Procurement analytics market Research Report by Forecast to 2023

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Procurement Analytics Market Research Report By
Forecast to 2023
Industry Survey, Growth, Competitive
Landscapeand Forecasts to 2023
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Procurement Analytics Market
In 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.
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Procurement Analytics Market
Taste the market data and market information
presented through more than 50 market data tables
and figures spread in 100 numbers of pages of the
project report. Avail the in-depth table of
content TOC market synopsis on Internet of
Procurement Analytics Market Forecast To 2023

• Rapid 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 Procurement Analytics Market. Such
  quantitative data allow companies with
  data-driven decision-making to gain a competitive
  market advantage. In addition, the incorporation
  of analytics in the procurement process helps
  companies to achieve greater visibility and cost
  management.
•  
• It is possible that the convergence of analytics
  with technological developments such as the
  Internet of Things ( IoT) and cognitive computing
  would accelerate the use of the procurement
  process for highly insightful decisions.
  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.

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Procurement Analytics Market
Regional Analysis
The global market geographic overview was
conducted in four major regions including Asia
Pacific , North America, Europe and the rest of
the world. However, North America led the
procurement analytics market in 2018, from 2019
to 2024 Asia-Pacific is expected to be the
fastest-growing market. North America held the
largest market share in 2018 and predicted over
the forecast period to dominate the global
procurement analytics market. Market growth can
be credited to the early adoption by enterprises
of analytics solution in the procurement process
and the involvement of industry giants like SAS
Institute, Inc., IBM Corporation and Oracle
Corporation. In terms of market share, Europe is
slated to achieve second place in the procurement
analytics market during the assessment
period. During the assessment period
Asia-Pacific is expected to be the fastest
growing segment in the procurement analytics
market. Market growth is attributed to heavy
vendor investment in developing robust cloud
infrastructure in emerging economies like India,
China , and other South East Asian countries.
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Procurement Analytics Market
Application Major Players in this Research

• Procurement Analytics Market Prominent Players
• SAP SE (Germany),
• IBM Corporation. (US),
• Oracle Corporation (US),
• Zycus Inc. (US), Tamr (US),
• SAS Institute Inc.,(US),
• Genpact (UK),
• BRIDGEi2i Analytics (India),
• Dataction (India),
• Tungsten Corporation plc (UK)

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Procurement Analytics Market
Procurement Analytics Market Segmented on the
basis of
Segment Based on the component, the global
procurement analytics market has been bifurcated
into solutions and services. The solutions
segment has been sub-divided into sourcing,
vendor management, spend analytics, invoicing
analytics, category management, contract
management, and others. Furthermore, the services
segment has been further divided into
professional services and managed services. By
deployment mode, the global procurement analytics
market has been divided into on-premise and
cloud. By the organization size, the global
procurement analytics market classified as small
and medium-sized enterprises (SMEs) and large
enterprises. Based on the industry vertical,
the global procurement analytics market has been
divided into healthcare and life sciences,
banking, financial services and insurance (BFSI),
telecom and IT, energy and utilities, retail and
e-commerce, and others.
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