Procurement Analytics Market to grow at a CAGR of 25.8% - 2031 | Cisco Systems, Inc., Data Technologies Inc.

Procurement Analytics Market

The service segment is expected to experience fastest growth in the coming years.

WILMINGTON, NEW CASTLE, DE, UNITED STATES, November 5, 2024 /EINPresswire.com/ -- The global 𝐏𝐫𝐨𝐜𝐮𝐫𝐞𝐦𝐞𝐧𝐭 𝐀𝐧𝐚𝐥𝐲𝐭𝐢𝐜𝐬 𝐌𝐚𝐫𝐤𝐞𝐭 size was valued at $3.3 billion in 2021, and is projected to reach $32.3 billion by 2031, growing at a CAGR of 25.8% from 2021 to 2031. Procurement analytics is a method to retrieve useful information to make effective decisions in the organization. It provides insight for a company to come to the right conclusion. Developing the business is possible through this technique. Mostly historic data is used to know about the future trend of the market. Increasing operational costs, improving decision making and efficiency are benefits of this analytics market.

𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐒𝐚𝐦𝐩𝐥𝐞 𝐑𝐞𝐩𝐨𝐫𝐭 (𝐆𝐞𝐭 𝐅𝐮𝐥𝐥 𝐈𝐧𝐬𝐢𝐠𝐡𝐭𝐬 𝐢𝐧 𝐏𝐃𝐅 - 344 𝐏𝐚𝐠𝐞𝐬) 𝐚𝐭: https://www.alliedmarketresearch.com/request-sample/A06956

On the basis of component, the solution segment exhibited the highest growth in the procurement analytics market share in 2021, and is expected to maintain its dominance in the upcoming years, owing to several advantages offered by procurement analytics such as complete transparency offered. As it increased efficiency and improved data quality further propels the growth of this segment. However, service is expected to witness significant growth during forecasting period, owing to adoption of deployment and integration services among end users, as it ensures effective functioning of procurement analytics solution throughout the process, in addition, the market players are actively introducing integrated procurement analytics solutions with enhanced deployment, integration, support and maintenance capabilities, further fueling the market growth.

Based on deployment mode, the on premise segment contributed to the largest share of nearly three-fifths of the global procurement analytics market in 2021, and is expected to rule the roost during the forecast period. Increase in adoption of procurement analytics solutions and services has led to the rise in adoption of on-premises based solutions for security reasons. However, the cloud segment is projected to witness the fastest CAGR of 27.1% from 2022 to 2031, as the adoption of cloud computing is increasing globally, owing to the flexibility and cost benefits associated with cloud services.

𝐁𝐮𝐲 𝐍𝐨𝐰 & 𝐆𝐞𝐭 𝐄𝐱𝐜𝐥𝐮𝐬𝐢𝐯𝐞 𝐃𝐢𝐬𝐜𝐨𝐮𝐧𝐭 𝐨𝐧 𝐭𝐡𝐢𝐬 𝐑𝐞𝐩𝐨𝐫𝐭 : https://www.alliedmarketresearch.com/procurement-analytics-market/purchase-options

The current estimation of 2031 is projected to be higher than pre-COVID-19 estimates. The COVID-19 outbreak has high impact on the growth of procurement analytics market, as increasing number of smartphone users, growing adoption of connected devices, and surging e-commerce sector provide lucrative opportunities for the growth of the procurement analytics market. COVID has caused crises in social, economic, and energy areas and medical life worldwide throughout 2020. This crisis had many direct and indirect effects on all areas of society. In the meantime, the digital and artificial intelligence industry can be used as a professional assistant to manage and control the outbreak of the virus.

𝐓𝐡𝐞 𝐤𝐞𝐲 𝐩𝐥𝐚𝐲𝐞𝐫𝐬 𝐩𝐫𝐨𝐟𝐢𝐥𝐞𝐝 𝐢𝐧 𝐭𝐡𝐢𝐬 𝐫𝐞𝐩𝐨𝐫𝐭 𝐢𝐧𝐜𝐥𝐮𝐝𝐞

𝐌𝐢𝐜𝐫𝐨𝐬𝐨𝐟𝐭, 𝐒𝐀𝐒 𝐈𝐧𝐬𝐭𝐢𝐭𝐮𝐭𝐞 𝐈𝐧𝐜, 𝐆𝐞𝐧𝐩𝐚𝐜𝐭, 𝐂𝐢𝐬𝐜𝐨 𝐒𝐲𝐬𝐭𝐞𝐦𝐬, 𝐈𝐧𝐜., 𝐎𝐫𝐚𝐜𝐥𝐞 𝐂𝐨𝐫𝐩𝐨𝐫𝐚𝐭𝐢𝐨𝐧, 𝐈𝐁𝐌 𝐂𝐨𝐫𝐩𝐨𝐫𝐚𝐭𝐢𝐨𝐧, 𝐃𝐚𝐭𝐚 𝐓𝐞𝐜𝐡𝐧𝐨𝐥𝐨𝐠𝐢𝐞𝐬 𝐈𝐧𝐜., 𝐒𝐀𝐏 𝐒𝐄

𝐆𝐞𝐭 𝐂𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐞𝐝 𝐑𝐞𝐩𝐨𝐫𝐭𝐬 𝐰𝐢𝐭𝐡 𝐲𝐨𝐮’𝐫𝐞 𝐑𝐞𝐪𝐮𝐢𝐫𝐞𝐦𝐞𝐧𝐭𝐬: https://www.alliedmarketresearch.com/request-for-customization/A06956

In post-pandemic circumstances, enterprises strived to minimize operational and running costs around all the business functions to recover the losses incurred in COVID times. Moreover, this the rising demands of online facilities across different industries for instance, retail and marketing, manufacturing, energy and utilities drove the growth in demand of procurement analytics solutions. In addition, the disruptions in the supply chain also triggered the demand of procurement analytics services across the globe. Furthermore, many enterprises are investing highly in this market to thrive the changes in working environment and increased complexity of supply chain. These factors are anticipated to drive the procurement analytics market growth.

KEY FINDINGS OF THE STUDY

By component, the solution segment dominated the procurement analytics industry in 2021. However, the service segment is expected to exhibit significant growth during the forecast period.

On the basis of deployment, the on-premise segment dominated the pprocurement analytics industry in 2021. However, the cloud segment is expected to witness the highest growth rate during the forecast period.

By enterprise size, the large enterprise dominated the procurement analytics market in 2021. However, the SME’s segment is expected to exhibit significant growth during the forecast period.

On the basis of application, the strategic sourcing segment dominated the procurement analytics market analysis in 2021. However, the transaction management segment is expected to witness the highest growth rate during the forecast period.

Region-wise, the procurement analytics market was dominated by North America in 2021. However, Asia-Pacific is expected to witness significant growth in the coming years.

𝐈𝐧𝐪𝐮𝐢𝐫𝐲 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠: https://www.alliedmarketresearch.com/purchase-enquiry/A06956

Based on component, the solution segment held the largest share of more than three-fifths of the global procurement analytics market in 2021, and is expected to maintain a noteworthy growth during the forecast period, owing to several advantages offered by procurement analytics such as complete transparency, high efficiency, and improved data quality. However, the services segment is likely to exhibit the highest CAGR of 27.3% in 2031. This is due to the deployment and adoption of integration services by end users, as they ensure effective functioning of procurement analytics solution throughout the process.

Based on region, North America was the largest market in 2021, accounting for two-fifths of the global procurement analytics market share. This is due to its rapidly changing technical landscape, increasing digitization throughout North American nations, and the intensifying market competitiveness in the region. However, the market in Asia-Pacific is likely to show a progressive growth in terms of revenue and manifest the fastest CAGR of 30.7% during the forecast period, owing to the massive use of procurement analytics in growing economies such as India and China and cloud native countries such as Japan.

𝐎𝐭𝐡𝐞𝐫 𝐓𝐫𝐞𝐧𝐝𝐢𝐧𝐠 𝐑𝐞𝐩𝐨𝐫𝐭𝐬:

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David Correa
Allied Market Research
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