Sourcing Analytics Market Analysis: Its CAGR, Market Segmentation and Global Industry Overview

Market Overview and Report Coverage

Sourcing Analytics refers to the process of analyzing sourcing activities to make data-driven decisions that optimize procurement performance. The future outlook for the Sourcing Analytics Market is promising, with a projected growth rate of % during the forecasted period. The current market trends show a growing demand for sourcing analytics solutions as businesses strive to improve efficiency, reduce costs, and mitigate risks in their procurement processes.

Key factors driving the growth of the Sourcing Analytics Market include increasing adoption of advanced analytics technologies, rising focus on strategic sourcing practices, and the need for real-time visibility into procurement data. Companies are increasingly turning to sourcing analytics solutions to gain insights into supplier performance, market trends, and sourcing opportunities, enabling them to make informed decisions that drive business success.

As the market continues to evolve, we can expect to see more advanced analytics capabilities, integration with emerging technologies such as artificial intelligence and machine learning, and an emphasis on predictive analytics to forecast future sourcing trends. Overall, the Sourcing Analytics Market is poised for steady growth as organizations recognize the value of data-driven procurement strategies in achieving their business objectives.

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Market Segmentation

The Sourcing Analytics Market Analysis by types is segmented into:

• Cloud-based
• On-premise

Sourcing Analytics can be classified into two main market types: Cloud-based and On-premise. Cloud-based Sourcing Analytics refers to solutions that are hosted on remote servers accessed through the internet. This allows for easy scalability and flexibility. On the other hand, On-premise Sourcing Analytics involves deploying software within the organization's infrastructure, providing more control and security but requiring more upfront investment and maintenance. Both market types offer unique benefits and cater to different organizational needs.

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The Sourcing Analytics Market Industry Research by Application is segmented into:

• BFSI
• Healthcare and Life Sciences
• IT & Telecom
• Retail & E-Commerce
• Energy And Utilities
• Others

Sourcing analytics applications are utilized across various sectors such as Banking, Financial Services and Insurance (BFSI), Healthcare and Life Sciences, IT & Telecom, Retail & E-Commerce, Energy and Utilities, as well as others. These applications help in analyzing sourcing activities, supplier performance, costs, and risks to optimize procurement processes and increase efficiencies. By leveraging data analytics, organizations can make informed decisions, improve supplier relationships, and enhance overall business performance in a competitive market landscape.

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In terms of Region, the Sourcing Analytics Market Players available by Region are:

North America:

• United States


• Canada

Europe:

• Germany


• France


• U.K.


• Italy


• Russia

Asia-Pacific:

• China


• Japan


• South Korea


• India


• Australia


• China Taiwan


• Indonesia


• Thailand


• Malaysia

Latin America:

• Mexico


• Brazil


• Argentina Korea


• Colombia

Middle East & Africa:

• Turkey


• Saudi


• Arabia


• UAE


• Korea

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What are the Emerging Trends in the Global Sourcing Analytics market?

Emerging trends in the global sourcing analytics market include the increasing adoption of advanced technologies such as AI and machine learning for more accurate and real-time data analysis. Companies are also shifting towards cloud-based solutions for enhanced flexibility and scalability. Current trends involve a growing emphasis on sustainability and ethical sourcing practices, as well as the rise of predictive analytics to optimize decision-making processes. Furthermore, there is a surge in the use of real-time monitoring tools to track supplier performance and mitigate risks. Overall, the market is witnessing a transformation towards more intelligent and data-driven sourcing strategies.

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Major Market Players

The sourcing analytics market is highly competitive, with key players such as IBM, SAP, Oracle, Tamr, Zycus, SAS Institute, Accenture, Genpact, Sievo, Dataction, Tungsten Corporation, Rosslyn Data Technologies, and BirchStreet.

Among these players, IBM has been a dominant force in the sourcing analytics market, with a strong presence in various industries such as retail, healthcare, and manufacturing. The company offers a wide range of sourcing analytics solutions that help organizations streamline their sourcing processes, improve efficiency, and reduce costs. SAP and Oracle are also major players in the market, offering comprehensive sourcing analytics platforms that cater to the needs of large enterprises.

In terms of market growth, the sourcing analytics market is expected to witness significant expansion in the coming years due to increasing adoption of analytics solutions by organizations to gain better insights into their sourcing activities and optimize their procurement processes. Recent trends in the market include the integration of artificial intelligence and machine learning capabilities into sourcing analytics solutions, as well as the rise of cloud-based sourcing analytics platforms that offer greater flexibility and scalability.

As for market size, the sourcing analytics market is projected to reach a value of over $5 billion by 2025, driven by the growing demand for advanced analytics tools that can help businesses make more informed sourcing decisions and drive operational efficiencies.

In terms of sales revenue, companies such as IBM, SAP, and Oracle have reported strong financial performances in their sourcing analytics divisions, with IBM generating over $2 billion in revenue from its analytics solutions in 2020, SAP reporting approximately $ billion in sales from its sourcing analytics products, and Oracle recording over $1 billion in revenue from its sourcing analytics platform. These figures highlight the robust demand for sourcing analytics solutions and the significant revenue potential for key players in the market.

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