Press Release: April 11, 2020
Procurement as a Service is a combination of technology, staff, and expertise which handles a portion of organization functions. It also streamlined the process through cloud-based technology, processes services to reduce the complexity of the procedure. Procurement as a Service increases the performance and added value to the business. It helps the organization to reduce operational cost, improve performance and increases saving on investment by manage organizations’ core and non-core transaction and expenditure purchases.
The major factors driving the market growth of Procurement as a Service are growing demand among companies to streamline the Procurement Processes and to reduce operating costs associated with procurement operations. In addition, increasing penetration of advanced technologies such as Artificial Intelligence (AI) and Machine Learning (ML) and analytics solutions in the Procurement Process and increasing digitization are further driving the market growth during the forecast period. However, the growing concern of data security and privacy among companies and high risk involved in outsourcing are restraining the Procurement as a Service market growth.
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North America is expected to dominate the market in Procurement as a Service Market due to the secure adoption of new technology, large customer base and hub of technological advancement in this region. In addition, the United States is anticipating the largest market size is due to the presence of major players in this region and high awareness among users. The Asia Pacific is expected to grow at the fastest pace during the forecast period due to rising penetration of technology, increasing investment to expand and adopt technology which increases efficiency and performance of the overall procurement process. Moreover, countries like Australia, India, New Zealand, China and Japan have emerged as the undisputed leaders in the procurement as a service market.
Various notable players in the Procurement as a Service market include Accenture Plc, Infosys Ltd., IBM Corporation, GEP, Genpact, Capgemini SE, HCL Technologies, Proxima Group, Wipro Ltd., WNS Global and among others. Major players are focussing on product launch, acquisition, collaboration to expand their global reach and become a market competitive. For instance, in Nov 2018, Accenture acquired Intrigo Systems to delivering enterprise with supply chain and procurement transformations
Global Procurement as a Service market has been segmented on the basis of Component, Organization Size, Vertical and Geography. Based on the component market is categorized into Strategic Sourcing, Spend Management, Category Management, Process Management, Contact Management, and Transaction Management. Based on the organization size market is segmented into Small and Medium-sized Enterprises and Large Enterprises. Based on the vertical market is categorized into BFSI, Healthcare, Energy and Utilities, Travel and Hospitality, IT& Telecommunication, Retail and Manufacturing and geography.
The research report “Global Procurement as a Service Market” provides an in-depth analysis of the global Procurement as a Service market based on component, organization size, vertical and major geographies for the forecast period from 2019 to 2026. The report also highlights the major market drivers propelling the growth as well as challenges faced by market participants. The research report provides market size and forecast for the global Procurement as a Service market. In addition, the report also analyses the competitive landscape, major players and their strategies in 2018. The competitive landscape section of the report captures and highlights the recent developments in the market.
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Key questions answered in this research report:
1- At what pace is global Procurement as a Service market growing? What will be a growth trend in the future?
2- What are the key drivers and restraints in the current market? What will be the impact of drivers and restraints in the future?
3- What are the regional revenue and forecast breakdowns? Which are the major regional revenue pockets for growth in the global Procurement as a Service market?
4- What are the various application areas and how they are poised to grow?
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