Value (US$ Mn),By Deployment Mode , 2015 – 2021

Table 62: MEA Market Value (US$ Mn),By Deployment Mode , 2022 – 2032

Table 63: MEATable 1: Global Market Value (US$ Mn),By Deployment Mode , 2015 – 2021