The global procurement analytics market is expected to post a CAGR of
almost 20% during the period 2019-2023, according to the latest market
research report by Technavio.
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Technavio has published a new market research report on the global procurement analytics market from 2019-2023. (Graphic: Business Wire)
A key factor driving the growth of the global procurement analytics
market is the rising need to improve business efficiency. With the
growing number of connected devices across the manufacturing and
healthcare industry, there has been a significant amount of data
generation in recent years. Enterprises across the globe are using
procurement analytics to optimize procurement costs and boost revenues.
This has also helped companies create new opportunities by reducing
errors and failure rates. In addition, the procurement analytics
solutions also help identify business risks and trends, which helps to
speed up the management and planning of complex contracts and projects.
Furthermore, procurement solutions help in organizing and managing
supplier information, while minimizing risks, providing better
visibility, and enhancing accuracy. Therefore, the increasing need to
improve business efficiency will boost the demand for procurement
analytics solutions over the next few years.
As per Technavio, the growing demand for e-procurement will have a
positive impact on the market and contribute to its growth significantly
over the forecast period. This global
procurement analytics market 2019-2023 research report
also analyzes other important trends and market drivers that will affect
market growth over 2019-2023.
Global procurement analytics market: Growing
demand for e-procurement
Electronic procurement (E-procurement) is an emerging process of selling
and purchasing services or goods through electronic methods over the
Internet. Enterprises are opting for e-procurement platforms as they
help in reducing additional costs incurred by deploying middle men and
handling irregularities in the procurement process. E-procurement
solutions also enable the automation of the whole process, which allow
enterprises to reduce the hassles involved in the manual procurement
process. Thus, with the growing demand for e-procurement, the need for
procurement analytics is likely to surge considerably in the forthcoming
years.
“Procurement analytics with e-procurement enables enterprises to
identify qualified vendors and forecast demand based on historical
patterns. The rising use of e-procurement solutions increases efficiency
and predictability. Predictive analytics enables enterprises to develop
appropriate strategies and business decisions. Therefore, the increased
use of e-procurement will fuel the procurement analytics market demand
in the forthcoming years,” says a senior research analyst at
Technavio.
Global procurement analytics market:
Segmentation analysis
This market research report segments the global procurement analytics
market by deployment (on-premises, and cloud-based) and geographic
regions (North America, Europe, APAC, MEA, and South America).
North America led the market in 2018, followed by Europe, APAC, MEA, and
South America respectively. The market growth in North America can be
attributed to the growing use of procurement analytics by the healthcare
and retail sectors in the US. Furthermore, the increasing demand for
procurement analytics from other industries including the aerospace and
automotive sector will foster market growth during the forecast period.
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Some of the key topics covered in the report include:
Market Landscape
- Market ecosystem
- Market characteristics
- Market segmentation analysis
Market Sizing
- Market definition
- Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
- Regional comparison
- Key leading countries
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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