Leading Driver in the Procurement Analytics Market 2025: E-Commerce And Organized Retail Sector Driving Growth

The Business Research Company's Leading Driver in the Procurement Analytics Market 2025: E-Commerce And Organized Retail Sector Driving Growth

LONDON, GREATER LONDON, UNITED KINGDOM, February 5, 2025 /EINPresswire.com/ -- Updated 2025 Market Reports Released: Trends, Forecasts to 2034 – Early Purchase Your Competitive Edge Today!

The procurement analytics market has expanded swiftly in recent years. It is expected to grow from $5.36 billion in 2024 to $6.29 billion in 2025, with a compound annual growth rate (CAGR) of 17.4%. This growth can be attributed to factors such as the need for cost reduction, supplier performance management, compliance and risk mitigation, strategic sourcing optimization, and improved spend visibility.

How Big Is the Global Procurement Analytics Market Expected to Grow, and What Is Its Annual Growth Rate?
The procurement analytics market is projected to experience rapid growth in the coming years, reaching $14.59 billion by 2029 at a compound annual growth rate (CAGR) of 23.4%. This growth will be driven by a focus on sustainable procurement, dynamic pricing optimization, customizable dashboards and reports, and improved contract management analytics. Key trends during the forecast period include the increased adoption of advanced analytics, a greater emphasis on spend visibility, integration with other procurement technologies, real-time analytics for dynamic decision-making, and AI-driven insights for managing supplier relationships.

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What Is Driving the Growth of the Procurement Analytics Market?
The growth of e-commerce and the organized retail sector is expected to drive the expansion of the procurement analytics market. E-commerce refers to the platform through which customers and vendors buy or sell goods and services over the Internet using websites, applications, and other tools on computers, tablets, smartphones, and other smart devices. Procurement analytics is extensively used by e-commerce leaders and organized retail stores as it provides data-driven insights into customer behavior and spending patterns.

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Which Leading Companies Are Driving The Growth Of The Procurement Analytics Market Share?
Major companies operating in the procurement analytics market include SAP SE, Oracle Corporation, Statistical Analysis Systems, Coupa Software Inc., Genpact, Jaggaer.
What Are The Key Trends Driving The Growth Of The Procurement Analytics Market Size?
Leading companies in the procurement analytics market are introducing new analytics solutions like EY Spend Insights. This solution offers a comprehensive view of spend profiles, transforming procurement spend visibility and fostering integrated supply chain networks across various industries.

How Is the Global Procurement Analytics Market Segmented?
The procurement analytics market covered in this report is segmented –
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
Subsegments:
1) By Solutions: Spend Analytics Solutions, Supplier Analytics Solutions, Contract Analytics Solutions, Procurement Performance Analytics Solutions, Risk Management Analytics Solutions
2) By Services: Consulting Services, Implementation Services, Support And Maintenance Services, Training And Education Services

The Leading Region in the Procurement Analytics Market is:
North America was the largest region in the procurement analytics market in 2024 and is also expected to be the fastest-growing region in the forecast period.
What Is the Procurement Analytics Market?
Procurement analytics refers to software that automates spend and purchase analysis, managing an organization's expenditure through a detailed dashboard. These solutions gather data from multiple sources, such as ERPs, process raw data into relevant categories, and present the information through visualization dashboards.

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