Spend Analytics Market Soars with Real-Time Monitoring and Predictive Insights
Traditionally, companies have relied on spend analytics market to identify spend leakage and non-compliance issues in their procurement processes. However, with contract value leakage resulting in significant revenue losses and the limitations of offline spend analytics, a transformation is underway in the procurement landscape. Companies are now turning to spend monitoring, an extension of traditional spend analytics, to address these challenges.
The COVID-19 pandemic accelerated the need for real-time monitoring as supply chain complexities increased, leading to price fluctuations and market volatility. To stay competitive and combat these challenges, organizations are leveraging spend monitoring within their spend analytics strategies, spurring innovation in monitoring tools by market vendors.
Predictive Analytics to Fuel Market Growth
The demand for predictive analytics across various industries is expected to propel the growth of the spend analytics market. Predictive analytics empowers companies to identify workflow inefficiencies, make strategic decisions, and uncover new opportunities, ultimately enhancing overall business performance. The integration of artificial intelligence (AI) in predictive analytics enables companies to extract actionable insights, further driving organizational growth. The adoption of predictive analytics in spend analytics is leading to high-precision data analysis, positively impacting market growth.
Asia Pacific Emerges as a High-Growth Region
The Asia Pacific region, with its burgeoning economies, is poised to offer significant growth opportunities for the spend analytics market. Factors such as a favorable business environment, cost-effective labor, and land availability have attracted numerous companies, making the region a manufacturing hub. This growth is expected to drive the adoption of spend analytics across various industries, including manufacturing, pharmaceuticals, logistics, and food and beverages. Additionally, the moderate growth in the BFSI sector in the region is expected to contribute to the upswing in the use of analytical tools like spend analytics.
Key players and service providers in the spend analytics market are actively seeking a competitive edge through acquisitions and product innovations. In July 2021, Microsoft’s acquisition of Suplari aimed to enhance Dynamics 365 service offerings, providing comprehensive data and spend insights for strategic procurement decisions. Similarly, McKinsey’s acquisition of Orpheus GmbH in February 2020 strengthened its digital procurement capabilities.
Other notable players in the spend analytics market include IBM Corporation, Coupa Software, SAS Institute Inc., SAP SE, JAGGAER, Zycus Inc., BravoSolution SPA, Proactis, Ivalua, and Rosslyn Analytics.
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This press release first seen on Brilad