Procurement analysis solution analyzes quantitative data of procurement to derive outcomes from datasets and provide actionable insights. procurement analytics market analysis considers the deployment of on-premises procurement analytics and cloud-based procurement analytics. Our analysis also considers the adoption of procurement analytics in APAC, Europe, MEA, North America, and South America. In 2018, the on-premises segment had a significant market share, and this trend is expected to continue over the forecast period. Factors such as control over on-premises solutions will play a significant role in the on-premises segment to maintain its market position. Also, our global procurement analytics market looks into factors such as growing e-commerce and organized retail industry, need for improving business efficiencies, and the need for complying with regulatory requirements. However, the need for improving data consistency, interoperability issues associated with resource planning software, and the shortage of skilled analytics professionals and high attribution rates may hamper the growth of the procurement analytics industry over the forecast period.
Global Procurement Analytics Market: Overview
Need to improve business efficiency
The increasing adoption of new technologies across the manufacturing and healthcare industries has led to the generation of a large amount of data. Enterprises are becoming aware of leveraging this data to optimize their procurement costs and increase their revenue using procurement analytics. This is helping organizations by creating growth opportunities by limiting errors and failure rates. The procurement analytics solutions help organizations in identifying risks and trends associated with businesses and accelerates the management and planning of complex contract and projects. Many such benefits offered by procurement analytics has increased their demand among organizations and is driving the growth of the global procurement analytics market size at a CAGR of almost 20% during the forecast period.
Integration of artificial intelligence (AI) in procurement process
Integration of AI in procurement process helps enterprises in making the process more efficient and provides enterprises a centralized view of their businesses. AI also notifies about the cost discrepancies, provide data about unusual order frequencies, and detect patterns that help enterprises in understanding potential frauds and identify top-performing trading partners and suppliers. The integration of AI in the procurement process will have a positive impact on the growth of the market.
For the detailed list of factors that will drive the global procurement analytics market size during the forecast period 2019-2023, click here.
With the presence of several players, the global procurement analytics market is fragmented. robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several procurement analytics solution providers, that include Coupa Software Inc., IBM Corp., Oracle Corp., SAP SE, and SAS Institute Inc.
Also, the procurement analytics market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage on all forthcoming growth opportunities.