Market Overview
The major factor driving the Procurement as a Service Market Size Market Size is the increased demand for procurement processes in various fields. The demand for procurement processes from enterprises is accelerating market growth. The procurement process is most important in both small and medium scale enterprises and large scale enterprises. It is a crucial procedure to run the business smoothly. The market is getting more awareness due to the demand to streamline the procurement process, and it has been increased in many organizations worldwide. The Procurement as a Service Market Size is capable of managing a variety of tasks in different enterprises. Services like transaction management, category management, spend management, strategic and process management. Due to its multi-tasking nature, the Procurement as a Service Market Size is in high demand.
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Artificial Intelligence and Machine Learning technologies bring positive changes and huge opportunities to the Procurement as a Service Market Size. The market is even facing marketing challenges such as data security issues because the procurement service deals with a large amount of data. Anyway, the key players are working on the issue to provide the best systematic service. The compliance policies and contracts are other major factors fueling the Procurement as a Service Market Size Growth.
During the COVID-19 pandemic, the market’s demand was retained from the short-term and long-term partnerships with the end-users. Favourable growth opportunities were noticed during the lockdown period because of the e-procurement platforms in the previous years, which provided a huge scope of the market growth. The Procurement as a Service Market Size Analysis shows good performance in the post COVID period, which will lead the market to reach USD 13.58 Billion with a healthy CAGR.
Market Segmentation:
The Procurement as a Service Market Size Industry is segmented into various types based on component, organization size, and vertical. The market is categorized into transaction management, strategic sourcing, process management, spend management, category management, and contract management based on components. The organization size segment is subcategorized into large-scale enterprise and small-medium enterprise. The vertical segment is fragmented into travel and hospitality, manufacturing, healthcare, retail, the consumer goods market, energy and utilities, banking, insurance, financial services, and IT and telecom services. These segments provide their best services in the market by enhancing the growth of the Procurement as a Service Market Size at the global level.
The Procurement as a Service Market Size is segmented by component, with the largest segment being Strategic Sourcing. Strategic Sourcing is the process of analyzing and managing spend to identify cost savings, achieve economies of scale, and improve the quality of services and products purchased. Spend Management is the process of planning and controlling spending to meet organizational objectives, while Category Management is the process of leveraging spend data to identify opportunities for cost savings and performance improvements. Process Management is the implementation and management of processes to optimize value received from services and products purchased, and Contract Management is the process of managing contracts to ensure compliance and maximize value.
Regional Analysis:
The Procurement as a Service Market Size geographical distribution states that the market is distributed into various developing countries such as North America, Europe, Asia Pacific, Latin America, the Middle East, and the African region. Among this region, the North American region is the leading market with a good share rate. This region is considered as the key contributor of the global Procurement as a Service Market Size. Followed by North America, the European market will even show significant growth in the future because of the massive demand for the procurement process in that region. The Asia Pacific market is even noticed to witness the fastest growth due to the adoption of the procurement process.
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Industry News:
The prominent chief players of the Procurement as a Service Market Size are launching Artificial Intelligence-based software suitable for intelligent business operations.
The Procurement as a Service Market Size is projected to grow at a CAGR of 11.2% by 2030.
The table of contents for the Procurement as a Service Market Size report includes the following sections:
- Executive Summary
- Market Overview
- Market Dynamics
- Global Procurement as a Service Market Size, By Component
- Global Procurement as a Service Market Size, By Deployment Type
- Global Procurement as a Service Market Size, By End-Use Industry
- Global Procurement as a Service Market Size, By Region
- Competitive Landscape
- Company Profiles
- Research Methodology
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Procurement as a Service MarketThe global procurement service market is valued at USD 4.93 billion in 2018 and is rising at a CAGR of 8.9% with a forecast of USD 9 billion by 2025.All enterprises utilize procurement services and have traditionally managed them in-house.
The changing economic landscape with its emphasis on e-procurement, supply chain management, and efficient p2p systems has made it more cost-effective to outsource these services to businesses dedicated to providing procurement solutions.As this industry grows, it becomes more cost-effective for all businesses to avail procurement services and that is a big factor in this market’s growth.An excellent supporting infrastructure is provided by various IT companies who have expanded their profile to offer procurement services with the largest enterprises setting up their own procurement service units.MARKET USPAn increasing number of enterprises outsourcing all their procurement services related requirements to third-party vendors leading to rapid market growth.SEGMENTATIONBy Component1.
Strategic sourcing overlooks the collation of information pertinent to an organization to maximize its profitability.
It is utilized by all the industries across sectors.2.
Category management benefits businesses of all sizes and with its sphere of application encompassing virtually all industries, this segment is slated to grow.4.
Process Management: With an overarching aim to align and attune an organization’s entire machinery to the goals of the organization, process management is an excellent way for an enterprise to shape up and eliminate all wasteful procedures and ventures.
Procurement as a Service (PaaS) MarketThe global procurement service market is valued at USD 4.93 billion in 2018 and is rising at a CAGR of 8.9% with a forecast of USD 9 billion by 2025.
All enterprises utilize procurement services and have traditionally managed them in-house.
The changing economic landscape with its emphasis on e-procurement, supply chain management, and efficient p2p systems has made it more cost-effective to outsource these services to businesses dedicated to providing procurement solutions.FREE PDF@ https://www.marketresearchfuture.com/sample_request/8293As this industry grows, it becomes more cost-effective for all businesses to avail procurement services and that is a big factor in this market’s growth.
Strategic sourcing overlooks the collation of information pertinent to an organization to maximize its profitability.
It is utilized by all the industries across sectors.Spend Management: This is the fastest-growing segment.
Category management benefits businesses of all sizes and with its sphere of application encompassing virtually all industries, this segment is slated to grow.
OverviewThe procurement as a service market size is projected to grow at a CAGR of 8.9% during the forecast period.
As per the procurement as a service market research report, the global market for procurement as a service is projected to grow swiftly by US$9 billion by 2025.
Additionally, the market on the basis of vertical, is segmented into government & defense, healthcare, IT & telecom, manufacturing, retail, BFSI, and others.
However, according to the procurement as a service market research report, unique solutions for all business verticals along with dynamic economic landscape will propel growth throughout the forecast period.
The procurement as a service market research report provides an extensive understanding of the procurement as a service market based on the information and forecasts till 2025.Regional OverviewNorth America, Europe, Asia Pacific and the rest of the world regional market for procurement as a service are predominantly covered in the global procurement as a service market research report.
The procurement as a service market research report also covers regional markets from the rest of the world alongside procurement as a service markets of Africa and the Middle East.Complete Report Details @ https://www.marketresearchfuture.com/reports/procurement-service-market-8293Competitive LandscapeDemands across industry verticals and components are presumed to drive the procurement as a service market growth worldwide.
