DUBLIN–(BUSINESS WIRE)–The “Procurement Analytics Market with COVID-19 Impact Analysis by Component (Solutions, Services), Application, Deployment Mode (Cloud, On-premises), Organization Size (Large Enterprises, SMEs), Industry Vertical and Region – Global Forecast to 2026” report has been added to ResearchAndMarkets.com’s offering.
The procurement analytics market size to 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, changing landscape of customer intelligence to drive the market, and proliferation of customer channels are expected to drive the adoption of procurement analytics technologies and services.
The cloud segment to have the highest CAGR during the forecast period
By deployment mode, the procurement analytics market has been segmented into on-premises and cloud. The CAGR of the cloud deployment mode is estimated to be the largest during the forecast period. Cloud-based services are provided directly through the cloud-deployed network connection. Cloud-based platforms are beneficial for organizations that have strict budgets for security investments. The cloud deployment mode is growing, as cloud-based procurement analytics solutions are easy to maintain and upgrade.
The SMEs segment to hold higher CAGR during the forecast period
The procurement analytics market has been segmented by organization size into large enterprises and SMEs. The market for SMEs is expected to register a higher CAGR during the forecast period. These enterprises are early adopters of procurement analytics solutions. They are faced with the troublesome task of effectively managing security because of the diverse nature of IT infrastructure, which is complex in nature.
Among regions, APAC to hold highest CAGR during the forecast period
APAC is expected to grow at a good pace during the forecast period. The region will be booming, as it is experiencing a lot of new entrepreneur setups, which would be looking forward to acquiring new customers and gaining customer trust by involving new paradigms of digital technologies to have a competitive advantage over the established players. Procurement analytics vendors in this region focus on innovations related to their product line. China, Japan, and India have displayed ample growth opportunities in the procurement analytics market.
Market Dynamics
Drivers
- Increase in Focus on Enhancing Procurement Channels’ Operational Efficiencies
- Imminent Need to Handle Compliance Policies and Contracts
- Organizations’ Struggle to Sustain Their Position in the Competitive Environment
Restraints
- Rise in Concerns Over Data Security Across Enterprises
- Complexities in Streamlining the Processes and Concerns Regarding Data Privacy
Opportunities
- Advent of Ml and AI in the Procurement Process
- Growth in Demand for Cloud-Based Analytical Solutions
Challenges
- Lack of Analytical Expertise
- Reluctance to Adopt Advanced Analytical Technologies
Companies Mentioned
- Birchstreet Systems
- Cisco
- Corcentric
- Coupa Software
- Genpact
- GEPIBM
- Ivalua
- Jaggaer
- Kearney
- Market Dojo Ltd.
- Microsoft
- Oracle
- Prm360
- Proactis
- Procurepro
- Rosslyn Data Technologies
- SAP
- SAS Institute
- Sievo
- Simfoni
- Synertrade
- Tamr
- Workday
- Zycus
For more information about this report visit https://www.researchandmarkets.com/r/dylq01
