Procurement Analytics Market By Component (Solution, Services), By Deployment Mode (On Premise, Cloud), By Enterprise Size (Large Enterprises, SMEs), By Application (Strategic Sourcing, Spend Management, Process Management, Category Management, Contract Management, Transaction Management), By Industry Vertical (BFSI, Manufacturing, Retail, IT and Telecom, Healthcare, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031
Procurement analytics refers to the process of using quantitative methods to derive actionable insights and outcomes from data. Promote fact-based decision-making and obtaining competitive advantages, it entails the collection and use of data. The process by which the procurement team gathers data transforms it into insightful knowledge and then analyses it to enhance decision-making is referred to as procurement analytics. It assists businesses in increasing cost savings, reducing operating costs, and serving a variety of functions, including developing strategies for the most strategic category plans, determining fair market value to maximize savings, examining consumption patterns to cut back on overall spending, analyzing preferred supplier compliance, and choosing distribution channels to stop savings leakage.
The procurement industry is gaining new insights owing to the deployment of powerful data analytics, which can then be applied to negotiations, vendor segmentation, performance management, and annual purchasing plan. Data from the procurement department is extremely abundant and includes transaction history, expenditure information, and other information. With the help of intelligent argumentation, the use of analytics in procurement data can lead to improved business decisions.
The procurement analytics market is segmented on the basis of component, deployment mode, enterprise size, application, industry vertical, and region. By component, it is segmented into solution and services. Based on deployment model, the market is categorized into on-premise and cloud. By enterprise size, the market is categorized into large enterprise and SMEs. By application, the market is categorized into strategic sourcing, spend management, process management, category management, contract management, and transaction management. Based on industry vertical, the market is categorized into BFSI, manufacturing, retail, IT and telecom, healthcare, and others. Based on manufacturing, the market is categorized into food and beverages, industrial machinery and heavy equipment, high tech and consumer electronics, automotive, and others. Based on high tech and consumer electronics, the market is categorized into consumer electronics, PCs & laptops, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific and LAMEA.
The key players operating in the market include Amazon Web Services (AWS), BirchStreet Systems, Cisco System, Inc., Coupa Software Inc., Genpact, International Business Machine (IBM), Jaggaer, Microsoft Corporation, Oracle Corporation, Proactis, Rosslyn Data Technologies, SAP SE, SAS Institute, Sievo, Simfoni, Workday, Inc., and Zycus Inc.. These key players have adopted numerous key development strategies such as partnership and new product launches, which help to strengthen their grip in the Decentralized identity market.
Key Benefits For Stakeholders
This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the procurement analytics market analysis from 2021 to 2031 to identify the prevailing procurement analytics market opportunities.
The market research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the procurement analytics market segmentation assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global procurement analytics market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Deployment Mode
Cloud
On Premise
By Enterprise Size
Large Enterprises
SMEs
By Component
Solution
Services
By Application
Strategic Sourcing
Spend Management
Process Management
Category Management
Contract Management
Transaction Management
By Industry Vertical
BFSI
Manufacturing
Type
Food and Beverages
Industrial Machinery and Heavy Equipment
High Tech and Consumer Electronics
Automotive
Others
Retail
IT and Telecom
Healthcare
Others
By Region
North America
U.S.
Canada
Europe
France
Spain
Italy
Rest Of Europe
UK
Germany
Asia-Pacific
China
India
Japan
South Korea
Australia
Rest Of Asia-Pacific
LAMEA
Brazil
Mexico
UAE
Saudi Arabia
South Africa
Rest Of LAMEA
Key Market Players
SAP SE
Oracle Corporation
SAS Institute
Genpact
Microsoft
Data Technologies
IBM
Cisco Systems Inc.
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