The GMI Research expects the procurement as a service market to expand at a significant rate. From a regional perspective, Europe is projected to lead the market due to increasing awareness regarding streamlining supply chain processes. This model has aided the organizations to shift towards sustainability.
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Procurement As A Service Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)
Key Drivers
Some of the major factors contributing to the growth of the global procurement as a service market size include the rising need among companies to reduce the cost related to procurement operations and streamline procurement processes. The growing penetration of advanced technologies like IoT, artificial intelligence, and other technologies will support the growth of the market. With the increasing competition worldwide, the supply chains are adopting modernized processes to ensure productivity and improve business operations.
The procurement technology vendors, such as Tradeshift and SAP SE, bring individual suppliers' networks, e-procurement solutions, and procure-to-pay to cater to the market growth. Thereby, the customers are drastically shifting towards e-procurement solutions to reduce their time and cost for marketing the product offerings. The management of indirect spending is complex and needs wide labor within the company. It includes sourcing complex goods and services, including marketing, IT services, professional services, and facilities management. This has fundamentally shifted the customers towards adopting procurement as a service model for efficient management of business operations, payments, and tracking of purchases.
According to the procurement as a service market research, the rising use of automation is creating advancement in the procurement transformation process as it has aided in digitalizing and reinventing processes to touch new levels. For example, Accenture's procurement as a service model has helped the clients to obtain numerous benefits from its cloud-based Source-to-pay platform, Radix. Thereby, automation allowed analytics to play a vital role in effectiveness, enhancing the speed and accuracy of the workflow for improved outcomes. On the other hand, the factor hindering the growth of the market include the growing concerns regarding data security and privacy across several enterprises.
Procurement As A Service Market’s leading Manufacturers:
Accenture
Infosys Limited
GEP
Genpact
Proxima Group
WNS (holdings) Ltd.
Capgemini
IBM
Wipro Limited
Procurement As A Service Market Segmentation:
Segmentation by Component:
Strategic Sourcing
Spend Management
Contract Management
Category Management
Process Management
Transactions Management
Segmentation by Organization Size:
Large enterprises
Small and Medium-sized Enterprises (SMEs)
Segmentation 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
Segmentation by Region:
North America
United States of America
Canada
Asia Pacific
China
Japan
India
Rest of APAC
Europe
United Kingdom
Germany
France
Spain
Rest of Europe
RoW
Brazil
South Africa
Saudi Arabia
UAE
Rest of the world (remaining countries of the LAMEA region)
About GMI Research
GMI Research is a market research and consulting company that provides syndicated research reports, consulting services, and customized market research reports. Our reports are based on market intelligence studies to ensure relevant and fact-based research across numerous sectors, including healthcare, automotive, information technology & communication, FMCG, and other industries. GMI Research’s deep understanding related to the business environment helps us in generating objective strategic insights. Our research teams consisting of seasoned analysts and researchers have hands-on experience in various regions, including Asia-pacific, Europe, North America, and the Rest of the World. The market research report offers in-depth analysis, which contains refined forecasts, a bird's eye view of the competitive landscape, factors impacting the market growth, and several other market insights to aid companies in making strategic decisions. Featured in the ‘Top 20 Most Promising Market Research Consultants’ list of Silicon India Magazine in 2018, we at GMI Research are always looking forward to help our clients to stay ahead of the curve.
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