The global procurement analytics market revenue was around US$ 5.2 billion in 2023 and is estimated to reach US$ 41.2 billion by 2032, growing at a compound annual growth rate (CAGR) of 25.8% during the forecast period from 2024 to 2032.

Procurement analytics is the procedure of tapping into the large pool of procurement data utilizing analytical and quantitative methods to form a set of actionable insights to propel value and enhance functions. The requirement for procurement analytics has grown from organizations' urge to get a consolidated view of procurement spend. Procurement analytics has evolved via one-off projects, like spend cubes, to cover several specialized dashboards, solutions, and types of automation software.

Factors Influencing Market Growth

- The rising demand for procurement and management solutions and the latest applications for procurement solutions in the healthcare sector are increasing the growth of the market.

- The requirement to optimize the global supply chain influences the growth of the procurement analytics market.

- The high cost related to the maintenance and implementation of procurement solutions is hindering the growth of the procurement analytics market.

- The growing integration of cutting-edge technologies like cloud and blockchain technology is anticipated to deliver remunerative opportunities for the growth of the market during the forecast period.

Impact of COVID-19

The COVID-19 pandemic outbreak had a high influence on the growth of the procurement analytics market, as the increasing adoption of connected devices, the growing number of smartphone users, and the surging e-commerce sector provide lucrative opportunities for the expansion of the market. COVID-19 has caused problems in economic, social, and energy areas and medical life worldwide throughout 2020. This crisis had many indirect and direct effects on all areas of society. In the meantime, artificial intelligence (AI) and the digital industry can be utilized as a professional assistant to handle and control the outbreak of the virus.

Regional Analysis

North America dominates the global procurement analytics industry during the forecast period because of government initiatives to promote innovation, the presence of a substantial industrial base in the U.S., and large purchasing power. The development is mainly concentrated in the U.S. Companies that utilize big data software frequently operate print management systems to cut costs, enhance industry verticals, and increase worker productivity.

Also, Asia-Pacific is anticipated to notice significant growth during the forecast period because of the growing economies like China and India and cloud-native countries like Japan.

Leading Companies

The leading prominent companies profiled in the global procurement analytics market are: -

- Amazon Web Services (AWS)
- BirchStreet Systems
- Cisco System, Inc.
- Coupa Software Inc.
- Genpact
- International Business Machine (IBM)
- Jaggaer
- Microsoft Corporation
- Oracle Corporation
- Proactis
- Rosslyn Data Technologies
- SAP SE
- SAS Institute
- Sievo
- Simfoni
- Workday, Inc.
- Zycus Inc.
- Other prominent key players

Segmentation Outline

The global procurement analytics market segmentation focuses on Component, Deployment Mode, Enterprise Size, Application, Industry Vertical, and Region.

Segmentation based on Component

- Solution
- Services

Segmentation based on Deployment Mode

- On-Premise
- Cloud

Segmentation based on Enterprise Size

- Large Enterprises
- SMEs

Segmentation based on Application

- Strategic Sourcing
- Spend Management
- Process Management
- Category Management
- Contract Management
- Transaction Management

Segmentation based on Industry Vertical

- BFSI
- Manufacturing
- Food and Beverages
- Industrial Machinery and Heavy Equipment
- High Tech and Consumer Electronics
- Automotive
- Others
- Retail
- IT and Telecom
- Healthcare
- Others

Segmentation based on Region

- North America
- The U.S.
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Netherlands
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Singapore
- Rest Of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa