Procurement Analytics Market Growth & Trends

The global procurement analytics market size is expected to reach USD 18.18 billion by 2030, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 23.6% from 2022 to 2030. The industry is benefiting from the requirement for operational efficiency. A rising need for efficiency sparks the market’s growth. Procurement analytics are in demand as more consumers become aware, and many organizations’ procurement processes and operations become complex. Procurement analytics efficiently handles large workloads, and the analytics software’s capacity to assist in various tasks leads to increased usage.

Machine learning and AI improve organizations’ ability to evaluate and make informed decisions based on data with minimal human participation. Such advanced technologies are being used by businesses to make faster procurement decisions. For instance, an aerated beverage company, Coca Cola has integrated AI to boost its supply chain procurement. In June 2022, Brett Fultz, director of global procurement, global analytics, and supply chain for Coca-Cola, stated Artificial Intelligence (AI) and machine learning tools have become crucial in improving the beverage company’s procurement across fifty categories. Additionally, it is also beneficial for governance and supplier communications.

The spread of COIVD-19 is disrupting worldwide industry operations as markets have faced several challenges due to the pandemic. During this time, data procurement reached its peak. Many markets began to emphasize obtaining data and gaining insights, and industry participants are taking steps to keep the procurement analytics market afloat. There is a plethora of procurement analytics services software on the market, and the procurement analytics market will see positive improvements due to its availability. In addition, e-procurement platforms have grown in popularity in recent years and will continue to grow in the upcoming years.

Procurement Analytics Market Report Highlights

  • Procurement analytics adoption in the retail and e-commerce segment is expected to boost by the end of the forecast period. The growth of e-commerce business in all sectors and its need to procure resources from suppliers will influence the industry’s growth
  • Natural Language Processing (NLP) aims to understand, interpret, and manipulate human language. In procurement, natural language processing is becoming increasingly important due to its ability to extract insights from existing data and streamline time-consuming processes
  • Asia-pacific is expected to grow at the highest CAGR during the forecast period. Infrastructural development and the emergence of new businesses in the region will contribute to the market’s growth
  • Risk analytics is gaining importance in large and small enterprises. As a part of predictive analytics, it helps strategize business operations and control crises. Additionally, the Covid-19 pandemic boosted the growth of the risk analytics software market