Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=141409924
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.
Get sample of report @ https://www.marketsandmarkets.com/requestsampleNew.asp?id=141409924
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).
About MarketsandMarkets
MarketsandMarkets provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets are tracking global high growth markets following the “Growth Engagement Model GEM”. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write “Attack, avoid and defend” strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarketss flagship competitive intelligence and market research platform, “Knowledge Store” connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
Discussion about this post