Procurement Analytics Market by Deployment Mode (On-Premise, Cloud), by Application (Supply Chain Management, Risk Analytics, Spend Analytics, Vendor Management, Contract Management, Others), by Enterprise Type (Large Enterprises, Small & Medium Enterprises (SMEs), by End-user (Manufacturing, Retail, Consumer Goods, BFSI, Transportation, Logistics, Healthcare, Life Sciences, Others), by By Deployment Mode (On-Premise, Cloud), by South America (Brazil, Argentina, Rest of South America), by Europe (U.K., Germany, France, Italy, Spain, Russia, Benelux, Nordics, Rest of Europe), by Middle East & Africa (Turkey, Israel, GCC, North Africa, South Africa, Rest of the Middle East & Africa), by Asia Pacific (China, Japan, India, South Korea, ASEAN, Oceania, Rest of Asia Pacific) Forecast 2024-2032
The Procurement Analytics Market size was valued at USD 3.36 USD Billion in 2023 and is projected to reach USD 13.44 USD Billion by 2032, exhibiting a CAGR of 21.9 % during the forecast period. The procurement analytics is the streamlined process of analysing the data connected to procurement activities in the institution to realize the insights and to enhance the quality of the purchasing decision(s). This procedure consists of acquisition of raw data, purification, classification, and description of procurement data from sources like contracts, invoices and supplier characteristics. Among the key remaining components are assessing spend, monitoring supplier's performance, managing contracts, and dealing with business risks. Through the application of the advanced analytics approach including predictive modelling and machine learning, the organizations would be at the pleasure of detecting cost-saving options, supplier bargaining and provision of the possible supply chain risks. The perks of procurement analytics cover more visibility, better effectiveness in procurement operations, better relationship management with sellers, and finally, cost-cutting at the end of the day.
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Application:
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Procurement analytics is transforming the procurement function by providing data-driven insights, improving decision-making, and optimizing supply chains. The market is expected to continue its strong growth trajectory as organizations recognize the value of data analytics in streamlining procurement processes and gaining competitive advantage.
Aspects | Details |
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Study Period | 2018-2032 |
Base Year | 2023 |
Estimated Year | 2024 |
Forecast Period | 2024-2032 |
Historical Period | 2018-2023 |
Growth Rate | CAGR of 21.9% from 2018-2032 |
Segmentation |
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Aspects | Details |
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Study Period | 2018-2032 |
Base Year | 2023 |
Estimated Year | 2024 |
Forecast Period | 2024-2032 |
Historical Period | 2018-2023 |
Growth Rate | CAGR of 21.9% from 2018-2032 |
Segmentation |
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Note* : In applicable scenarios
Primary Research
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