Procurement Analytics Market Synopsis:
Over the years, enterprises across verticals are increasingly being dependent on digital data. With the rising cloud-based applications, maintaining data for the procurement process has become challenging for enterprises. Implementing procurement analytics offers enterprises to minimize their overall capital and operational expenditure and improve the data driven decision-making capabilities significantly.
According to MRFR analysis, the global Procurement Analytics Market was valued at USD 2.08 billion in 2018; it is expected to reach USD 7.90 billion, growing with a CAGR of 21.4% during the forecast period. The market growth is attributed to surging demand for highly efficient solutions for procurement process to increase its operational efficiency, rising in demand for cloud-based procurement solutions, and increasing need for analytical solutions for data-driven decision-making.
The global procurement analytics market has been segmented based on component, deployment mode, organization size, and industry verticals and region

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Major Key Players:
• IBM Corporation. (US)
• SAP SE (Germany)
• Oracle Corporation (US)
• Tamr (US)
• Zycus Inc. (US)
• SAS Institute Inc.(US)
• Genpact (UK)
• BRIDGEi2i Analytics (India)
• Sievo (Finland)
• Dataction (India)
• Tungsten Corporation plc (UK)
• Rosslyn Data Technologies (UK)
• Simfoni (US)
• BirchStreet (US)
• Proactis (UK)

Regional Analysis:
By region, the global procurement analytics market has been segmented into North America, Europe, Asia-Pacific, the Middle East and Africa, and South America. North America accounted the largest market in 2018 owing to the presence of giants in the US.

Moreover, Asia-Pacific is expected to be the fastest-growing procurement analytics market over the next few years. The market growth is due to rapid investment of China to boost the domestic manufacturing sector.

Segmentation:
• By component, the global procurement analytics market has been divided into solutions and services. The solution segment has been categorized as spend analytics, sourcing, vendor management, invoicing analytics, contract management, category management, and others. The services segment has been further segmented into professional services and managed services. Moreover, the solutions segment expected to have a larger market share while the services segment is projected to register the higher CAGR during the forecast period. The market growth is attributed to the rising need for analytics solutions compliant with regulations regarding their accounts and procurement data..
• Based on deployment mode, the procurement analytics market has been segmented into cloud and on-premise. The cloud-based segment is expected to exhibit the higher CAGR during the forecast period due to the increasing adoption of cloud-based analytical solutions and technological advancements resulting in reduced expenditure on IT infrastructure.
• Based on organization size, the procurement analytics market has been segmented into large enterprises and small and medium-sized enterprises (SME). The large enterprises segment accounted for the larger market size in 2018 whereas SMEs is expected to have significant CAGR. The market growth for large enterprises is attributed to monetary capabilites to adopt the cloud-based procurement solutions to gain better visibility on procurement expenses. However, the small enterprises are likey to witness limited adoption of procurement analytics solution due to financial constraints to upgrade the exisitng infrastructure.
• By vertical, the global procurement analytics market has been divided into banking, financial services and insurance (BFSI), healthcare and life sciences, telecom and IT, retail and e-commerce, energy and utilities, and others. The market share of the retail and e-commerce vertical segment accounted for the largest market share in 2018; it is expected to dominate the market during forecast period, owing to growth of e-commerce sectors such as Amazon.com, Flipkart, and Alibaba. Whereas, the telecom and IT segment is expected to register the highest CAGR during the assessment period.

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Regional Analysis:
By region, the global procurement analytics market has been segmented into North America, Europe, Asia-Pacific, the Middle East and Africa, and South America. North America accounted the largest market in 2018 owing to the presence of giants in the US.

Moreover, Asia-Pacific is expected to be the fastest-growing procurement analytics market over the next few years. The market growth is due to rapid investment of China to boost the domestic manufacturing sector.

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