According to research report "Procurement Analytics Market by Component, Application Area (Supply Chain Analytics, Risk Analytics, Spend Analytics, Demand Forecasting, and Contract Management), Deployment Type, Organization Size, Vertical, and Region - Global Forecast to 2023", The global procurement analytics market size is expected to grow from USD 1.6 billion in 2018 to USD 4.1 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 20.4% during the forecast period.

The key factors driving the market include increasing focus on enhancing procurement channels’ operational efficiencies, imminent need to handle compliance polices and contracts, and organizations’ struggle to sustain their position in the competitive environment.Browse 67 market data Tables and 36 Figures spread through 138 Pages and in-depth TOC on "Procurement Analytics Market - Global Forecast to 2023"Download PDF Brochure:  https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=141409924The solutions segment to account for a larger market size in 2018Procurement analytics solutions help customers in various application areas such as supply chain analytics, risk analytics, spend analytics, demand forecasting, contract management, and vendor management.

The cloud-based platforms are beneficial for organizations that have limited budget for analytical software and solution investments.

Small and Medium-sized Enterprises (SMEs) deploy their procurement analytical solutions in the cloud, as it enables them to focus on their core competencies, rather than to invest their capital on hardware-based infrastructures.North America to account for the largest market size during the forecast periodNorth America is expected to account for the largest market size in the overall procurement analytics market during the forecast period.

The region is expected to provide market growth opportunities for procurement analytics vendors, as it is the highly regulated region with stringent laws and policies for safeguarding data, and due to the presence of 2 major economies: the US and Canada.Speak to Our Expert Analyst:  https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=141409924The procurement analytics market comprises major solution providers, such as SAP (Germany), Oracle (US), SAS (US), IBM (US, Coupa Software (US), Zycus(US), BRIDGEi2i Analytics (India), JAGGAER (US), Rosslyn Data Technologies (England), Genpact (UK), Tamr (US), Simfoni (US), BirchStreet (US), Proactis (UK), and Sievo (Finland).

The study includes an in-depth competitive analysis of the key players in the procurement analytics market, along with their company profiles, recent developments, and key market strategies.About MarketsandMarkets™MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues.

The data included in this Procurement Analytics Market report provides detailed information of the geographic landscape, competitive scenarios and  upcoming opportunities in the Industry.

The inclusion of the statistical records in the Procurement Analytics Market report helps in authenticating the results that are being presented and thus provide a clear vision and indication to clients in understanding the response of the participants.Global Procurement Analytics Market is expected to rise from its initial estimated value of USD 1.67 billion in 2018 to an estimated value of USD 7.38 billion by 2026, registering a CAGR of 20.42% in the forecast period of 2019-2026.Get Access to PDF Sample of Global Procurement Analytics Market Size, Status and Forecast 2019-2026 @ https://www.databridgemarketresearch.com/request-a-sample/?dbmr=global-procurement-analytics-marketMarket Definition: Global Procurement Analytics MarketProcurement analytics is a technique which is used to get useful information and conclusion from the data which will help the company to make right decisions and improve their business.

These techniques help the business to decrease their operation cost, save money and decrease the risk factors.Segmentation: Global Procurement Analytics MarketGlobal Procurement Analytics Market By Component (Solutions, Services)Application Area (Supply Chain Analytics, Risk Analytics, Spend Analytics, Demand Forecasting, Contract Management, Vendor Management)Deployment Type (Cloud, On- Premises)Organization Type (Small and Medium-Sized Enterprises, Large Enterprises)Vertical (Retail and eCommerce, Manufacturing, Government and Defense, Healthcare and Life Sciences, Telecom and IT, Energy and Utilities, Banking, Financial Services, and Insurance, Others)Geography (North America, South America, Europe, Asia-Pacific, Middle East and Africa)Key Vendors operating in the Market:Few of the major competitors currently working in the global procurement analytics market are SAP SE, Oracle, SAS Institute Inc, Coupa Software Inc., BRIDGEi2i Analytics Solutions, Rosslyn Analytics, JAGGAER, Zycus Inc, Genpact, roactis Holdings Plc, BirchStreet Systems Inc., Tamr, Sievo, Tungsten Corporation plc., Dataction, Proactis Holdings Plc.Focal points covered in this Statistical Survey reportThis Procurement Analytics Market report provides pin point analysis of the market outlook and later establishes its comparison with current patterns.

Also it creates a relationship of the market outlook with Porter Five Force AnalysisThis research report is inclusive concept of the market progression.

The market progression considers the components of the present situation and compares the current scenario of the market with future developmental chances.The Procurement Analytics Market research report includes investigation at global and regional levels.

The report includes market shares of procurement analytics market for global, Europe, North America, Asia-Pacific and South America.Recent Developments in the Market:In October 2018, Sievo announced the launch of their new Dynamic Benchmarking solution which is specially designed to help the procurement organization to observe category performance, critical financial metrics and peer benchmarks.

The analytics are gleaned through a software tool and used in making solid business decisions.

The global procurement analytics market report by Market Research Future (MRFR) contains drivers, challenges, and latest trends for the period of 2019 to 2024 (forecast period).

The COVID-19 pandemic and its impact on the industry have been considered in the report.

Request a Free Sample @ https://www.marketresearchfuture.com/sample_request/7682 Comparative Analysis:Tamr, Rosslyn Data Technologies, Zycus Inc., BirchStreet, Oracle Corporation, Simfoni, SAP SE, SAS Institute Inc., Tungsten Corporation plc, Genpact, Proactis, Dataction, BRIDGEi2i Analytics, Sievo, and IBM Corporation are prominent names in the global procurement analytics market.Segmentation Overview:The global procurement analytics market has been segmented based on component, deployment mode, organization size, and industry vertical.By component, the global procurement analytics market has been divided into solutions and services.

Furthermore, the services segment has been further divided into professional services and managed services.Based on deployment mode, the global procurement analytics market has been bifurcated into on-premise and cloud.Based on organization size, the global procurement analytics market has been divided into small and medium-sized enterprises (SMEs) and large enterprises.On the basis of industry vertical, the global procurement analytics market has been segmented into healthcare and life sciences, retail and e-commerce, telecom and IT, energy and utilities, banking, financial services and insurance (BFSI), and others.

Europe is estimated to attain the second spot in the procurement analytics market in terms of market share during the assessment period.North America is expected to dominate the global procurement analytics market during the forecast period.

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Global Procurement Analytics Market Research Report: by Component [Solutions (Category Management, Vendor Management, Spend Analytics, Contract Management), Services], by Deployment (Cloud), by Organization Size, and by Industry Vertical—Forecast till 2024Market OverviewIn its research report, Market Research Future (MRFR), emphasizes that over the review period , the global market 2020 is poised to increase significantly, ensuring substantial market valuation of USD 7.90 Billion by 2024, and a healthy 21.4%  CAGR over the review period.Get a Free Sample @ https://www.marketresearchfuture.com/sample_request/7682Drivers and RestraintsRapid technical advancements, digital innovation and comprehensive cloud infrastructure have intensified businesses' need for data-driven solutions to assist them in effective decision-making.

Analytics thus plays a critical role in the enterprises enabling them to minimize capital and operating expenditure and significantly increase investment return (ROI).

Procurement analytics provide comprehensive information on the historical data and allow companies to forecast future trends with the help of predictive analytical tools.

Such quantitative data allow companies with data-driven decision-making to gain a competitive market advantage.

Therefore, the growing need for highly efficient procurement solutions to improve operational performance is expected to drive the procurement analytics market during the evaluation period.

In addition, demand for cloud-based procurement solutions is growing, and demand for data-driven solutions is growing, which is likely to drive the procurement analytics market in the forecast period.At the other hand, lack of safe solutions, privacy issues and lack of technological expertise are some of the aspects that are hindering the growth of the procurement analytics market over the coming years.Segmental AnalysisThe global procurement analytics market has been analyzed based on deployment mode, organization size, component, and industry vertical.Based on the component, the global procurement analytics market has been bifurcated into solutions and services.

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The increasing focus of organizations towards enhancing their procurement channels operational efficiencies and their imminent need to handle compliance policies and contracts are the major factors behind the growth of the market.- Cloud computing technology is becoming mainstream, and the seamless connectivity provided by the cloud makes it accessible and increases the ease of sharing data and applications.

Zycus, a key vendor for comprehensive and end-to-end Source-to-Pay suite for procurement, announced that a government regulatory body of Australia had selected Zycus for its procurement transformation.

Procurement analytics helps companies to make more customer-centric products and services and also to hold their customers.- Software companies are currently increasing their focus on in-demand technologies and re-exploring innovative ways to serve their clients as the COVID -19 crisis creates challenges across multiple industries.

Hence the market is likely to grow over the forecast period.View Full Report with TOC @https://www.statzyreports.com/report/sr498867/procurement-analytics-marketKey Market TrendsSpend Analytics to Drive the Growth of the Market- The benefits of spend analytics include more in-depth insight through Data Visualization, help in the deployment of cost-saving processes, large files are easy to access, and data is updated and located in real-time.

This information will allow the organization to identify high emitting areas to inform the development of decarbonization action plans.- Moreover, Coupa, a cloud-based spend management software company, rolled out enhancements to its business spend management (BSM) solution through the addition of voice activation using Amazon Alexa to manage inventory, locate items, and reorder stock.

The advancement in IoT technologies and increasing potentials among growing economies are also encouraging organizations to expand their spend analytics tools adoption to developing countries.- Integration of Bluetooth and Wi-Fi in every consumer electronic product and equipment has not only increases the data generation speed & quantity exponentially but has also improved the data generating quality, which is also anticipated to propel the demand for spend analytics, especially among Retail sector.Asia-Pacific to Witness Highest Growth- Asia-Pacific is projected to witness the fastest growth in the procurement analytics market.