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Procurement Analytics Market Trends

Report ID: GMI7293
Published Date: Nov 2023
Report Format: PDF

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Procurement Analytics Market Trends

The market is being driven by AI-driven solutions that enhance business performance and reduce liability. By leveraging advanced technologies, such as artificial intelligence, these solutions enable organizations to identify deviations from standard contract terms, thus minimizing risks. For instance, in May 2023, SAP and contract intelligence innovator, Icertis collaborated on a new integration that links AI-driven contract intelligence with SAP S/4HANA. The Icertis platform, infused with artificial intelligence, identifies deviations from standard terms, minimizing risks. Predefined rules and templates facilitate contract self-generation, empowering procurement teams to take a strategic role in enhancing business performance while reducing liability.

The market is gaining momentum due to its ability to measure purchase order cycles and optimize payment terms. By analyzing historical data, organizations can identify inefficiencies in procurement processes, leading to streamlined purchase order cycles. Additionally, optimizing payment terms with suppliers enhance cash flow management and reduce costs. As businesses increasingly recognize the value of these insights, the demand for procurement analytics solutions rises, propelling the market forward.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The procurement analytics industry was valued at USD 3.8 billion in 2022 and is estimated to register a CAGR of over 23% between 2023 and 2032, owing to the increasing emphasis on strengthening supplier relationships and enhancing purchasing processes.

In 2022, supply chain management segment held over 30% market share and is projected to grow through 2032, backed by the demand for end-to-end visibility in supply chain, from raw material sourcing to product delivery.

North America led the global procurement analytics market with a major share of over 32% in 2022 and will grow attributed to the emphasis on cost optimization among businesses who continually seek ways to streamline operations and reduce expenditures.

SAP SE, Cisco Systems, Inc., Coupa Software, Genpact Itd., IBM Corporation, Microsoft Corporation, Oracle Corporation, SAS Institute, and Zycus Inc.