Procurement Analytics Market Growth, Opportunities Business Scenario, Share, Scope, Key Segments and Forecast to 2026
The procurement analytics market size to grow from USD 2.6 billion in 2021 to USD 8.0 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 25.3% during the forecast period. Various factors such as increasing spending on marketing and advertising activities by enterprises, changing landscape of customer intelligence to drive the market, and proliferation of customer channels are expected to drive the adoption of procurement analytics technologies and services.
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Supply Chain Analytics segment to account for a larger market size during the forecast period
Supply chain analytics is the application of different analytics tools to improve the supply chain operational efficiency and effectiveness with data-driven intelligence. Various industry verticals, such as manufacturing, retail and consumer goods, energy and utilities, and healthcare, are expected to make informed decisions related to procurement, supplier performance, inventory optimization, demand planning and forecasting, and supply chain optimization using supply chain analytics solutions. Many supply chain analytics solutions offered by industry players include supplier performance analytics, spend and procurement analytics, inventory analytics, demand analysis and forecasting, and transportation and logistics analytics.
Telecom and IT vertical to have the largest market size during the forecast period
The telecom and IT sector is highly competitive and continuously focuses on delivering enhanced services to acquire new customers and retain the existing ones. Factors such as the growing complexity of the telecom industry and the growth in the number of service providers have created the demand to adopt procurement analytics solutions. The fast use of smartphones and other connected mobile devices has increased the volume of data flowing across telecom networks. Operators must process, store, and extract information from the given data. Procurement analytics can help them maximize profits by optimizing network consumption, enhancing customer experience, and improving scalability.
Procurement analytics is the process of using quantitative methods to derive actionable insights and outcomes from data. It involves the capture and use of data to support fact-based decision-making. It typically reports what has happened in the past and creates estimates, using predictive analytics based on historical data to guess what will happen in the future. Procurement is usually referred to as an umbrella term, which consists of various processes crucial for determining the organization’s corporate strategy, such as purchasing of goods and services, vendor selection, sourcing, establishing payment terms, contract negotiations, and also strategic vetting. These processes generate huge voluminous amounts of data in the organizations. The use of analytics for these data involves various quantitative methods, which will help derive actionable insights and outcomes that can be helpful for the organizations in making strategic decisions and gaining competitive advantage. Procurement analytics solutions majorly apply predictive analytics on historical data sets of the organizations and derive predictions for the future, which helps management personnel to take key decisions pertaining to the overall procurement.
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Some of the key players operating in the procurement analytics market include SAP(Germany), Oracle(US), SAS Institute (US), Coupa Software (US), Genpact (US), Rosslyn Data Technologies (UK), Microsoft(US), IBM(US), Cisco (US), GEP (US), Corcentric (US), and Zycus (US). These procurement analytics vendors have adopted various organic and inorganic strategies to sustain their positions and increase their market shares in the procurement analytics market.
International Business Machines (IBM) was incorporated in 1911 and is headquartered in New York, US. IBM is one of the leading American computer manufacturers and providers of cloud, cognitive security, research, analytics, consulting, IoT, and IT infrastructure. IBM operates through five segments: Cloud & Cognitive Software, Systems, Global Technology Services, Global Business Services, and Global Financing. The company manufactures and sells computer hardware and software, and offers infrastructure services, consulting services, and hosting services for mainframe computers and nanotechnology. It has a client base of more than 17,000 in more than 130 countries. Further, it has almost 8,000 subject matter experts and more than 3,000 researchers working in 12 labs located across six continents. For more than seven decades, IBM has been building industry-based solutions to real-world problems with the help of Watson, its AI platform for business, redefining the future of information technology through its high-quality R&D.
SAP is a leading provider of enterprise application solutions and services. It is also leading experience management, analytics, and BI company. Its solutions are compliant with GDPR. They enable enterprises to build intelligent AI- and ML-based software to unite human expertise with machine-generated insights. The company segments its diverse portfolio into applications, technology, and services; intelligent spend group; and Qualtrics. It works on an intelligent enterprise framework, which includes experience, intelligence, and operations business models. The company is known to offer the SAP HANA platform through its experience model of the intelligent enterprise framework, which allows both the transactional processing for data capture and retrieval and analytical processing for business intelligence and reporting. The company’s software, technologies, and services address the three core elements of the intelligent enterprise: intelligent suite, business technology platform, and experience management platform for 25 industries and 12 lines of business.
Oracle is a global leader in delivering a broad spectrum of products, solutions, and services designed for meeting the requirements of corporate IT environments, such as platforms, applications, and infrastructure. Oracle’s customers include businesses of various sizes, government agencies, educational institutions, and resellers. The company, directly and indirectly, sells its products and services through a worldwide sales force and Oracle Partner Network, respectively. It specializes in developing, manufacturing, and marketing hardware systems, databases and middleware software, and application software. The company provides SaaS offerings designed to incorporate emerging technologies, such as IoT, AI, ML, and blockchain. It operates through three business segments, including cloud and license, hardware, and services, in more than 175 countries. It caters to 430,000 customers across verticals, such as banking, telecommunications, engineering and construction, financial services, healthcare, insurance, public sector, retail, and utilities. The company offers its solutions to customers present in more than 145 countries across the Americas, Europe, APAC, and MEA.
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