Procurement Analytics Market Regional Analysis:
North American Market Insights
Procurement analytics market in North America region is attributed to hold largest revenue share of about 34% during the forecast period due to the early use of digital processes and technologies like analytics. Regional growth is probably going to be driven by the rise in spending on risk management, supply chain analytics, and vendor analytical solutions. Furthermore, leading North American companies in the procurement analytics space are always adding new products to their lineup and improving the ones they already have. To assist clients in enhancing equipment uptime and supply chain resilience, PartsSource announced in June 2022 the release of a visual formulary control and supply chain risk monitor. It is anticipated that in 2023, spending on risk management and information security goods and services would increase by 11.3% to exceed USD 188.3 billion.
APAC Market Insights
Procurement analytics market in Asia Pacific region is projected to hold largest revenue share of about 27% during the forecast period. Big data analytics is revolutionizing businesses and governments in the Asia Pacific area. China and India are two nations that are integrating technology to enhance supply chain management and operations. The expansion of the market is also being driven by an increase in IoT use and data analysis of manufacturing processes. In February 2022, Google Inc. published an article stating that over 200 unicorn companies were located in the region in 2021. The region's increasing start-up scene is probably going to have an impact on the market's expansion.
