Market Size of Procurement Analytics Industry
| Study Period | 2018 - 2028 |
| Market Size (2023) | USD 3.32 Billion |
| Market Size (2028) | USD 10.41 Billion |
| CAGR (2023 - 2028) | 25.67 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Procurement Analytics Market Analysis
The Procurement Analytics Market size is expected to grow from USD 3.32 billion in 2023 to USD 10.41 billion by 2028, at a CAGR of 25.67% during the forecast period (2023-2028).
To create a set of valuable insights that will help drive value and enhance operations, procurement analytics involves drawing on the vast pool of procurement data.
The primary drivers of the market's expansion are the organizations' growing emphasis on improving their operational efficiencies in their procurement channels and their impending need to manage contracts and compliance policies.
The advantages of spend analytics are also expanding, including the ability to get deeper insights through data visualization, enable the implementation of processes that save costs, make it simple to access enormous files, and provide data that is updated and located in real time. Improved use and consumption increase the system's scalability and lower the organization's investment.
Furthermore, throughout the projection period, the market for procurement software is projected to have significant development potential due to the software's integration with artificial intelligence (AI). Technological developments will likely hasten market participants' revenue growth. On the contrary, more skilled personnel is needed to ensure market growth.
Additionally, as business complexity related to data has grown, making decisions has become more complex. Small and medium-sized businesses need more resources to optimize the data around them, which could impede market expansion.
The COVID-19 outbreak significantly impacted the development of the procurement analytics market. The rising popularity of smartphones, the increasing uptake of connected devices, and the booming e-commerce industry presented the market with promising opportunities for growth.
