According the report, Increasing Use of Procurement Analytics for Spend Analytics Using Predictive Analytics
is one of the primary growth factors for the market. Increasing Demand for Risk management in Business Operations
is also expected to contribute significantly to the Procurement Analytics market. Overall, Spend Analytics
applications of Procurement Analytics, and the growing awareness of them, is what makes this segment of the industry important to its overall growth. The presence of players such as IBM (United States), SAP SE (Germany), Sievo Oy (Finland), Accenture plc (Ireland), Oracle Corporation (United States), GEP (United States), Simfoni (United States), Zycus (United States), Genpact (United States), Tungsten Corporation PLC (United Kingdom) and Rosslyn Data Technologies (United Kingdom) may see astonishing sales in this Market and certainly improve revenue growth.
AMAs Analyst on the Global Procurement Analytics market identified that the demand is rising in many different parts of the world as "Rising Demands for Procurement Analytics from Various Industries". Furthermore, some recent industry insights like "On 17th October 2019, IBM and LevaData announced the collaboration to deliver cognitive analytics and direct procurement sourcing services solution that will give procurement leaders the power to achieve business-changing outcomes through actionable insights. The new offering, DirectSpend IQ, brings together IBM’s expert managed services with LevaData’s Cognitive Sourcing Platform to deliver insights and recommendations for direct procurement cost savings opportunities and process transformation." is constantly making the industry dynamic. One of the challenges that industry facing is "Possibility of Technical Errors or Human Errors in case the Procurement Analytics is not Automated"
The report provides an in-depth analysis and forecast about the industry covering the following key features:
Detailed Overview of Procurement Analytics market will help deliver clients and businesses making strategies. Influencing factors that thriving demand and latest trend running in the market What is the market concentration? Is it fragmented or highly concentrated? What trends, challenges and barriers will impact the development and sizing of Procurement Analytics market SWOT Analysis of profiled players and Porter's five forces & PEST Analysis for deep insights. What growth momentum or downgrade market may carry during the forecast period? Which region may tap highest market share in coming era? What focused approach and constraints are holding the Procurement Analytics market tight? Which application/end-user category or Product Type [Descriptive Analytics, Diagnostic Analytics, Predictive Analytics and Prescriptive Analytics] may seek incremental growth prospects? What would be the market share of key countries like Germany, USA, France, China etc.?
Market Size Estimation In market engineering method, both top-down and bottom-up approaches have been used, along with various data triangulation process, to predict and validate the market size of the Procurement Analytics market and other related sub-markets covered in the study.
o Key & emerging players in the Procurement Analytics market have been observed through secondary research. o The industrys supply chain and overall market size, in terms of value, have been derived through primary and secondary research processes. o All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources.
Data Triangulation The overall Procurement Analytics market size is calculated using market estimation process, the Procurement Analytics market was further split into various segments and sub-segments. To complete the overall market engineering and arriving at the exact statistics for all segments and sub-segments, the market breakdown and data triangulation procedures have been utilized, wherever applicable. The data have been triangulated by studying various influencing factors and trends identified from both demand and supply sides of various applications involved in the study. Along with this, the Global Procurement Analytics market size has been validated using both top-down and bottom-up approaches.