Procurement as a Service Industry
Market Analysis
The Procurement as a Service Industry is likely to touch USD 9 billion at an 8.9% CAGR in the forecast period 2020- 2027, according to the latest Market Research Future (MRFR) analysis. Procurement as a service, simply put, is an outsourced procurement business model which combines staff, expertise, and technology to manage complete or a portion user organization procurement functions.
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Various factors are fuelling the global Procurement as a Service Industry share. As per the recent MRFR market estimates, such factors include the emergence of AI and automation in the procurement process, increasing need to bring transparency in the procurement process, growing need to reduce operational costs, increasing need from enterprises to streamline the procurement processes, positive impact of BPO evolution on procurement outsourcing, and significant technological development initiatives by top companies. The additional factors adding market growth include the growing need among organizations for streamlining the procurement process, growing need to handle contracts and policies, growing need of consumers, increasing competition among enterprises, introduction of AI & machine learning, and adoption of analytical solutions.
On the contrary, growing data security concerns among organizations may limit the global Procurement as a Service Industry growth in the forecast period.
COVID-19 Analysis:
The COVID-19 pandemic has impacted industries and economies in different countries owing to business shutdowns, travel bans, and lockdowns. The overall Procurement as a Service Industry too has been affected by the crisis due to downturn in the economy, discontinuation of supply chain, and shutting down of factories.
Market Segmentation:
The MRFR report throws light on an inclusive segmental analysis of the global Procurement as a Service Industry based on component, organization size, and vertical.
By component, the global Procurement as a Service Industry is segmented into transaction management, process management, category management, spend management, and strategic sourcing. Of these, strategic sourcing will lead the market over the forecast period.
By organization size, the global Procurement as a Service Industry is segmented into small and medium enterprises and large enterprises. Of these, the large enterprises segment will dominate the market over the forecast period.
By vertical, the global Procurement as a Service Industry is segmented into manufacturing, retail, healthcare, IT and telecom, government and defense, BFSI, and others. Of these, the manufacturing segment will spearhead the market over the forecast period.
Regional Analysis:
By region, the global Procurement as a Service Industry covers the recent trends and growth opportunity across North America, Europe, the Asia Pacific (APAC), and Rest of the World (RoW). Of these, North America will have the lions share in the market over the forecast period. Growing focus of enterprises to enhance their procurement operations to boost their competitiveness, early adoption of advanced technologies, the region being a hub for technological innovations, early adopter of new technologies, focus to improve procurement operations, and implementation of best practices for procurement operations are adding to the global Procurement as a Service Industry growth in the region.
In Europe, the global Procurement as a Service Industry is predicted to hold the second-largest share over the forecast period for the growing awareness regarding streamlining of supply chain processes due to which organizations can move their focus towards sustainability.
In the APAC region, the global Procurement as a Service Industry is predicted to have promising growth over the forecast period. The presence of diverse manufacturing industries, rapid digital transformation, and adoption of advanced technologies are adding to the global Procurement as a Service Industry growth in the region.
In RoW, the global Procurement as a Service Industry is predicted to have steady growth over the forecast period.
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Key Players:
The prominent players profiled in the global Procurement as a Service Industry report include CA Technologies, Xchanging Solutions Ltd, Tata Consultancy Services Limited, HCL Technologies Ltd, WIPRO Limited, IBM Corporation, Capgemini SE, WNS Global, RFCODE, Proxima Procurement Ltd, Genpact LLC, GEP, Infosys Ltd, and Accenture Plc among others. Mergers and acquisitions, partnerships, contracts, and new product launches among others are the key strategies incorporated by industry players to remain at the forefront.
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