Northbrook, IL 60062 -- (SBWIRE) -- 12/15/2022 -- The global Procurement Analytics Market size projected grow from USD 2.6 billion in 2021 to USD 8.0 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 25.3% during the forecast period. Various factors such as increasing spending on marketing and advertising activities by enterprises, Imminent need to handle compliance policies and contracts, and Organizations' struggle to sustain their position in the competitive environment are expected to drive the adoption of procurement analytics technologies and services.

According to Simfoni, procurement analytics is the process of using quantitative methods to derive actionable insights and outcomes from data. It involves the capture and use of data to support fact-based decision-making. It typically reports what has happened in the past and creates estimates, using predictive analytics based on historical data to guess what will happen in the future. The procurement analytics market includes standalone solutions, which can be integrated into other solutions and devices for value addition. The use of analytics for these data involves various quantitative methods, which will help derive actionable insights and outcomes that can be helpful for the organizations in making strategic decisions and gaining competitive advantage. Procurement analytics solutions majorly apply predictive analytics on historical data sets of the organizations and derive predictions for the future, which helps management personnel to take key decisions pertaining to the overall procurement.

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Solution segment to account for a larger market size during the forecast period

This segment is expected to witness significant growth, resulting in further growth of data governance solutions. Procurement analytics is stand-alone analytical software that includes modules such as financial analysis, sourcing analysis, real-time and batch data analysis, category management, and compliance and policy management. It has become a critical business process as it enables enterprises to track and manage data centrally while aligning them with business objectives, risk frameworks, and regulatory standards. The business value of procurement analytics software can include a variety of benefits, such as minimizing penalties for regulatory non-compliance, reducing enterprise risks, lowering costs, higher supplier performance management, increasing top-line revenue growth, and optimizing customer experience and satisfaction.

On-premises deployment mode to have the largest market size during the forecast period

Data-sensitive enterprises prefer the on-premises deployment model. On-premises solutions are installed at the client's premises and are managed by the client's in-house IT staff. These are custom-built software installed on systems, smartphones, and tablets and involve high upfront costs. The on-premises deployment mode offers better control over confidential data as compared to the cloud deployment mode. On-premises solutions do not entail incremental costs throughout the ownership compared to cloud-based solutions. However, on-premises solutions require an IT support team for regular service and maintenance operations. In the absence of a skilled IT team, updating the software regularly becomes difficult. Several organizations currently using on-premises solutions realize that the Software as a Service (SaaS) delivery type lowers operating costs and reduces service maintenance pressure.

APAC to hold higher CAGR during the forecast period

The procurement analytics market has been segmented into five major regions: North America, Europe, APAC, Latin America, and MEA. APAC is expected to grow at a good pace during the forecast period. Procurement solutions integrated with analytics capabilities are helping enterprises in all stages of procurement activities. The region is witnessing increasing demand for cloud-driven procurement analytics solutions, resulting in higher investments and technological advancements in the manufacturing industry. Analytics is especially gaining traction in APAC countries, such as South Korea, Australia, Japan, and Taiwan.Some Asian countries are leveraging information-intensive data management technologies and procurement analytics. SAP, SAS, Oracle, and IBM account for the major share of the procurement analytics market in this region, along with several other solution providers.

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The major vendors in the global procurement analytics market include SAP(Germany), Oracle(US), SAS Institute (US), Coupa Software (US), Genpact (US), Rosslyn Data Technologies (UK), Microsoft(US), IBM(US), Cisco (US), GEP (US), Corcentric (US), and Zycus (US).

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