Procurement Analytics Market Analysis

Component (Solutions, Services)

Based on component, the solutions segment in the procurement analytics market is expected to hold 60% of the revenue share during the forecast period. Working capital management is improved and growth is accelerated by the procurement analytics software provided by procurement analytics firms. The market offers a wide range of solutions. Oracle and SAP, which offer products including risk analytics, spend analytics, and supply chain management, are a couple of instances of procurement analytics companies. When considering social, economic, and environmental concerns, emerging technologies offer new prospects for sustainable development and green technology. Therefore, one of the main factors driving the use of procurement analytics solutions across verticals globally and driving the market ahead is growing awareness of technology's negative environmental effects. For example, The Hong Kong and Shanghai Banking Corporation Limited is stepping up its efforts to assist companies of all kinds in making the switch to more sustainable business models beginning of October 2020. A little over USD 1 trillion has been invested to funding environmentally friendly companies and creating climate solutions to safeguard the expansion of new firms.

Deployment Mode (Cloud, On-Premises)

Based on deployment mode, on-premises segment in the procurement analytics market is expected to hold largest revenue share of about 55% during the forecast period. An organization using on-premises solutions must buy a license or a copy of the software. Firms in heavily regulated areas, such as Europe, are required to utilize software that they have bought. The segment's market share in procurement analytics is influenced by variables including local security controls and data protection resulting from on-premises data storage. But because on-premises software needs specialized IT staff, accessibility and support are better within the company.

Our in-depth analysis of the global market includes the following segments:

Component	Solutions Services
Application	Supply Chain Analytics Risk Analytics Spend Analytics Demand Forecasting Contract Management Vendor Management Category Management
Deployment Mode	Cloud On-Premises
Organization Size	Large Enterprises Small & Medium-Sized Enterprises
Vertical	BFSI Retail & E-Commerce Telecom & IT Manufacturing Healthcare & Life Sciences Energy & Utilities Government & Defense

Frequently Asked Questions (FAQ)

Rising corporate spending on marketing and advertising and a shifting customer intelligence environment are the major factors driving the growth of the procurement analytics market.

The market size of procurement analytics is anticipated to attain a CAGR of 24% over the forecast period, i.e., 2024 - 2036.

The major players in the market are Croda International Plc, Oleon NV, Wilmar Group, Occidental Petroleum Corporation, Ercros, S.A., FMC Corporation, Olin Corporation, Tokyo Chemical industry Co., Ltd., Nissan Chemcial corporation, and others.

The solution segment is anticipated to garner the largest market size by the end of 2036 and display significant growth opportunities.

The market in the North America region is projected to hold the largest market share by the end of 2036 and provide more business opportunities in the future.

Procurement Analytics Market Analysis