Procurement as a Service Market Share, Size, Trends, 2020-2027

4.4
Procurement as a Service Market Share, Size, Trends, 2020-2027

The Procurement as a service Market was valued around USD 5271 million in 2019, expanding at a CAGR of 8.8% over the forecast period (2020-2027).

Procurement as a service Market

The Procurement as a service Market was valued around USD 5271 million in 2019, expanding at a CAGR of 8.8% over the forecast period (2020-2027).

The factors driving the growth of Procurement as a service Market includes emerging need to reduce the procurement operations cost, growing demand for collaborative, and plug-and-play services, digital transformation in the procurement services, rising awareness amongst enterprises about the procurement services and increasing focus on streamlining procedures to improve productivity. Moreover, rise in the number of new start-ups, increasing dependency on outsourcing business processes, growing adoption of advanced technologies such as Artificial Intelligence (AI), Internet of Things (IoT) and Machine Learning (ML) by the major corporations, are some of the additional factors supplementing the Procurement as A Service Market size. According to report published by Statista, the Business Process Outsourcing Market in India is estimated to reach USD 4.70 billion by the end of 2022, expanding at a CAGR of 9.51% over the forecast period (2022-2027), which will boost the market growth in the approaching years. In addition, the growing popularity of e-procurement solutions, expansion of the IT and Telecom industry, rapid urbanization, advancements in the procurement transformation process and increasing investments by leading players on research and development, are further contributing to the market growth.

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However, the growth of Procurement as a service Market is hindered due to growing concerns related to data privacy.

The leading players operating in the Procurement as a service Market are Capgemini, IBM, Wipro Limited, Genpact, Proxima Group, WNS (holdings) Ltd., Accenture, Infosys Limited and GEP, among others.

Component – Segment Analysis

Based on Component, the Strategic Sourcing segment is predicted to grow at a significant CAGR during the forecast period because the strategic sourcing helps in negotiating prices with suppliers and sets up contracts for the organization.

Organization Size – Segment Analysis

Based on Organization Size, the Small and Medium-sized Enterprises (SMEs) segment is projected to expand at a remarkable CAGR over the forecast period because procurement as a service helps the SMEs to manage complex procurement contracts

Regional – Segment Analysis

Based on Region, the European region, is anticipated to capture the largest market share during the forecast period. Rising emphasis on streaming supply chain processes, growing adoption of advanced technologies by the major corporations in Europe, increasing population growth rates, high per capita incomes, and improved living standards, are some of the important factors propelling the market growth in Europe.

Market Segmentation

Global Procurement as a service Market by Component

Strategic Sourcing

Spend Management

Contract Management

Category Management

Process Management

Transactions Management

Global Procurement as a service Market by Organization Size

Large enterprises

Small and Medium-sized Enterprises (SMEs)

Global Procurement as a service Market by Industry Vertical

Manufacturing

Retail and consumer packaged goods

Banking, Financial Services, and Insurance (BFSI)

IT and Telecom

Energy and Utilities

Healthcare

Travel and Hospitality

Others

Global Procurement as a service Market by Region

Asia Pacific

China

Japan

India

Rest of APAC

North America

United States of America

Canada

Europe

United Kingdom

Germany

France

Spain

Rest of Europe

RoW

Brazil

South Africa

Saudi Arabia

UAE

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