The report "Procurement Analytics Market by Component, Application Area (Supply Chain Analytics, Risk Analytics, Spend Analytics, Demand Forecasting, and Contract Management), Deployment Type, Organization Size, Vertical, and Region - Global Forecast to 2023", The global procurement analytics market size is expected to grow from USD 1.6 billion in 2018 to USD 4.1 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 20.4% during the forecast period. The key factors driving the market include increasing focus on enhancing procurement channels’ operational efficiencies, imminent need to handle compliance polices and contracts, and organizations’ struggle to sustain their position in the competitive environment.

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Top Key Players

The procurement analytics market comprises major solution providers, such as SAP (Germany), Oracle (US), SAS (US), IBM (US, Coupa Software (US), Zycus(US), BRIDGEi2i Analytics (India), JAGGAER (US), Rosslyn Data Technologies (England), Genpact (UK), Tamr (US), Simfoni (US), BirchStreet (US), Proactis (UK), and Sievo (Finland). The study includes an in-depth competitive analysis of the key players in the procurement analytics market, along with their company profiles, recent developments, and key market strategies.

The solutions segment to account for a larger market size in 2018

Procurement analytics solutions help customers in various application areas such as supply chain analytics, risk analytics, spend analytics, demand forecasting, contract management, and vendor management. The solutions include various modules, such as financial analysis, sourcing analysis, real-time and batch data analysis, category management, and compliance and policy management. The implementation of these modules in the organizations will lead to higher data optimization, automated data cleansing, and sourcing category analysis of procurement platforms.

The cloud segment to grow at a higher CAGR during the forecast period

Cloud-based services are provided directly through the cloud-deployed network connection. The cloud deployment mode is a faster growing segment in the procurement analytics market. Organizations can avoid certain costs, such as maintenance of infrastructure, and technical staff by using the cloud-based procurement analytics solutions. The cloud-based platforms are beneficial for organizations that have limited budget for analytical software and solution investments. Small and Medium-sized Enterprises (SMEs) deploy their procurement analytical solutions in the cloud, as it enables them to focus on their core competencies, rather than to invest their capital on hardware-based infrastructures.

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North America to account for the largest market size during the forecast period

North America is expected to account for the largest market size in the overall procurement analytics market during the forecast period. The region is expected to provide market growth opportunities for procurement analytics vendors, as it is the highly regulated region with stringent laws and policies for safeguarding data, and due to the presence of 2 major economies: the US and Canada.

TABLE OF CONTENTS

1 INTRODUCTION (Page No. - 25)
1.1 INTRODUCTION TO COVID-19
1.2 COVID-19 HEALTH ASSESSMENT
FIGURE 1 COVID-19: GLOBAL PROPAGATION
FIGURE 2 COVID-19 PROPAGATION: SELECT COUNTRIES
1.3 COVID-19 ECONOMIC ASSESSMENT
FIGURE 3 REVISED GROSS DOMESTIC PRODUCT FORECASTS FOR SELECT G20 COUNTRIES IN 2020
1.3.1 COVID-19 ECONOMIC IMPACT—SCENARIO ASSESSMENT
FIGURE 4 CRITERIA IMPACTING GLOBAL ECONOMY
FIGURE 5 SCENARIOS IN TERMS OF RECOVERY OF GLOBAL ECONOMY
1.4 OBJECTIVES OF THE STUDY
1.5 MARKET DEFINITION
1.5.1 INCLUSIONS AND EXCLUSIONS
1.6 MARKET SCOPE
1.6.1 MARKET SEGMENTATION
1.6.2 REGIONS COVERED
1.6.3 YEARS CONSIDERED FOR THE STUDY
1.7 CURRENCY CONSIDERED
TABLE 1 UNITED STATES DOLLAR EXCHANGE RATE, 2016–2018
1.8 STAKEHOLDERS
1.9 SUMMARY OF CHANGES

2 RESEARCH METHODOLOGY (Page No. - 36)
2.1 RESEARCH DATA
FIGURE 6 PROCUREMENT ANALYTICS MARKET: RESEARCH DESIGN
2.1.1 SECONDARY DATA
2.1.2 PRIMARY DATA
2.1.2.1 Breakup of primaries
2.1.2.2 Key industry insights
2.2 MARKET BREAKUP AND DATA TRIANGULATION
2.3 MARKET SIZE ESTIMATION
FIGURE 7 MARKET: BOTTOM-UP AND TOP-DOWN APPROACHES
2.3.1 BOTTOM-UP APPROACH
2.3.2 TOP-DOWN APPROACH
FIGURE 8 MARKET SIZE ESTIMATION METHODOLOGY: APPROACH 1 (SUPPLY-SIDE): REVENUE OF SOLUTIONS/SERVICES OF THE MARKET
FIGURE 9 MARKET SIZE ESTIMATION METHODOLOGY: APPROACH 1 BOTTOM-UP (SUPPLY-SIDE): COLLECTIVE REVENUE OF ALL SOLUTIONS/SERVICES OF THE MARKET
FIGURE 10 MARKET SIZE ESTIMATION METHODOLOGY—APPROACH 2, BOTTOM-UP (SUPPLY-SIDE): COLLECTIVE REVENUE FROM ALL SOFTWARE/SERVICES OF THE PROCUREMENT ANALYTICS MARKET
FIGURE 11 MARKET SIZE ESTIMATION METHODOLOGY—APPROACH 3, BOTTOM-UP (DEMAND SIDE): PRODUCTS/SOLUTIONS/SERVICES SOLD AND THEIR AVERAGE SELLING PRICE
2.4 MARKET FORECAST
TABLE 2 FACTOR ANALYSIS
2.5 COMPANY EVALUATION MATRIX METHODOLOGY
FIGURE 12 COMPANY EVALUATION MATRIX: CRITERIA WEIGHTAGE
2.6 STARTUP/SME EVALUATION MATRIX METHODOLOGY
FIGURE 13 STARTUP/SME EVALUATION MATRIX: CRITERIA WEIGHTAGE
2.7 ASSUMPTIONS FOR THE STUDY
2.8 LIMITATIONS OF THE STUDY

3 EXECUTIVE SUMMARY (Page No. - 48)
TABLE 3 PROCUREMENT ANALYTICS MARKET SIZE AND GROWTH, 2015–2020 (USD MILLION AND Y-O-Y GROWTH)
TABLE 4 MARKET SIZE AND GROWTH RATE, 2021–2026 (USD MILLION AND Y-O-Y GROWTH)
FIGURE 14 PROCUREMENT ANALYTICS SERVICES TO GROW AT A HIGHER CAGR DURING THE FORECAST PERIOD
FIGURE 15 PROFESSIONAL PROCUREMENT ANALYTICS SERVICES TO ACCOUNT FOR A LARGER MARKET SHARE IN 2021
FIGURE 16 ON-PREMISE DEPLOYMENT TO ACCOUNT FOR A LARGER MARKET SHARE IN 2021
FIGURE 17 LARGE ENTERPRISES SEGMENT TO ACCOUNT FOR A LARGER MARKET SHARE IN 2021
FIGURE 18 SUPPLY CHAIN ANALYTICS SEGMENT TO ACCOUNT FOR THE LARGEST MARKET SHARE IN 2021
FIGURE 19 TELECOM AND IT SEGMENT TO ACCOUNT FOR A LARGER MARKET SHARE IN 2021
FIGURE 20 NORTH AMERICA TO HOLD THE HIGHEST MARKET SHARE IN 2018

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