Global Procurement As A Service Market Expected to expand at a CAGR of 7.4% | Growth Market Reports
PUNE, India, May 18, 2021 /PRNewswire/ -- According to a recent market study published by Growth Market Reports titled, "Procurement As A Service Market by Components (Category Management, Contract Management, Process Management, Spend Management, Strategic Sourcing, and Transaction Management), Organizations (Large Enterprises and SMEs), Verticals (BFSI, Healthcare, IT & Telecom, Manufacturing, and Retail), and Region: Size, Share, Trends and Opportunity Analysis, 2018-2028", the market was valued at USD 6.4 billion in 2020 and is projected to expand at a CAGR of 7.4% during the forecast period, 2021 – 2028. The growth of the market is attributed to the rising penetration of innovative technologies along with increasing requirement for developing procurement function across various industries.
Key Market Players Profiled in the Report
- Tata Consultancy Services Limited
- Infosys
- IBM
- Aegis
- Accenture
- HCL Technologies Ltd.
- Genpact
- GEP
- Wipro
- WNS (Holdings) Ltd.
The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.
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This report also includes a complete analysis of industry players that cover their latest developments, product portfolio, pricing, mergers, acquisitions, and collaborations. Moreover, it provides crucial strategies that are helping them to expand their market share.
Highlights on the segments of the Calcium Chloride (CaCl2) Market
Based on components, the market is segmented into category management, contract management, process management, spend management, strategic sourcing, and transaction management. The strategic sourcing segment is anticipated to account for a large market share in the coming years owing to the rising implementation of strategic sourcing among various organizations for effective execution of their sourcing strategies and saving money. The strategic sourcing helps the businesses as it provides update information about a company's external expenditure by using external expenditure data. On the other hand, the category management segment is expected to account a considerable CAGR during the forecast period due to its increasing demand from several industries as it helps to deal with the direct supervision of each unit of an organization and their expenditures. It ensures compliance with managing contracts and governing procurement for each category, helping to resolve suppliers' problems, and monitor their performance.
On the basis of organizations, the procurement as a service market is bifurcated into large enterprises and SMEs. The large enterprises segment is expected to account for a large market share during the analysis years owing to the growing demand for procurement as a service to manage complex procurement contracts from large business organizations. Large enterprises are rapidly adopting towards procurement as a service to minimize the operational costs and reduce their complexities. However, the SMEs segment is projected to exhibit a robust CAGR during the forecast period owing to the increasing awareness about the use of procurement as a service to reduce spending related to the technological installations and staff recruitments among small and medium business organizations.
Based on verticals, the market is classified into BFSI, healthcare, it & telecom, manufacturing, and retail. The manufacturing segment is anticipated to constitute a key market share during the coming years owing to the increasing demand for cost effectiveness in the supply chain of the manufacturing industries. The manufacturing vertical is one of the key adopters of procurement outsourcing across the non-core expenditure, which helps to expand the segment growth. Meanwhile, the retail segment is projected to register a substantial growth rate during the forecast period owing to rising needs to create an effective customer-oriented atmosphere. The service is widely adopted in the retail sector since the procurement helps to deal with processes such as negotiation of contracts, established payment terms, actual purchasing of goods, and selective vendors. The adoption of procurement process in the retail sector supports streamlining of processes with maximizing return of investment.
Based on region, the global calcium chloride market is classified into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (LAMEA). North America region is further bifurcated into countries such as U.S., and Canada. Europe is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe, Asia Pacific is further segmented into China, South Korea, Japan, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America is further segmented into Brazil, Mexico, and Rest of Latin America. Middle East & Africa is categorized into Saudi Arabia, South Africa, UAE, Qatar, Oman, Kuwait, Bahrain, and Rest of Middle East & Africa.
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Procurement refers to an act of achieving products or services for business purposes. The procurement as a service is a type of procurement business model which uses a combination of expertise to manage the procurement function of a company with the help of technology and staff. Rising demand for procurement and outsourcing functions along with track payments and purchases are key aspect for growing adoption of digital technology across several industries. The service is widely adopted for transactional procurement and is offering reporting portal to their consumers for ensuring the transparency in the process. One key aspect of the service is that the operational cost of using procurement can be minimal as it helps in the processes such as strategic outsourcing to become predictive and supplier management to become proactive. With the growing awareness for procurement process among businesses, numerous service providers are continuously adding efforts to approach their business offerings to the 'as-a-service' model.
Consumers are increasingly more aware about the improved procurement functions in their respective business and are examining suppliers that provide strong procurement service model. Tradeshift and SAP are the well-known suppliers of procurement technology, which are helping to build individual suppliers' network and e-procurement solutions. Hence, consumers can avail certain benefits such as reduction in time to access to market or products by implementing e-procurement solutions. One of the major developments in the procurement transformation process is the use of intelligent automation as it helps achieve effective digitalization and reinventing processes. Thus, this helps to improve the experience of consumers along with enhanced and efficiency service.
Key Benefits for Industry Participants & Stakeholders
- Rising demand for solutions to reduce the cost regarding procurement operations and streamline procurement processes among the enterprises are estimated to propel the market growth.
- Increasing adoption of procurement as a service to improve user experience and fulfill consumer's expectation are projected to expand the market growth.
- Growing penetration of advanced technologies across various industry verticals to boost or enhance procurement function are key drivers for the market development.
- Factors such as supply risk, delivery risk, quality issues, high cost, and other such market risks are the major challenges that may hinder the market growth during the forecast period.
- Rapid access to Internet of Things (IoT) platforms by machine learning and incorporating artificial intelligence (AI) to identify and resolve the errors in fleet management and shipment tracking provide better analytics solution. This is expected to generate numerous opportunities for the market expansion.
Read 165 Pages Research Report with Detailed ToC on "Global Procurement As A Service Market by Components (Category Management, Contract Management, Process Management, Spend Management, Strategic Sourcing, and Transaction Management), Organizations (Large Enterprises and SMEs), Verticals (BFSI, Healthcare, IT & Telecom, Manufacturing, and Retail), and Regions (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa)"
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Segments Covered in the Report
The global procurement as a service market has been segmented based on
Components
- Category Management
- Contract Management
- Process Management
- Spend Management
- Strategic Sourcing
- Transaction Management
Organizations
- Large Enterprises
- SMEs
Verticals
- BFSI
- Healthcare
- IT & Telecom
- Manufacturing
- Retail
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
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