Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled “Procurement-As-A-Service Market– Global Industry Analysis, Market Size, Opportunities and Forecast, 2021-2028”
LOS ANGELES, July 27, 2021 (GLOBE NEWSWIRE) -- The Global Procurement-As-A-Service Market is expected to grow at a CAGR of around 9.6% from 2021 to 2028 and to reach around US$ 8.9 Bn by 2027.
North America dominates the procurement-as-a-service market
North America dominated the procurement-as-a-service market in 2020 and is expected to maintain this dominance throughout the forecast period. This is due to the active presence of large enterprises or major players in this region. Furthermore, such large players intend to outsource procurement businesses in order to improve efficiency and accuracy. This ultimately aids in gaining a competitive advantage in the regional market and remaining at the forefront. This is one of the most important factors driving the growth of the procurement-as-a-service market in the North America regional market. Apart from that, North America is actively involved in the adoption of advanced technologies and is also responsible for the effective implementation of those services. This has proven to have a positive impact on the overall growth of the procurement-as-a-service market.
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Procurement-as-a-service, on the other hand, gained significant traction in European markets in 2020 and is expected to gain traction in the coming years. This is due to the intention of several procurement service providers to shift their focus toward catering fully customizable services, resulting in meeting unique requirements and fully optimizing procurement functions. In addition, they plan to shift their focus to streamlining procurement processes through the adoption of new models, which will ultimately drive the procurement-as-a-service market in Europe.
COVID-19 impact on the global procurement-as-a-service market
COVID-19 has disrupted several businesses and put supply chain reliability in jeopardy. Due to inventory issues, delivery uncertainties, and the high risk to suppliers in the single-source supplier challenge, there is a high demand for procurement-as-a-service. In times of COVID-19, good procurement-as-a-service provides strategic sourcing and easier contract management that focuses on vendor relationships. They use technology to automate and eliminate time-consuming repetitive tasks that are performed manually. Due to the COVID-19 pandemic, businesses opt for a robust procurement platform surrounded by advanced technology solutions that provide supplier management, category management, and other services that ensure organizations’ success for years to come.
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Market Drivers
Procurement-as-a-service market is primarily grown through adoption of advanced technologies such as digital procurement
Procurement-as-a-service is rapidly advancing as a result of the adoption of advanced technologies such as eSourcing, contract management, and eProcurement, among others. Digital procurement solutions enable many more physical and digital inputs to be connected, resulting in better decision making, increased efficiency, and enhanced process excellence, all of which result in greater organizational efficiency and effectiveness. Furthermore, the use of digital technologies helps to eliminate errors, resulting in better supply assurance and risk mitigation. In addition, digital procurement solutions enable more complex analysis, better supply strategies, and more efficient operations. Digital procurement is widely used because it generates new insights and strategies, uncovers new sources of value, increases efficiency and effectiveness for achieving process excellence, delivers the right supply, and serves as an excellent risk mitigation tool.
Segmental Outlook
The global procurement-as-a-service market is segmented as component, organization, and vertical. Based on component, the market is segmented as strategic sourcing; spend management, process management, category management, contract management, and transaction management. By organization, the market is bifurcated into SMEs and large enterprises. By vertical, the market is segregated as BFSI, manufacturing, retail, IT & Telecom, healthcare, and others.
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Competitive Landscape
The prominent players of procurement-as-a-service involve Accenture, HCL Technologies Ltd, Aegis Limited, GEP, International Business Machines Corporation (IBM), Infosys Limited, Genpact, Wipro Limited, WNS Limited, Tata Consultancy Services Limited (TCS), and among others.
Some of the key observations regarding procurement-as-a-service include:
- In January 2019, Accenture announced launching of new innovative human machine operating engine namely, "SynOps" that is involved in optimization the synergy of data, applied intelligence, digital technologies, and talent to help organization transform business operations, create exceptional user experiences, and deliver satisfactory results.
- In January 2019, Corbus LLC announced rising focus on process consulting & digital transformation. This is the long term strategy adopted by the company as digital transformation integrates technology into all aspects of a business to positively impact and deliver value to the customer.
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