Procurement Analytics Market Size

Procurement Analytics Market size is expected to surpass USD 65 Billion by the end of 2036, growing at a CAGR of 24% during the forecast period, i.e., 2024-2036. In the year 2023, the industry size of procurement analytics was USD 4 Billion. The use of procurement analytics technology and services is expected to be fueled by rising corporate spending on marketing and advertising, a shifting customer intelligence environment to drive the market, and the expansion of customer channels. The annual global expenditure on advertising is estimated to be USD 674 billion.

In addition, one of the major drivers for procurement analytics is automation. The tremendous requirement that enterprises have for contract and compliance management contributes to the rising demand. For example, the U.S. software giant ServiceNow updated its current product to include a procurement service management component that helps with other field activity management. The goal of ServiceNow is to automate workflows related to and involved in procurement.

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 Size