The procurement analytics market size has seen significant growth in recent years, escalating from $5.36 billion in 2024 to an anticipated $6.29 billion in 2025, an impressive compound annual growth rate (CAGR) of 17.4%. This booming growth can be attributed to factors such as cost reduction imperatives, supplier performance management, compliance and risk mitigation, and strategic sourcing optimization.
Predictions for the future remain positive, with estimations suggesting an exponential growth in years to come. By 2029, the market is expected to reach $14.59 billion, boasting a CAGR of 23.4%. Reasons behind this predicted surge include a focus on sustainable procurement, customizable dashboards and reports, dynamic pricing optimization, and enhanced contract management analytics.
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What are the Key Drivers Behind the Procurement Analytics Market growth?
Increased growth in e-commerce and organized retail industries provide significant fuel to the booming procurement analytics market. Procurement analytics is a vital tool for these industries, providing necessary data-driven analysis of customer behaviors and spending patterns. In 2023, the US Census Bureau reported a 7.5% increase in e-commerce usage compared to Q2 of 2022, cementing online stores as responsible for 15.4% of all sales made in Q2 of 2023. This growing trend in e-commerce and organized retail is expected to further accelerate demand for procurement analytics.
What Are the Major Segments in the Procurement Analytics Market?
The procurement analytics market covers:
1) By Component: Solutions, Services
2) By Deployment Mode: Cloud, On-Premises
3) By End User: Retail And E-commerce, Manufacturing, Government And Defense, Healthcare And Life Sciences, Telecom And IT, Energy and Utilities, Banking, Financial Services, And Insurance, Other End Users
4) By Application: Supply Chain Analytics, Risk Analytics, Spend Analytics, Demand Forecasting, Contract Management, Vendor Management, Category Management
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Who Are The Key Players in the Procurement Analytics Market?
Major companies making significant strides in the procurement analytics market include SAP SE, Oracle Corporation, Statistical Analysis Systems, Coupa Software Inc., Genpact, Jaggaer, GEP Worldwide, Ivalua Inc., Zycus, ProcurePort, Basware, SynerTrade, Corcentric, Scout RFP, BirchStreet, Periscope Holdings, Tealbook, Keelvar, Proactis, Sievo,Xeeva Inc., POOL4TOOL AG, Vroozi, Rosslyn Data Technologies, Simfoni, Applegate, Scanmarket, and EC Sourcing Group.
What Emerging Trends are Visible in the Procurement Analytics Market?
Companies launching innovative analytics solutions, such as EY Spend Insights, represent one of the emerging trends in the procurement analytics market. This technology offers comprehensive spend visibility, creating unified supply chain networks – a concept further revolutionized by EY’s recent launch of EY SPI on the Snowflake Data Cloud in 2023.
Which Region is Expected to Experience Maximum Growth in Procurement Analytics Market?
North America was identified as the largest region in the procurement analytics market in 2024 and is also predicted to be the fastest-growing region in the coming years. The report covers market trends and demands in Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
Decipher the Procurement Analytics Market with Defined Report – What Does The Procurement Analytics Market Report 2025 Offer?
Procurement analytics is a software that automates spend analysis and purchase analysis, and offers a comprehensive insight into an organization’s expenditure through an intuitive dashboard. This indispensable report from The Business Research Company presents global market size, growth rate, regional shares, detailed segments, trends, and opportunities in the procurement analytics market.
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