Procurement Analytics Market Global Industry Perspective, Comprehensive Analysis and Forecast 2030

Procurement Analytics Market: Growing Demand for Data-Driven Decision-Making

The Procurement Analytics Market Analysis shows a growth of 26.20% in the forecast period 2022-2030.The increasing demand for data-driven decision-making is the key factor driving the growth of the market. Procurement analytics is the process of using data and analytics to improve the procurement process. It helps organizations to make better decisions about sourcing, contract management, and spend management.

The market is segmented by component, deployment, organization size, vertical, and region. By component, the solutions segment is expected to dominate the market during the forecast period. This is due to the increasing demand for cloud-based procurement solutions that offer a wide range of features and functionality. The services segment is also expected to grow at a significant rate during the forecast period. This is due to the increasing demand for professional services such as consulting, implementation, and support.

By deployment, the cloud-based segment is expected to dominate the market during the forecast period. This is due to the increasing adoption of cloud-based solutions by businesses of all sizes. The on-premises segment is also expected to grow at a significant rate during the forecast period. This is due to the increasing demand for customized procurement solutions that meet the specific needs of organizations.

By organization size, the large enterprises segment is expected to dominate the market during the forecast period. This is due to the increasing need for large enterprises to improve their procurement processes and reduce costs. The medium and small enterprises segment is also expected to grow at a significant rate during the forecast period. This is due to the increasing adoption of procurement analytics solutions by small and medium-sized businesses.

By vertical, the manufacturing sector is expected to dominate the market during the forecast period. This is due to the increasing demand for data-driven decision-making in the manufacturing sector. The government sector is also expected to grow at a significant rate during the forecast period. This is due to the increasing government focus on improving efficiency and transparency in the procurement process.

By region, North America is expected to dominate the market during the forecast period. This is due to the early adoption of new technologies and the presence of a large number of key players in the region. Europe is also expected to grow at a significant rate during the forecast period. This is due to the increasing government focus on procurement efficiency and the presence of a large number of potential customers in the region.

Browse In-depth Market Research Report (100 Pages, Charts, Tables, Figures) on Procurement Analytics Market 

The key players in the procurement analytics market include SAP, Coupa Software, Zycus, Ivalua, Proactis, Jaggaer, GEP, Basware, BravoSolution, and SpendEdge. These players are focusing on developing innovative solutions to meet the growing demand for procurement analytics.

The procurement analytics market is expected to grow significantly during the forecast period. The growth of the market is driven by the increasing demand for data-driven decision-making and the increasing adoption of cloud-based solutions. The market is also expected to benefit from the growing use of big data analytics and the increasing focus on procurement efficiency.

Here are some of the benefits of using procurement analytics:

• Improved visibility and control over spending: Procurement analytics can help organizations to track their spending more closely and identify areas where they can save money.
• Increased efficiency: Procurement analytics can help organizations to streamline their procurement processes and reduce the time it takes to complete a purchase.
• Better decision-making: Procurement analytics can help organizations to make better decisions about sourcing, contract management, and spend management.
• Reduced risk: Procurement analytics can help organizations to identify and mitigate risks associated with their procurement processes.

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