BANGALORE & FREMONT, April 30, 2019
BRIDGEi2i Analytics Solutions announced today that Markets and Markets has named the company in its research titled, “Procurement Analytics Market by Component, Application Area (Supply Chain Analytics, Risk Analytics, Spend Analytics, Demand Forecasting, and Contract Management), Deployment Type, Organization Size, Vertical, and Region – Global Forecast to 2023” and have recognized BRIDGEi2i as an Innovator in this space.
The Markets and Markets’ Procurement Analytics market study provides a snapshot of key competition, past market trends with forecast over the next 5 years, anticipated growth rates, and the principal factors driving and impacting growth. The report aims at estimating the market size and future growth potential of the market across segments, (solutions and services), application areas, deployment types, organization sizes, verticals, and regions.
According to the report, the global procurement analytics market size is expected to grow from USD 1.6 billion in 2018 to USD 4.1 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 20.4% during the forecast period.
BRIDGEi2i Analytics Solutions Director, Arun Krishnamoorthy remarked, “I believe that the Markets and Markets recognition is a great validation for our efforts towards making AI real through our end-to-end supply chain and orchestration solution. Our AI Accelerator, WatchTower proactively identifies and flags performance challenges anywhere in the Supply Chain as well as recommends feasible actions to alleviate any challenges”.
The increasing focus on enhancing procurement channels’ operational efficiencies, an imminent need to handle compliance policies and contracts, organizations’ struggle to sustain their position in the competitive environment are primary drivers for the procurement analytics market. The market for the services segment is growing as individuals, Small and Medium-sized Enterprises (SMEs), and large enterprises are adopting services to enhance their productivity.
Please read the press release here.
BRIDGEi2i is a trusted partner for enabling AI for Digital Enterprises by leveraging Data Engineering, Advanced Analytics, proprietary AI accelerators and Consulting expertise. BRIDGEi2i enables businesses to contextualize data, generate actionable insights from complex business problems, and make data-driven decisions across pan-enterprise processes to create sustainable business impact.