What is Procurement Business Analytics Market Scope?
Procurement Business Analytics is the method of using quantitative methods to derive actionable insights and results from data. It involves capturing the data and use of data to support fact-based decision-making and gaining competitive advantages. The procurement team collects data, a process that data so it can generate useful insights and later analyze that data to improve the decision making and this whole process is called procurement business analytics. It helps the organizations to increase the cost savings, decrease operating cost and can be used for different purposes such as to create a strategy in the most strategic category plans, to evaluate fair market price to maximize the savings, in analyzing the consumption pattern which aims to reduce the overall spend, analysis of preferred supplier compliance. With the application of robust data analytics, the procurement sector is deriving new insights which can further be used in negotiations, vendor segmentation, performance management as well as annual purchasing strategy. The procurement department contains a very high amount of data which includes transaction history, expenditure details, and others.
Influencing Trend:
The Impending Need to Handle Compliance Policies and Contracts and Increasing Demand for Data-Driven Solutions
Market Growth Drivers:
The Rising Focus on Enhancing Procurement Channels, The Rising Need for Highly Efficient Procurement Solutions to Improve Operational Performance and The High Demand for Cloud-Based Procurement Solutions
Challenges:
Unwillingness to Adopt Advanced Analytical Technologies and Various Complexities in Streamlining the Processes and Concerns Regarding Data Privacy
Restraints:
The Rising Concerns Over Data Security Across Enterprises
Opportunities:
The Rapid Technological Developments Like IoT And Cognitive Computing
The Procurement Business Analytics market study is being classified by Type (Service and Software), by Application and major geographies with country level break-up.
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches, and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies. Analysts at AMA predicts that Players from United States will contribute to the maximum growth of Global Procurement Business Analytics market throughout the predicted period.
Microsoft Corporation (United States), SAP SE (Germany), IBM Corporation (United States), Oracle Corporation (United States), Cisco Systems Inc (United States), Amazon Web Service Inc. (United States), SAS Institute Inc. (United States), Coupa Software Inc. (United States), Rosslyn Data Technologies Inc. (United Kingdom), Zycus Inc (United States), BRIDGEi2i Analytics (United States), Rosslyn Data Technologies (United Kingdom), JAGGAER (United States), Genpact (United States) and Proactis Holdings Plc (United Kingdom) are some of the key players profiled in the study. Additionally, the Players which are also part of the research are Tamr (United States), Sievo (Finland), Tungsten Network (United Kingdom), Dataction (India) and Simfoni (United States).
Segmentation Analysis
Analyst at AMA have segmented the market study of Global Procurement Business Analytics market by Type, Application and Region.
On the basis of geography, the market of Procurement Business Analytics has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
Market Influencers and their Development Strategies
In 2019, Supply chain and acquisition improvement resolution supplier LevaData had collaborated with IBM to enhance its information analytics capabilities. Both the businesses square measure rolling out the DirectSpend intelligence quotient resolution, which primarily deploys IBM managed services solutions with LevaData’s psychological feature sourcing platform.
In 2020, SAP SE had integrated procural and enterprise resources coming up with solutions to deliver next-generation pay management.
Key Target Audience
New Entrants/Investors, Analysts and Strategic Business Planners, Providers of Procurement Business Analytics, Venture Capitalists and Private Equity Firms and End-Use Industry
Procurement Business Analytics Market Study: Important Years
Attributes | Details |
---|
Study Period | 2018-2028 |
Base Year | 2022 |
Forecast Period | 2023-2028 |
Historical Period | 2018-2022 |
Unit | Value (USD Million) |
Customization Scope | Avail customization with purchase of this report. Add or modify country, region & or narrow down segments in the final scope subject to feasibility |
Major Highlights of Market Study
Demand Determinants: Identifying top-notch application and business segments that seek high growth potentials in Procurement Business Analytics Market.
Key Strategic Developments: To target untapped regions more aggressively by focusing on product/service developments, innovation and R & D, new launches, Merger & acquisitions, JVs & partnerships.
Forces & Market Dynamics: Growth drivers, restraints & opportunities available in Procurement Business Analytics industry is examined with reference relevant market sectors and sub-sectors.
Customization available in this Study:
The Study can be customized to meet your requirements. Please connect with our representative, who will ensure you get a report that suits your needs.
To compete effectively, companies also require quantitative estimates of the future growth and qualitative nature of the market. AMA Research features not just specific market sizing estimates, but also includes significant value-added commentary on Technological Trends and Innovations, Regulatory Policies, Market Maturity Indicators, Market Share Movements, New Entrants into the Market & Entry/Exit Barriers, Consumer Demographics, Supporting Company Financial and Cash Flow Planning, Open Up New Markets, To Seize Powerful Market Opportunities, Key Decision in Planning and to Further Expand Market Share, Identify Key Business Segments, Market Proposition & Gap Analysis.