Procurement as a Service Market to reach USD 10.04 billion by 2027.Global Procurement as a service Market is valued approximately USD 5.78 billion in 2020 and is anticipated to grow with a healthy growth rate of more than 8.2 % over the forecast period 2021-2027. Procurement is the process of purchasing goods or services and is usually in reference to business spending. An outsource procurement model with expertise to handle organisation’s procurement activities using technology is called procurement as a service . Increasing use of digital technologies in each and every sector will boost the market in the forecast period.
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In January 2019, Accenture launched SynOps, a human-machine operated engine that can be used to leverages data, advanced analytics, and Artificial Intelligence (AI) to assist organizations achieve intelligent operations across key business functions including finance and accounting, marketing, and procurement. (In the present scenario Increasing need to improve procurement function, the integration of technology that enables strategic sourcing and supplier management to become predictive and proactive resulting in reducing operating cost will result in boosting the market in the upcoming years.) However, pandemic paralyses the procurement as a service market .impedes the growth of the market over the forecast period of 2021-2027. Also, the growing customer awareness towards advances in procurement functions will boost the market in the upcoming years.
The regional analysis of global Procurement as Service market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. Europe is the leading region across the world in terms of market share owing to the increasing use of digital technologies . Whereas, Latin America is anticipated to exhibit highest growth rate over the forecast period 2021-2027. Factors such as increasing customer awareness towards advances in procurement functions would create lucrative growth prospects for the market across Latin America
Major market player included in this report are:
Accenture
Aegis
HCL Technologies Ltd.
IBM
GEP
Genpect
Infosys
Wipro
WNS
Tata Consultancy Services Limited
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The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players
The detailed segments and sub-segment of the market are explained below:
By Component:
Strategic Outsourcing
Spend Management
Process management
Category Management
Contract Management
Transaction Management
By Organisation:
SMEs
Large Enterprises
By Vertical:
BFSI
Manufacturing
Retail
IT & Telecom
Healthcare
Others
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By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Rest of the World
Market research objective you provided focuses on conducting a comprehensive analysis of a specific market. Here is a breakdown of the research objectives you mentioned:
To analyze and forecast the market size of the market:
- This objective involves assessing the current market size and using historical data and market trends to forecast its future size.
- This analysis helps in understanding the market’s growth potential and opportunities.
To classify and forecast the global market based on product, material, application, and region:
- This objective aims to categorize the market based on different factors such as product types, materials used, applications, and geographical regions.
- It also involves forecasting the market size and growth for each category, providing a detailed understanding of market segmentation.
To identify drivers and challenges for the global market:
- This objective focuses on identifying the factors that drive market growth and those that pose challenges or constraints.
- Understanding the drivers helps in recognizing opportunities, while understanding the challenges allows for mitigation strategies and informed decision-making.
To examine competitive developments such as mergers & acquisitions, agreements, collaborations, and partnerships in the market:
- This objective involves analyzing the competitive landscape of the market. It includes studying activities such as mergers and acquisitions, agreements, collaborations, and partnerships among market players.
- This analysis provides insights into the market’s competitive dynamics and strategic moves by key players.
To conduct pricing analysis for the market:
- This objective aims to analyze pricing strategies within the market. It involves assessing pricing trends, price variations based on different factors, and understanding price sensitivity among customers.
- This analysis helps in formulating effective pricing strategies for market players.
To identify and analyze the profile of leading players operating in the market:
- This objective involves profiling and analyzing the key players in the market. It includes studying their business strategies, financial performance, product portfolios, market share, and competitive advantages.
- This analysis helps in understanding the competitive landscape and benchmarking against industry leaders.
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