◆英語タイトル：Procurement Analytics Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)
The procurement analytics market is expected to grow at a CAGR of approximately 20% over the forecast period. The increasing focus of organizations towards enhancing their procurement channels operational efficiencies and their imminent need to handle compliance policies and contracts are the major factors behind the growth of the market.
- Cloud computing technology is becoming mainstream, and the seamless connectivity provided by the cloud makes it accessible and increases the ease of sharing data and applications. According to the Right Scale’s annual State of the Cloud Report 2019, 91% of businesses use public cloud, and 72% use a private one. Most enterprises use both options, with 69% of them opting for the hybrid cloud solution. Hence, the advent of cloud technology is also boosting the growth of the market.
- Zycus, a key vendor for comprehensive and end-to-end Source-to-Pay suite for procurement, announced that a government regulatory body of Australia had selected Zycus for its procurement transformation. The client organization aims to standardize its procurement process to increase efficiency across its e-Sourcing, Contract Management, and Supplier Information Management operations.
- Therefore procurement analytics has an enormous scope with growing digitization, as it is playing a vital role for companies in changing their working model from detecting and repair to predict and prevent. The adoption of procurement analytics sees a new trend by opening new ways to know their customers. Procurement analytics helps companies to make more customer-centric products and services and also to hold their customers.
- Software companies are currently increasing their focus on in-demand technologies and re-exploring innovative ways to serve their clients as the COVID -19 crisis creates challenges across multiple industries. The data is playing a significant role in business management. Hence the market is likely to grow over the forecast period.
Key Market Trends
Spend Analytics to Drive the Growth of the Market
- The benefits of spend analytics include more in-depth insight through Data Visualization, help in the deployment of cost-saving processes, large files are easy to access, and data is updated and located in real-time. It increases the scalability of the system and reduces the organization’s investment through better utilization and consumption.
- In response to this, recently, in March 2020, the Welsh Government mentioned of developing a Decarbonisation Dashboard based on Atamis spend analytics software solution to enable the analysis of Carbon dioxide equivalent intensity from their expenditure. This information will allow the organization to identify high emitting areas to inform the development of decarbonization action plans.
- Moreover, Coupa, a cloud-based spend management software company, rolled out enhancements to its business spend management (BSM) solution through the addition of voice activation using Amazon Alexa to manage inventory, locate items, and reorder stock. The advancement in IoT technologies and increasing potentials among growing economies are also encouraging organizations to expand their spend analytics tools adoption to developing countries.
- Integration of Bluetooth and Wi-Fi in every consumer electronic product and equipment has not only increases the data generation speed & quantity exponentially but has also improved the data generating quality, which is also anticipated to propel the demand for spend analytics, especially among Retail sector.
Asia-Pacific to Witness Highest Growth
- Asia-Pacific is projected to witness the fastest growth in the procurement analytics market. The growth can be attributed to increased take-up of analytics tools among consumers as well as businesses. Spending and revenues are growing from big data and analytics sectors, hence driving the market for the procurement analytics market in the region.
- The analytics markets in the region are primarily driven by wide digital deployment across the industries, mainly in China, Japan, and India. The primary drivers of the analytics in China are the explosion of data due to increasing rates of the internet, mobile/smartphone penetration, growing urbanization development in machine learning, algorithm development, and the need for the customer and behavioral analytics.
- Many banking organizations are using Big data analytics solutions in the country. For instance, The Bank of Japan (BOJ) has been using a predictive analytics tool to analyze the economic statistics, starting by beating private forecasts on the accuracy of its GDP predictions and evolving its experimental index. This has pushed the government to assess if it’s understating growth.
- According to recent data from the Indian Ministry of Micro, Small and Medium Enterprises, India has 50 million MSMEs, making it among the world’s largest MSMEs. Given the fact that the government and MSMEs are relying on scalable IT systems & solutions, it is understandable that they shift their processes to the cloud with sensitive information.
The procurement analytics market is highly competitive. Players in the market are continuously adopting strategies like innovations in their products, partnerships, acquisitions, and others to increase their market presence. Some of the key developments in the market are:
- March 2020 : SAP SE integrated procurement and enterprise resource planning solutions to deliver next-generation spend management. The next-generation spend management process integration can provide complete visibility and control to help customers achieve business outcomes.
- October 2019 : Supply chain and procurement optimization solution provider LevaData collaborated with IBM to augment its data analytics capabilities. Both the companies are rolling out the DirectSpend IQ solution, which primarily deploys IBM managed services solutions with LevaData’s cognitive sourcing platform. With this, the supply chain and procurement professionals can access to analytics and insights that provide necessary guidance on direct procurement cost savings opportunities.
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1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Rising Adoption in Procurement Process in Industries
4.2.2 Rising Demand for Cloud Based Analytical Solutions
4.3 Market Restraints
4.3.1 Lack of Trained and Skilled Analytical Professionals
4.3.2 Growing Data Breaches Cases
4.4 Industry Attractiveness – Porters Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
5.1 By Type
5.2 By Deployment Type
5.3 By Application**
5.3.1 Supply Chain Analytics
5.3.2 Risk Analytics
5.3.3 Spend Analytics
5.3.4 Demand Forecasting
5.3.5 Contract Management
5.4 By End-User
5.4.2 Transportation & Logistic
5.4.5 IT & Telecommunication
5.4.6 Other End-Users (Education, Healthcare)
5.5.1 North America
5.5.4 Rest of the World
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles*
6.1.1 SAP SE
6.1.2 Oracle Corporation
6.1.3 SAS Institute Inc.
6.1.4 IBM Corporation
6.1.5 Zycus Inc.
6.1.6 BRIDGEi2i Analytics Solutions Pvt. Ltd.
6.1.7 JAGGAER Inc.
6.1.8 Genpact Limited
6.1.9 Rosslyn Data Technologies PLC
6.1.10 Simfoni Analytics
7 INVESTMENT ANALYSIS
8 MARKET OPPORTUNITIES AND FUTURE TRENDS
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