The latest study released on the Global Procurement as-a-Service Market by The Insight Partners Research evaluates market size, trend, and forecast to 2028. The Procurement as-a-Service market study covers significant research data and proofs to be a handy resource document for managers, analysts, industry experts and other key people to have ready-to-access and self-analyzed study to help understand market trends, growth drivers, opportunities and upcoming challenges and about the competitors.
The procurement-as-a-service market expected to grow from US$ 3,065.0 million in 2020 to US$ 4,741.1 million by 2027; it is estimated to grow at a CAGR of 6.4% from 2020 to 2027.
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Increasing demand from enterprises to streamline the procurement processes is attributing to the growth of the procurement-as-a-service market. Procurement is one of the most important and complex business processes in the both SMEs as well as large enterprises, as this business function is responsible for various day-to-day operations of the enterprises. Procurement are of 2 types, including, direct and indirect procurement. The direct procurement is a process that is involved in acquiring various raw materials and goods for final product production. These acquisitions are conducted frequently and are very essential for key business practices, such as an automaker acquiring steel to produce vehicles.
If direct procurement encounters problems or stops functioning, companies will no longer be capable to produce their products and generate revenue. Whereas, in indirect procurement process, the enterprises are involved in purchasing services or supplies that are needed to keep the day-to-day business alive. This comprises things such as acquiring services or buying office supplies, and repairing equipment. Without indirect procurement functions, businesses may not be capable to operate in an effective and efficient manner. Typically, the indirect procurement comprises somewhere from 15% to 30% of a firm’s total revenue.
Procurement as-a-Service Regional Growth- 2021-2027
The report segments the global Procurement as-a-Service market as follows:
By Component
- Strategic Sourcing
- Spend Management
- Category Management
- Process Management
- Contract Management
- Transaction Management
By Enterprise Size
- SMEs
- Large Enterprises
By End-User Industry
- IT and Telecom
- Consumer Goods and Retail
- Manufacturing
- Energy and Utility
- Healthcare
- Hospitality and Tourism
- Others
The study conducts SWOT analysis to evaluate strengths and weaknesses of the key players in the Procurement as-a-Service market. Further, the report conducts an intricate examination of drivers and restraints operating in the market. The report also evaluates the trends observed in the parent market, along with the macro-economic indicators, prevailing factors, and market appeal according to different segments. The report also predicts the influence of different industry aspects on the Procurement as-a-Service market segments and regions.
Scope of the Report
The research on the Procurement as-a-Service market focuses on mining out valuable data on investment pockets, growth opportunities, and major market vendors to help clients understand their competitor's methodologies. The research also segments the Procurement as-a-Service market on the basis of end user, product type, application, and demography for the forecast period 2021-2027. Comprehensive analysis of critical aspects such as impacting factors and competitive landscape are showcased with the help of vital resources, such as charts, tables, and infographics.
Major highlights of the report:
- All-inclusive evaluation of the parent market
- Evolution of significant market aspects
- Industry-wide investigation of market segments
- Assessment of market value and volume in past, present, and forecast years
- Evaluation of market share
- Study of niche industrial sectors
- Tactical approaches of market leaders
- Lucrative strategies to help companies strengthen their position in the market
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The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We are a specialist in Life Science, Technology, Healthcare, Manufacturing, Automotive and Defense, Food Beverages, Chemical etc.
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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.
