ID: MRFR/ICT/6821-HCR | 111 Pages | Published By Shubham Munde on March 2023
The global market for Procurement as a Service Size USD 13.58 Billion is slated to expand at a substantial CAGR of 11.2% over the review period (2022 to 2030).
The sourcing and supplier management sector will play a crucial role in high procurement as a service. The service providers have the task of ensuring the utilization of the latest technology in the enterprise. The requirement to improve the procurement task is boosting the growth. The productivity of the business requires being high. The traditional procurement models are not suitable for enterprises. The traditional procurement models can affect the efficiency of the market. Also, the adoption rate of procurement as a service is rapid in the forecast period. Due to this, the value of this market will reach USD 13.58 Billion.
Procurement as a Service Market Covid Analysis:The pandemic has brought various difficulties for global organisations. The B2B and B2C is enterprises are facing challenges due to covid 19. During this period, the focus of the procurement market is on the negotiation of contracts and sourcing. The market players are ensuring that there is continuity with the end-users of the market.
The market is retaining its demand by short-term and long term partnerships with end-users. There is plenty of custom Procurement as a Service Industry. There are favourable market growth opportunities for the market during this period. Also, there are e-procurement platforms in recent years. It is providing more scope for the market during this time. Further, the awareness of procurement as a service market is increasing during this period. Also, the market operation will resume fully post covid 19.
Market Dynamics:Crucial Market Drivers:The growth of demand to streamline the procurement process is providing more awareness for the market. The procurement process and tasks are increasing in many organisations. Procurement as a service is a suitable way to handle the task. Procurement as a service offers plenty of assistance to enterprises. It can manage a wide range of tasks in an enterprise.
Transaction management, category management, spend management, strategic and process management. These service models are critical for any company. It will make the procurement tasks effortless and efficient. The productivity of enterprises will increase in the upcoming years. Strategic sourcing is a crucial segment in this market. It is a market segment that will gain more Procurement as a Service Market Profit. Execution of strategic procurement will offer proper exceptions ad cost efficiency in the market.
Also, the need to handle compliance contracts and policies is another driver for this market. With procurement as a service, effective ways to handle contracts and policies are readily available. It saves the cost and energy of the enterprise. Also, allocating work into much more important organisation tasks is possible through this service. These two crucial drivers will increase Procurement as a Service Market Sales in the forecast period.
Artificial intelligence and machine learning technologies have many end users. The high-end features and functions of these technologies are advantageous to any enterprise. Also, the integration of these technologies with analytics solutions will lead to more developments. The adoption rate of procurement as service will exceed in the forecast period. Further, the high demand for the transaction management segment of the market will create more growth opportunities. Transaction management and sourcing is a key task in many enterprises. The demand for this task will rise in the coming years. It will lead to promising growth possibilities in Procurement as a Service Business.
Especially, the demand from SMEs will be crucial for the upcoming years. However, the lack of awareness about the technology uses and benefits will lead to less demand. Also, the market expansion rate can be affected due to these factors. The growth rate of the market will be affected by market restraints.
Also, the demand for e-procurement services is high recent years. Network security threats and data breach issues are common in many types of software. However, advanced cyber attacks can lead to many revenue losses. Due to this, many organisations are hesitating to adopt procurement as service software.
The lack of awareness can bring unfavourable changes in the market. Also, data breaches and cyber-attacks are the major challenges. There is a serious need to fix these issues. However, the launch of AI and ML features in the software will lead to exceptional growth opportunities. Overall Procurement as a Service Market Analysis shows positive growth.
In the forecast period, it is a region with the highest revenue rate. The procurement services are improving very years. Best of procurement as service is available in this region. It is leading to exceptional market growth opportunities. Also, Procurement outsourcing enables organizational efficiency in this region. All these factors will contribute to the high growth rate in North America.
Procurement as a Service Market Segment Overview:By Component:
By Organisation Size:
Competitive Landscape:The competition in the procurement as a service market is moderate. Market acquisitions, expansion and partnership are the key strategies in the competitive landscape. As per Procurement as a Service Market Research Report there is much technological advancement in the market. The key players are introducing industry-specific procurement services in the forecast period.
Procurement as a Service Market Regional Analysis:The procurement as a service market is fragmented into Asia Pacific, Europe and North America. North America is leading the market with more than 40% of the shares. It is a grossing market with high revenue. It is the key contributor for Global Procurement as a Service Market. The future of procurement as a service market depends on the development of this region.
Also, Europe is witnessing massive demand during the forecast period. The market expansion rate will be high during the forecast period. The Asia Pacific will witness fast growth and adoption of procurement as a service market. Also, the launch of AI and machine learning will attract more end-users to the market.
The key players of the procurement as a service market
Recent Developments:The key players of the market are already launching AI-based software. The software is suitable for intelligent business operations.The key players of the market are launching industry-specific procurement as service software. It will help to meet the current demand from various verticals.
|Market Size||USD 13.58 Billion (2030)|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Component, By Organization Size|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Accenture Plc, Infosys Ltd,GEP, Genpact LLC, Proxima Procurement Ltd, FCODE, WNS Global, Capgemini SE, IBM Corporation, WIPRO Limited, HCL Technologies Ltd, Tata Consultancy Services Limited, Xchanging Solutions Ltd, CA Technologies|
|Key Market Opportunities||An increasing reliance on the e-procurement industry as well as a very dynamic economic landscape has necessitated a complete overhaul of the global procurement market.|
|Key Market Drivers||The same methodology is being applied to all companies to enhance profits and productivity while simultaneously reducing redundancy.|
The global market for Procurement as a Service Size USD 13.58 Billion.
The global market for Procurement as a Service Size expand at a substantial CAGR of 11.2% over the review period (2022 to 2030).
Infosys Ltd, Accenture Plc, GEP, Genpact LLC, WNS Global, Proxima Procurement Ltd, RFCODE, Capgemini SE, IBM Corporation, HCL Technologies Ltd, WIPRO Limited, Xchanging Solutions Ltd, Tata Consultancy Services Limited, and CA Technologies.
The regional analysis of the global Procurement as a Service market has been conducted in five major regions, namely, the Asia Pacific, North America, Europe, Latin America, and the Middle East and Africa.
The segmentation of the global Procurement as a Service market is done on the basis of component, organization size, and vertical.