Westford,USA, Aug. 17, 2023 (GLOBE NEWSWIRE) -- According to SkyQuest, the increasing digitization of business operations is poised to drive significant procurement as a service market growth. In addition, enterprises and organizations across various industries recognize the transformative potential of advanced technologies such as big data analytics, artificial intelligence (AI), and machine learning.
Browse in-depth TOC on the "Procurement As A Service Market"
- Pages - 260
- Tables - 67
- Figures – 75
Procurement as a service offers a comprehensive and efficient solution for managing procurement activities. Businesses can optimize their procurement processes and achieve significant cost savings by leveraging an outsourced procurement provider's expertise, technology, and resources. Procurement provides a user-friendly platform combining various technological solutions to streamline procurement operations similar to the software as a service (SaaS) model in the procurement as a service market.
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Prominent Players in Procurement As A Service Market
- Accenture
- GEP
- IBM
- Infosys
- Proxima
- WNS
- Capgemini
- Genpact
- TCS
- HCL Technologies
- Corbus
- Xchanging
- Aquanima
- Denali
- Wipro
- KPMG
- DSSI
- HP
- Nitor Partners
- CGI
Strategic Sourcing Segment is Expected to Dominate the Market Due to the Increasing Number of Challenges Faced by Businesses
The strategic sourcing segment has emerged as the dominant player in the procurement as a service market, capturing over 44% in 2022. This growth can be attributed to the increasing number of challenges businesses face, including natural disasters and international political unrest, which harm operations. As a result, organizations are increasingly turning to strategic sourcing to mitigate risks and optimize their supply chains.
The market in the Asia Pacific is projected to exhibit the highest CAGR in the procurement as a service market. This growth can be attributed to the increasing demand for digital solutions to manage and streamline regional supply chain operations effectively. Furthermore, with the rapid expansion of businesses and the complexity of global supply chains, organizations in the Asia Pacific recognize the need for efficient procurement processes and turn to procurement as a service to meet their requirements.
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Transaction ManagementSegment is Expected to Grow the Market Due to Increasing Emphasis on Optimizing Various Aspects of their Transactions
The transaction management segment is poised for significant growth in the procurement as a service market during the forecast period. Organizations increasingly emphasize optimizing various aspects of their transactions, including price and terms negotiation, invoicing applications, delivery processes, and purchase order management. This heightened focus on transaction management stems from recognizing that efficient and streamlined transactional processes can improve operational efficiency, cost savings, and customer satisfaction.
Regional markets inEurope dominate the procurement as a service market, accounting for a significant share of the overall revenue. Europe is witnessing steady growth in the procurement sector. One of the primary drivers of this growth is the focus of procurement service providers on delivering customized service plans to their customers.
A comprehensive analysis of the major players in theprocurement as a service market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavours to develop innovative solutions to cater to the growing demand.
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Key Developments in Procurement As A Service Market
- Bain & Company recently acquired ArcBlue, a prominent procurement service provider in the Asia Pacific region. As part of this acquisition, ArcBlue will operate as an independent unit within Bain, focusing on specialized procurement implementation services. This move strengthens Bain's capabilities in procurement and enhances its ability to deliver comprehensive solutions to clients in the region.
- Recently, HCL Technologies announced an expansion of its partnership with Google Cloud. The collaboration aims to integrate HCL Software's Digital Experience (DX) and Unica Marketing platforms with Google Cloud's infrastructure and services. This integration enables customers to leverage the power of HCL's cloud-native platforms along with the scalability, security, and reliability of Google Cloud.
Key Questions Answered in Procurement As A Service Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- List the top companies in the market and explain how they have achieved their positions of influence.
- In what ways do regional trends and patterns differ within the global market, and how these differences shape the market's future growth?
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