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(IT-NEWSWIRE.COM, April 15, 2024 ) According to the latest analysis by Virtue Market Research in 2023, the Global Procurement Risk and Compliance Technology Market was valued at $11.49 Billion, and is projected to reach a market size of $11.49 Billion by 2030. Over the forecast period of 2024-2030, market is projected to grow at a CAGR of 9.4%.
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The Procurement Risk and Compliance Technology Market is witnessing substantial growth driven by several long-term factors. One of the key drivers is the increasing complexity of supply chains globally. As supply chains become more globalized and interconnected, the risk of disruptions and compliance issues also rises. This has led to a growing demand for technology solutions that can help organizations manage and mitigate these risks effectively. Additionally, the COVID-19 pandemic has further accelerated the adoption of procurement risk and compliance technology. The pandemic highlighted the importance of supply chain resilience and the need for real-time risk monitoring, leading to increased investment in such technologies.
In the short term, the market is being driven by the increasing focus on cost optimization and efficiency in procurement processes. Organizations are looking for ways to streamline their procurement operations and reduce costs, which has led to a higher demand for technology solutions that can help automate and optimize these processes. One of the key opportunities in the market lies in the adoption of artificial intelligence (AI) and predictive analytics. These technologies can help organizations better predict and mitigate risks, leading to improved decision-making and cost savings.
One of the key trends observed in the industry is the growing importance of sustainability and ethical sourcing in procurement. Organizations are increasingly focused on sourcing products and services from suppliers that adhere to high ethical and environmental standards. This has led to a greater emphasis on supply chain transparency and the need for technology solutions that can help organizations track and monitor the sustainability practices of their suppliers. Overall, the Procurement Risk and Compliance Technology Market is expected to continue growing as organizations seek to improve the efficiency and resilience of their supply chains in an increasingly complex and uncertain environment.
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Segmentation Analysis:
The global Procurement Risk and Compliance Technology segmentation includes:
By Component: Spend Analysis, Strategic Sourcing, Spend Management, Process Management, Category Management, Contract Management, Transaction Management, Others.
The largest segment in the Procurement Risk and Compliance Technology Market by component is Strategic Sourcing, which accounted for over 33% of the market share in 2021. This segment's dominance is attributed to the growing number of challenges faced by businesses, such as the impact of the COVID-19 pandemic and geopolitical unrest, which have led organizations to adopt better sourcing strategies. Strategic sourcing enables companies to meet efficiency and performance goals by conducting in-depth analyses of supplier performance, supply markets, and internal processes, ultimately saving money.
On the other hand, the fastest-growing segment in this market by component is Spend Analysis, projected to display a CAGR of 10.6% during the forecast period. The increasing demand for Spend Analysis is driven by its ability to pinpoint purchase patterns and identify opportunities for cost savings. Companies are increasingly focusing on compliance with the latest laws and organizing spending data to make informed decisions, which is boosting the demand for Spend Analysis services.
By Deployment: Cloud-based, On-premises.
The largest segment in the Procurement Risk and Compliance Technology Market by deployment is Cloud-based. The increasing adoption of cloud-based technologies is presenting a lucrative opportunity for market expansion. Cloud-based deployment allows for efficient handling of procurement processes, including requisitioning, sourcing, and payments, among others. It offers an effective and organized system to manage costs, enforce company policy, and assess supplier risk. The flexibility and scalability of cloud-based solutions are driving their adoption among organizations, contributing to the segment's significant market share.
The fastest-growing segment in the Procurement Risk and Compliance Technology Market by deployment is On-premises. Despite the increasing adoption of cloud-based solutions, the on-premises segment is anticipated to hold a significant market share during the forecast period. Organizations prefer on-premises installations for their procurement software, as it allows them to train personnel for using the software for purchasing and pricing goods, especially for acquiring large quantities at nominal rates. The on-premises deployment offers a level of control and security that some organizations prioritize, leading to its continued growth in the market.
By Technology: Artificial Intelligence, Predictive Analytics, Prescriptive Analytics, Embedded Intelligence, Enterprise Commerce Platforms.
Regarding technology, the largest segment is Artificial Intelligence, increasingly embedded in procurement platforms to offer actionable and predictive insights. AI helps in mitigating disruption and making data-driven decisions.
In contrast, the fastest-growing segment is Predictive Analytics, which identifies likely late deliveries even before an order is placed based on previous events. This technology assists teams in proactively mitigating the risk of late deliveries by leveraging a variety of supply sources.
By End User Industry: Retail, Manufacturing, Transportation & Logistics, Healthcare, BFSI, Others.
In the end-user industry category, the largest segment is Retail, which is anticipated to register a significant market share during the forecast period. This growth is driven by the rising demand for centralized procurement processes and efficient inventory management in the retail sector.
On the other hand, the Manufacturing segment leads the global market and registered the largest share of more than 24.5% of the global revenue in 2021. This sector focuses on improving supply chain dynamics concerning direct inputs and raw materials with shorter lead times, contributing to its dominant position in the market.
Regional Analysis:
The largest segment is North America, dominating the global market and expected to expand significantly during the forecast period. This growth is attributed to the rising demand for centralized procurement processes and the consolidation of companies incorporated in the region, especially in the United States, which is rigorously looking to strengthen its manufacturing industry.
Conversely, the fastest-growing segment is the Asia Pacific region, anticipated to register the highest CAGR during the forecast period. This growth is driven by the growing adoption of new technologies and huge investments in infrastructure by the government and private enterprises, particularly in countries like India and China.
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Latest Industry Developments:
1. Investment in Innovation: Companies in the procurement risk and compliance technology market are increasingly investing in innovation to enhance their market share. This includes developing advanced technologies such as artificial intelligence, predictive analytics, and embedded intelligence to offer more sophisticated solutions to clients. Recent developments in these areas have enabled companies to provide better risk assessment and compliance management tools, thus attracting more customers and increasing their market share.
2. Collaborations and Partnerships: Another key trend is the increasing number of collaborations and partnerships among companies in this market. By partnering with other technology providers or industry players, companies can expand their reach, access new markets, and offer more comprehensive solutions to clients. Recent collaborations have focused on integrating different technologies to provide end-to-end procurement solutions, enhancing the value proposition for customers.
3. Focus on Customer Engagement: Companies are also focusing on improving customer engagement to enhance their market share. This includes providing personalized services, offering tailored solutions to meet specific customer needs, and providing ongoing support and training. Recent developments in customer engagement strategies have enabled companies to build stronger relationships with clients, leading to higher customer retention rates and increased market share.
About Us:
Virtue Market Research is a strategic management firm helping companies to tackle most of their strategic issues and make informed decisions for their future growth. We offer syndicated reports and consulting services. Our reports are designed to provide insights on the constant flux in the global demand-supply gap of markets.
Virtue Market Research
Megha
+1-917 436 1025
megha@virtuemarketresearch.com
Source: EmailWire.Com 
Source: EmailWire.com
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