The new report titled ‘Global Procurement Analytics Market,’ published by Emergen Research is a vivid presentation of the global Procurement Analytics market, with utmost focus on the forecast market size, share, value, and volume over the projected timeline. The report throws light on the current economic landscape of this business vertical and evaluates the top market trends. It has been compiled through significant primary research, including surveys, interviews, and expert analysts’ observations. It features insightful qualitative and quantitative assessments of the Procurement Analytics industry, gathering industry-verified data from the value chain analysis. The report, additionally, examines the prevailing trends in the market, along with the macro- and micro-economic indicators. The report delivers a deep understanding of the key aspects of the Procurement Analytics market, for instance, import and export dynamics, production and consumption rates, and consumer bases across the major market regions. Thus, the report concludes with the essential market statistics presented in a tabular format to help readers get a clear idea of the global market dynamics.
The procurement analytics market has emerged as a critical component of modern business operations, enabling organizations to gain valuable insights and optimize their procurement processes. Procurement analytics involves the use of advanced data analytics techniques to analyze procurement data, identify patterns, and make data-driven decisions. This market has witnessed significant growth in recent years, driven by various factors.
The global procurement analytics market size was USD 3.17 Billion in 2022 and is expected to register a revenue CAGR of 25.5% during the forecast period, according to the latest analysis by Emergen Research. One of the key drivers of the procurement analytics market is the increasing complexity of supply chains. With globalization and the expansion of businesses into new markets, supply chains have become more intricate, involving multiple suppliers, vendors, and stakeholders. Procurement analytics provides organizations with the ability to analyze vast amounts of data from various sources, such as supplier performance, pricing trends, and market dynamics. This enables them to gain a holistic view of their supply chains and make informed decisions to optimize procurement processes.
Moreover, the growing adoption of digital technologies and the Internet of Things (IoT) has generated a massive amount of data across different business functions, including procurement. This data explosion has created a need for advanced analytics tools and techniques to extract meaningful insights. Procurement analytics solutions offer organizations the ability to harness this data and derive actionable intelligence, leading to improved cost savings, supplier management, and risk mitigation.
However, despite the positive growth prospects, the procurement analytics market also faces certain restraints. One of the major challenges is the lack of skilled professionals in the field of data analytics. The successful implementation of procurement analytics requires expertise in data management, statistical analysis, and data visualization. The shortage of skilled professionals with these capabilities poses a significant barrier to market growth, as organizations struggle to find the right talent to leverage the full potential of procurement analytics.
Additionally, data security and privacy concerns act as restraints to the adoption of procurement analytics solutions. Procurement data often contains sensitive information, such as pricing details, contract terms, and supplier performance metrics. Organizations need to ensure that their data is protected from unauthorized access and breaches. The implementation of robust data security measures and compliance with data protection regulations becomes crucial in the procurement analytics space.
According to a report published by the United States Department of Commerce, the value of goods and services procured by the federal government in the United States exceeded $586 billion in 2020. This significant expenditure highlights the need for effective procurement strategies and the potential for the adoption of procurement analytics solutions in the public sector.
Furthermore, a study conducted by the European Commission revealed that public procurement accounts for approximately 14% of the European Union's GDP. This statistic emphasizes the importance of efficient procurement processes and the potential for the adoption of procurement analytics solutions across European countries.
Get a PDF sample copy of the report @ https://www.emergenresearch.com/request-sample/2145
This report is the latest document discussing the current economic situation gravely impacted by the COVID-19 outbreak in detail. The global health emergency has led to massive changes in the global economy and the Procurement Analytics business sphere. The current scenario of this ever-evolving business vertical has been clearly depicted in the report, which contains a broad analysis of the pandemic’s present and future effects.
Report Highlights:
Besides offering a vivid depiction of the global Procurement Analytics business sphere and its fundamental operations, the latest report provides the industrial chain analysis and list down the current and future market trends and growth opportunities. The report includes information on the present and historical market scenarios, which helps forecast the market conditions. The report scrutinizes the salient factors influencing the growth of the market in the near future. The strategic marketing recommendations, crucial information related to the new market entrants, and expansion plans of various businesses are poised to provide the reader with a competitive edge in the market. Major Geographies Covered in the Report:
North America (U.S., Canada) Europe (U.K., Italy, Germany, France, Rest of EU) Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC) Latin America (Chile, Brazil, Argentina, Rest of Latin America) Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA) Request a customized copy of the report @ https://www.emergenresearch.com/request-for-customization/2145
Analysis of the segments and their growth projection is carried out by extensive historical and current analysis of the market scenario. Further, the report offers details about the factors and features of the Procurement Analytics market expected to boost the growth of the industry in the coming years.
Procurement Analytics Market Segmentation:
Component Outlook (Revenue, USD Billion; 2019-2032) Services Solutions Deployment Outlook (Revenue, USD Billion; 2019-2032) On-premises Cloud Organization Size Outlook (Revenue, USD Billion; 2019-2032) Small and Medium-sized Enterprises (SMEs) Large enterprises Competitive Outlook:
The latest research report is inclusive of a precise summary of the intensely competitive landscape of the global Procurement Analytics market. It offers a systematic presentation of the company profiles of the leading market players. This section of the report analyzes the effective initiatives undertaken by these players for business expansion in the long run. In addition, this section highlights the key developments and financial positions of these companies to explain the overall market scenario. The company profiles of the established and new players have been assessed using certain effective analytical tools, such as Porter’s Five Forces analysis and SWOT analysis.
The report also discusses the key players involved in the market such as
Oracle, SAP, SAS Institute Inc., Genpact, IBM, Microsoft, Cisco Systems, Inc., Coupa Software Inc., Amazon Web Services, Inc. and GEP
For more details of the Procurement Analytics Market Report, visit @ https://www.emergenresearch.com/industry-report/procurement-analytics-market
Global Procurement Analytics Market Highlights:
Regional demand estimation and forecast Product Mix Matrix R&D Analysis Cost-Benefit Analysis Pre-commodity pricing volatility Supply chain optimization analysis Technological updates analysis Raw Material Sourcing Strategy Competitive Analysis Mergers & Acquisitions Location Quotients Analysis Carbon Footprint Analysis Patent Analysis Vendor Management Thank you for reading our report. Please get in touch with us if you have any query regarding the report or its customization. Our team will ensure the report is best suited to your needs.
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