New York, US, Aug. 30, 2021 (GLOBE NEWSWIRE) -- Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Global Procurement as a Service Market information by Organization Size, by Components, by Vertical and Region – forecast to 2025” the market was valued at USD 4.93 billion in 2018 and is expected to reach USD 9 Billion by 2025 at 8.9% CAGR.
Market Scope:
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 function.
Competitive Analysis:
The procurement as a service market is fragmented and also competitive with the presence of many domestic as well as international industry players. They have incorporated assorted strategies to stay at the forefront and also cater to the surging needs of the customers, including collaborations, partnerships, contracts, geographic expansions, new product launches, joint ventures, and more. Additionally, these players are also making heavy investments in research and development activities for strengthening their portfolios and also creating a hold in the market.
Dominant Key Players on Procurement as a Service Market Covered Are:
- 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
- Accenture Plc
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Market USP Exclusively Encompassed:
Market Drivers
According to the MRFR report, there are numerous factors that are propelling the procurement market growth. Some of these entail the growing demand among enterprises to cut down the cost related to procurement operations and streamlining procurement processes, positive impact of BPO evolution on procurement outsourcing, significant technological development initiatives by several leading companies, lucrative opportunities from emerging economies, rising need of services to handle contracts and compliance policies, and growing need of consumers. The additional factors adding market growth include increasing competition among enterprises, adoption of analytical solutions, and introduction of AI and ML.
On the contrary, privacy issues and data security concerns, integration issues with the legacy system, outages, and third party dependence may limit the global procurement as a service (PaaS) market growth over the forecast period.
Browse In-depth Market Research Report (111 Pages) on Procurement as a Service Market:
https://www.marketresearchfuture.com/reports/procurement-service-market-8293
Segmentation of Market Covered in the Research:
The MRFR report highlights an inclusive analysis of the global procurement as a service market based on vertical, organization size, and component.
By component, the global procurement as a service market is segmented into transaction management, process management, category management, spend management, and strategic sourcing. Of these, the strategic sourcing segment will lead the market over the forecast period.
By organization size, the global procurement as a service market is segmented into SMEs and large enterprises. Of these, large enterprises will dominate the market over the forecast period.
By vertical, the global procurement as a service market is segmented into manufacturing, retail, healthcare, IT and telecom, government and defense, BFSI, and others. Of these, manufacturing will spearhead the market over the forecast period.
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Regional Takeaway
North America to Remain Driving Force in Procurement as a Service Market
Geographically, the global procurement as a service market is bifurcated into Europe, North America, the Asia Pacific, & Rest of the World (RoW). Of these, North America will remain the driving force in the market over the overcast period. The region being the hub for technological innovations, early adoption of new technologies, presence of a well-developed IT sector, focus to improve procurement operations and implement the best practices for procurement operations, and the presence of major players are adding to the global procurement as a service market growth in the region.
Europe to Hold Second-Largest Share in Procurement as a Service Market
In Europe, the global procurement as a service market is predicted to hold the second-largest share over the forecast period for increasing awareness about streamlining of supply chain processes and percolation of procurement services through every industry vertical and enterprise of every size.
APAC to Have Promising Growth in Procurement as a Service Market
In the APAC region, the global procurement as a service market is predicted to have promising growth over the forecast period and at a high CAGR. Rapid economic development, rapid digital transformation, improve the efficiency of procurement processes, the region being a global manufacturing hub, and the presence of diverse manufacturing industries are adding to the global procurement as a service market growth in this region. China, India, New Zealand, and Australia to hold utmost market share.
RoW to Have Sound Growth in Procurement as a Service Market
In RoW, the global procurement as a service market is predicted to have sound growth over the forecast period for the growing number of enterprises that are increasingly opting for PaaS model for transforming their business.
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COVID-19 Impact on the Global Procurement as a Service Market
Ever since the outbreak of the deadly novel coronavirus it has spread at a rapid pace across the globe. The US, Germany, France, the Republic of Korea, Spain, Iran, Italy, and China have been impacted the most with regards to reported deaths and confirmed cases. The crisis has impacted industries and economies in different industries owing to business shutdowns, travel bans, and lockdowns. The procurement as a service market too has fallen a brunt to the COVID-19 pandemic for downturn in the worldwide economy, discontinuation of supply chain, and shutting down of factories. Though the complete impact is still unidentified, the effect across the electronics value chain will be far reaching and adversely impact parties involved with semiconductor manufacturing. The ongoing pandemic is underlining the possible perils and vulnerability of present semiconductor and electronics value chain model along with challenging the semiconductor sector to change its global supply chain model.
The leading manufacturing plants have been closed, municipalities functioning slowly over what it did in the past, and the semiconductor and automotive industries are put to halt, that is having a negative impact on the procurement as a service market. With regards to death toll and patient count, Mexico and Canada are at a nascent stage compared to the US. The semiconductor industry, the manufacturing plants, and other businesses are slowly functioning that is impacting the market growth negatively.
Industry Updates
May 2021- A leading global service provider in customer management BPO, Comdata has selected GEP SMART procurement software for transforming and unifying procurement.
About Market Research Future:
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
