Procurement Analytics Market

SAP (Germany) and Oracle (US) are leading players in Procurement Analytics Market

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% from 2018 to 2023.

Key growth drivers of the procurement analytics market are 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. Additionally, increase in the adoption of procurement analytics solutions among Small and Medium-sized Enterprises (SMEs), rise in demand of procurement analytics solutions across manufacturing, retail and eCommerce verticals are expected to provide significant growth opportunities for the procurement analytics market over the next 5 years. The biggest challenge for the procurement analytics market is the lack of analytical expertise and reluctance to adopt advanced analytical technologies. Moreover, enterprises’ focus to stay regulatory compliant, increasing need for supplier and market intelligence, and the requirement to keep company expenditure to a minimum without affecting operations are expected will fuel the overall growth of the procurement analytics market.

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) are some of the key vendors offering procurement analytics solutions and services across the globe. Major players in the market have embraced different strategies to extend their worldwide presence and expand their market share. Partnerships and collaborations, and new product launches were key strategies adopted by industry players to accomplish development in the market. Apart from these agreements, mergers and acquisitions, and business expansions are some of the other significant growth strategies embraced by the market players in the procurement analytics market.

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SAP is one of the leading players in the procurement analytics market. SAP acquired Ariba in October 2012 to become a major player offering spend and procurement software and services globally. The company’s Spend Analysis Software provides complete visibility into spend and supplier portfolio of the organizations and reduces the risk, increases the procurement savings, and improves the compliance. The company is investing in R&D activities to develop and improve solutions offered in the procurement analytics market, which help to reduce the organizations spend, improve vendor engagement, increase the efficiency of supply chain and inventory management and to enhance the procurement processes. In May 2017, SAP upgraded its SAP S/4HANA Cloud by adding ML capabilities to automate various functions. The solution would help manufacturing end user with greater transparency into procurement in the areas of inventory, finances, and supplier management with effective insights. SAP has a wide geographic presence with offices across the world.

Oracle has established itself as one of the leading players in the global procurement analytics market, owing to its well-versed offerings, which include solutions for procurement, strategic sourcing, and spend management. Oracle’s solutions provide comprehensive visibility into every aspect of the company’s procurement, including raw materials procurement, supplier performance, and spend. The company’s procurement and spend analytics solutions are tightly integrated with other Oracle BI Applications product line. The integration enables to combine data from procurement, inventory, and fulfillment systems with financial systems and Customer Relationship Management (CRM). The company’s emphasis is on in-organic growth strategies to enhance its brand value and improvise its offerings in the market. Its presence in the procurement analytics market has been recognized by organizations across the globe. For instance, in May 2017, Kakao partnered with Oracle to establish a centralized procurement system which can easily track and manage suppliers and transaction history.

Related Reports:

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

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