Procurement Analytics Market Definition
Procurement analytics involves collecting and analyzing procurement or spending data to form desired insights for making effective decisions regarding business operations. The analytics collects data from various type of sources and classifies the data into standard or use case-specific taxonomies and displaying data in a visual form on the dashboard within the tools used in business. The procurement analytics reports on what has happened in the past and creates the estimates using predictive analysis to forecast future possibilities.
The market study is broken down by Type (Descriptive Analytics, Diagnostic Analytics, Predictive Analytics and Prescriptive Analytics), by Application (Spend Analytics, Contract Management, Vendor Evaluation, Supplier Relationship Management, Demand Forecasting and Others) and major geographies with country level splits.
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) are some of the key players that are part of study coverage.
AdvanceMarketAnalytics has segmented the market of Global Procurement Analytics market by Type, Application and Region.
On the basis of geography, the market of Procurement Analytics has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Industry Verticals, the sub-segment i.e. BFSI will boost the Procurement Analytics market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Component, the sub-segment i.e. Software will boost the Procurement Analytics market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
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.
- Increasing Use of Procurement Analytics for Spend Analytics Using Predictive Analytics
- The Use of Procurement Analytics Software and Other Technologies in Businesses
- Increasing Demand for Risk management in Business Operations
- The need for the Effective, Efficient and Reliable Database Information
- Rising Demands for Procurement Analytics from Various Industries
- Frauds Related Risk Associated with Procurement Analytics
- Possibility of Technical Errors or Human Errors in case the Procurement Analytics is not Automated
Key Target AudienceProcurement Analytics Software Developers, Procurement Analytics Service Providers, Research and Development Institutes, Industry Associations, Potential Investors, Regulatory Bodies and Others
About ApproachThe research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from total available market.
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