Procurement As A Service Industry Overview
The global procurement as a service market size was valued at USD 6.15 billion in 2022 and is expected to register a growth of 11.1% from 2023 to 2030. As firms increasingly rely on digitization to carry out their sourcing and procurement tasks while keeping track of company payments and purchases, procurement as a service is gaining popularity throughout the globe. Following the COVID-19 pandemic, the uptake of digitization in automating essential business operations like sourcing and procurement is receiving attention. This is anticipated to support the procurement growth as a service market throughout the projection period.
Sustainable procurement and supplier relationship management can become more proactive and effective with technology integration; this is expected to enable the economy of scale and boost corporate profitability. As a provider of procurement services, it is crucial to ensure that the newest technologies are used to help businesses anticipate greater accuracy regarding procurement and sourcing. Over the projected period, it is expected to maintain market demand for procurement as a service.
Gather more insights about the market drivers, restrains and growth of the Procurement As A Service Market
To reduce supply risks and eventually streamline capital and cash flows, there is a rising demand for digital, agile, collaborative, and plug-and-play services as the world recovers from the COVID-19 epidemic. According to estimates, the COVID-19-induced uncertain times will digitally change procurement services, which will fuel the expansion of the market for procurement as a service throughout the projection period. Despite the pandemic's negative effects on demand during 2020, which included businesses ceasing production operations amid lockdown regulations and slashing expenses, the comeback in 2021 has been respectable. By the end of 2022, it is predicted that the procurement as a service market will have recovered to pre-COVID-19 levels as commercial activity picks up throughout the world.
Global supply chains update and streamline procedures to increase productivity and operational effectiveness. It is predicted that this will result in a rise in the need for cloud-based procurement services. Through upcoming new technologies, there is an increasing requirement to enhance procurement processes within firms; this will be crucial in driving market demand over time. Service providers saw the shortcoming of the procurement service owing to the current epidemic, which has caused traditional procurement strategies to fail to scale and become unsustainable. The importance of global procurement services providing organizations has changed in light of this new status quo, moving away from negotiating service contracts and toward exclusive business alliances and strategic arrangements to guarantee both long- and short-term business. Similar to the supply side, business understanding of procurement procedures and services has grown significantly during the past few years. Custom service offers have evolved into a differentiator for service providers, promoting the expansion of procurement as a service industry.
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Procurement As A Service Market Segmentation
Grand View Research has segmented the global procurement as a service market on the basis of component, enterprise size, vertical, and region:
Procurement as a Service Component Outlook (Revenue, USD Million, 2018 - 2030)
- Strategic Sourcing
- Spend Management
- Process Management
- Category Management
- Contract Management
- Transaction Management
Procurement as a Service Enterprise Size Outlook (Revenue, USD Million, 2018 - 2030)
- Small & Medium Enterprises (SMEs)
- Large Enterprises
Procurement as a Service Vertical Outlook (Revenue, USD Million, 2018 - 2030)
- BFSI
- Manufacturing
- Retail
- IT & Telecom
- Healthcare
- Others
Procurement as a Service Regional Outlook (Revenue, USD Million, 2018 - 2030)
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- Asia Pacific
- China
- India
- Japan
- Latin America
- Brazil
- Mexico
- MEA
Key Companies profiled:
Grand View Research has segmented the global procurement as a service market on the basis of component, enterprise size, vertical, and region:
Procurement as a Service Component Outlook (Revenue, USD Million, 2018 - 2030)
- Strategic Sourcing
- Spend Management
- Process Management
- Category Management
- Contract Management
- Transaction Management
Procurement as a Service Enterprise Size Outlook (Revenue, USD Million, 2018 - 2030)
- Small & Medium Enterprises (SMEs)
- Large Enterprises
Procurement as a Service Vertical Outlook (Revenue, USD Million, 2018 - 2030)
- BFSI
- Manufacturing
- Retail
- IT & Telecom
- Healthcare
- Others
Procurement as a Service Regional Outlook (Revenue, USD Million, 2018 - 2030)
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- Asia Pacific
- China
- India
- Japan
- Latin America
- Brazil
- Mexico
- MEA
Key Procurement As A Service Company Insights
Genpact, Aegis Company, Infosys Limited, GEP, and Wipro Limited are some of the major players in the procurement as service market landscape. The vendors are following the trend of providing subscription-based, industry-specific, and custom-based services & solutions to their clients. The competitor is also resorting to organic and inorganic growth strategies such as mergers, acquisitions, product launches, and partnerships as a way to gain market share in different regions and in the market as a whole.
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