Procurement Analytics Market Size, Share, Industry Trends and Forecast to 2030

Market Size and CAGR of Procurement Analytics Market in 2021

The global procurement analytics market is expected to showcase a steady growth rate in 2021. According to research, the market size of procurement analytics is estimated to be USD 2.5 billion in 2021. The CAGR (Compound Annual Growth Rate) for the procurement analytics market in 2021 is projected to be around 12%. This growth is primarily driven by the increasing adoption of data-driven decision-making processes in procurement activities across various industries.

COVID-19 Impact on the Procurement Analytics Market

The COVID-19 pandemic has significantly impacted the procurement analytics market in 2021. As companies around the world faced disruptions in their supply chains and procurement operations due to lockdowns and travel restrictions, the need for advanced analytics tools to manage procurement processes became more evident. This led to a surge in demand for procurement analytics solutions to help organizations streamline their purchasing activities, optimize supplier relationships, and mitigate risks arising from supply chain disruptions caused by the pandemic.

Procurement Analytics Dynamics

The procurement analytics market is driven by several key dynamics that influence its growth and evolution. Some of the primary dynamics shaping the procurement analytics landscape include the increasing focus on cost optimization, the rising adoption of cloud-based analytics solutions, the growing importance of predictive analytics in procurement decision-making, and the emergence of AI and machine learning technologies in procurement processes. These dynamics are reshaping the way organizations approach procurement and are driving the demand for advanced analytics solutions in the market.

Segments and Related Analysis

The procurement analytics market can be segmented based on various factors such as deployment type, organization size, industry vertical, and region. By analyzing these segments and their related trends, companies can gain valuable insights into the market dynamics and identify growth opportunities. Some of the key segments in the procurement analytics market include cloud-based analytics solutions, analytics tools for small and medium-sized enterprises, industry-specific analytics solutions, and regional market trends.

By Region Analysis

The procurement analytics market exhibits varying trends and growth dynamics across different regions. By conducting a comprehensive analysis of the market by region, companies can assess regional market potentials, understand customer preferences, and tailor their procurement analytics solutions to meet specific regional requirements. Some of the key regions in the procurement analytics market include North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Each region has its unique characteristics and market drivers that influence the adoption of procurement analytics solutions.

Key Market Players and Competitive Landscape

The procurement analytics market is characterized by intense competition among key players who offer a wide range of analytics solutions and services to cater to the diverse needs of organizations. Some of the prominent players in the procurement analytics market include SAP SE, IBM Corporation, Oracle Corporation, Coupa Software, SAS Institute, and others. These companies are continually innovating and enhancing their analytics offerings to stay ahead in the competitive landscape and address the evolving demands of the market.

Recent Happenings in the Procurement Analytics Market

The procurement analytics market has been witnessing several recent developments and trends that are reshaping the industry landscape. From the adoption of AI and machine learning technologies to the increasing focus on real-time data analytics, companies are embracing new strategies to drive innovation and growth in the procurement analytics space. Additionally, the growing demand for cloud-based analytics solutions and the emergence of predictive analytics tools are opening up new opportunities for market players to expand their market presence and enhance their competitive edge.