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Press Release

SpendEdge Releases Procurement Market Research Report for the Predictive Analytics Market

Posted on: 22 Sep 17

Global procurement intelligence advisory firm, SpendEdge, has announced the release of their ‘Predictive Analytics Procurement Market Research Report.' The insights and data in this report provide a strategic analysis of the supply markets, factors influencing purchasing decisions, procurement best practices, pricing models, supplier landscape, and an analysis of the supplier capability matrix for the IT industry. This report breaks down the data and analysis behind the procurement of promotional products and acts as an all-inclusive guide for making smart purchasing decisions.

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Global Predictive Analytics Category Procurement Market Intelligence Report (Graphic: Business Wire)

“The majority of the demand for the predictive analytics market comes from the BFSI, retail, and pharma sectors,” says SpendEdge IT procurement analyst Bhuvaneshwari Udayakumar. “The primary application of predictive analytics in the BFSI sector is to discover frauds, make predictions about security prices, and perform churn analysis for customer retention,” added Bhuvaneshwari.

Key Report Features

Supply Market Insights   Negotiation Strategies
Procurement Best Practices Category Risk Analysis
Cost Saving Opportunities Key Supplier Analysis

Pricing Models

  Supplier Capability Matrix

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Report Insights

  • The augmentation in automation in the manufacturing sector in developing countries is expected to drive the demand for the category during the forecast period. Automation will lead to a surge in IoT and sensor generated big data, which will motivate manufacturing firms to use this data for asset maintenance by using predictive analytics.
  • Purchasing managers must perform a security audit of the cloud platform if the mode of deployment is a cloud. Increasingly, many buyers are leveraging the convenience, low cost, and scalability of the cloud for deployment. Furthermore, the majority of such cloud platforms are accessible to public and vulnerable to security breaches. Hence it is recommended to enquire with suppliers about the security measures they are implementing.
  • Lack of understanding of this technology is the major procurement pain point for any purchasing manager as it restricts them from making sound strategies for procurement and reduces their negotiating powers with suppliers.

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Predictive Analytics Pricing Trends

The subscription-based pricing is the most acceptable pricing model in the predictive analytics market. It provides purchasing managers with the flexibility to easily switch to another supplier if they are not content with the solution. Furthermore, it provides greater scalability as they can avail additional services by paying an incremental fee for additional licenses.

According to procurement analysts at SpendEdge, the freemium pricing has high potential and will gain adoption level in the forecast period. It is ideal for small businesses with limited working capital as it allows them to allocate capital to the core business areas. Moreover, if the requirements of purchasing managers are limited, then they can fulfill their needs without incurring any expenses.

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About SpendEdge

SpendEdge shares your passion for driving sourcing and procurement excellence. We are a preferred procurement market intelligence partner for Fortune 500 firms and other leading companies across numerous industries. Our strength lies in delivering robust, real-time procurement market intelligence that helps sourcing and procurement professionals make informed decisions. These innovative procurement solutions help enterprises transform structural capabilities, improve execution efficiency, and fast-track time to savings.

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Business Wire

Last updated on: 22/09/2017

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