Global Procurement Analytics Market 2020 (Includes Business Impact of COVID-19)

                                          
“Global Procurement Analytics Market Analysis Trends, Applications, Analysis, Growth, and Forecast to 2028” is a recent report generated by Trusted Business Insights. The global procurement analytics market report has been segmented on the basis of component, deployment mode, application, end-user industry, and region.

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Global Procurement Analytics Market: Overview

Procurement is a business process of acquiring or buying goods, and services. This process often involves tendering or competitive bidding processes. Analytics when integrated in the procurement process offers insights on procurement functions such as purchase planning, standards determination, supplier research and selection, value analysis, financing, price negotiation, inventory control and stores, and other related functions.

Global Procurement Analytics Market: Dynamics

Advent of emerging technologies across various industrial verticals for efficient procurement functioning is a key factor expected to boost growth of the potential market.

Increasing implementation of procurement analytics in retail and e-commerce sector is another factor expected to drive the market growth globally. Procurement analytics in retail is implemented over the data processing structure to offer insights on supply chain, inventory, sales, consumer demand, and others. These analytics are crucial for making marketing, and productions decisions.

However, growing concerns associated with data security and rising cyber-attacks coupled with complexities associated with streamlining the business processes are major factors that could restraint growth of the target market to a certain extent.

Increasing new product launches and integration of various business process, and high demand to integrate machine learning and artificial intelligence in procurement process for smart systems are opportunities that will boost growth of the global procurement analytics market in terms of revenue in the coming 10 years.

For instance; in February 2019, Barclay Commercial Payments, a subsidiary of part of Barclays Bank PLC partnered with SAP UK Limited to integrate its business to business payment products. The Precisionpay application with SAP Ariba solutions.

Global Procurement Analytics Market: Segment Analysis

Among the end user industry segments, the retail and e-commerce segment is expected to register highest revenue share in the global market over the forecast period. Retail procurement analytics is the process of providing analytical data on inventory levels, supply chain movement, consumer demand, sales, etc. that are crucial for making marketing, and procurement decisions. The analytics on demand and supply data can be used for maintaining procurement level and also for taking marketing decisions.  Retail analytics also provides dominance over the consumers buying patterns coupled with insights into the business and processes of the organization such as supply contract administration which provides scope for improvements.

Global Procurement Analytics Market: Region Analysis

Increasing adoption of emerging technologies such as Internet of Things (IoT), cloud, and growing need for efficient supply chain, and demand for intelligent procurement process are factors expected to drive growth of the global market in the North America.

The procurement analytics market in Asia Pacific is expected to contribute significant revenue share in the target market followed by market in Latin America.

Whereas, market in Europe is expected to register lucrative growth in the global market during the forecast period, followed by market in the Middle East & Africa region.

Global Procurement Analytics Market Segmentation:

Segmentation by Component:

Solutions
Services

Segmentation by Deployment Mode:

Cloud
On-Premises

Segmentation by Application:

Risk Analytics
Spend Analytics
Demand Forecasting
Vendor Management
Contract Management
Supply Chain Analytics

Segmentation by End User Industry:

Manufacturing
Energy and Utilities
Retail and E-commerce
Healthcare and Life Sciences
Banking, Financial Services, and Insurance (BFSI)
Others (Telecom and IT, Oil & Gas, Education, Government and Defense, etc.)