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Procurement analytics is the process of using quantitative methods to derive actionable insights and outcomes from data. It involves the capture and use of data to support fact-based decision-making. It typically reports what has happened in the past and creates estimates, using predictive analytics based on historical data to guess what will happen in the future. Procurement is usually referred to as an umbrella term, which consists of various processes crucial for determining the organizations corporate strategy, such as purchasing of goods and services, vendor selection, sourcing, establishing payment terms, contract negotiations, and also strategic vetting. These processes generate huge voluminous amounts of data in the organizations. The use of analytics for these data involves various quantitative methods, which will help derive actionable insights and outcomes that can be helpful for the organizations in making strategic decisions and gaining competitive advantage. Procurement analytics solutions majorly apply predictive analytics on historical data sets of the organizations and derive predictions for the future, which helps management personnel to take key decisions pertaining to the overall procurement.
Supply Chain Analytics segment to account for a larger market size during the forecast period
Supply chain analytics is the application of different analytics tools to improve the supply chain operational efficiency and effectiveness with data-driven intelligence. Various industry verticals, such as manufacturing, retail and consumer goods, energy and utilities, and healthcare, are expected to make informed decisions related to procurement, supplier performance, inventory optimization, demand planning and forecasting, and supply chain optimization using supply chain analytics solutions. Many supply chain analytics solutions offered by industry players include supplier performance analytics, spend and procurement analytics, inventory analytics, demand analysis and forecasting, and transportation and logistics analytics.
Telecom and IT vertical to have the largest market size during the forecast period
The telecom and IT sector is highly competitive and continuously focuses on delivering enhanced services to acquire new customers and retain the existing ones. Factors such as the growing complexity of the telecom industry and the growth in the number of service providers have created the demand to adopt procurement analytics solutions. The fast use of smartphones and other connected mobile devices has increased the volume of data flowing across telecom networks. Operators must process, store, and extract information from the given data. Procurement analytics can help them maximize profits by optimizing network consumption, enhancing customer experience, and improving scalability.
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APAC to hold higher CAGR during the forecast period
The procurement analytics market has been segmented into five major regions: North America, Europe, APAC, Latin America, and MEA. APAC is expected to grow at a good pace during the forecast period. The region will be booming, as it is experiencing a lot of new entrepreneur setups, which would be looking forward to acquiring new customers and gaining customer trust by involving new paradigms of advanced analytics to have a competitive advantage over the established players. China, Japan, and India have displayed ample growth opportunities in the procurement analytics market.
The major vendors in the global procurement analytics market include SAP (Germany), Oracle (US), SAS Institute (US), Coupa Software (US), Genpact (US), Rosslyn Data Technologies (UK), Microsoft (US), IBM (US), Cisco (US), GEP (US), Corcentric (US), and Zycus (US).
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