July 27, 2022 05:33 ET | Source: The Insight Partners The Insight Partners
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New York, July 27, 2022 (GLOBE NEWSWIRE) — The Insight Partners published latest research study on “Procurement as-a-Service Market Forecast to 2027 – Covid-19 Impact and Global Analysis by Component (Strategic Sourcing, Spend Management, Category Management, Process Management, Contract Management, and Transaction Management); Enterprise Size (SMEs, Large Enterprises); End-User Industry (IT and Telecom, Consumer Goods and Retail, Manufacturing, Energy and Utility, Healthcare, Hospitality and Tourism, Others)” The global procurement-as-a-service market growth is driven by the increasing demand from enterprises to streamline the procurement processes.
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Procurement as-a-service is an outsourced procurement business model that combines staff, technology, and expertise to manage a portion, or complete, of user’s organization’s procurement functions. Technology supports the service providers to see what their customers are spending money on, and where they are likely to find potential savings. Procurement as-a-service offerings support the end-users to select the categories for sourcing and allocate category experts to manage purchasing for those categories.
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The global procurement as-a-service market is anticipated to witness impressive growth during the forecast period. The increasing demand from enterprises to streamline the procurement processes and positive impact of BPO evolution on procurement outsourcing are the major driving factors for the global procurement as-a-service market. In addition to these factors, significant technological development initiatives by several leading companies are also expected to drive the demand in the forecast period. However, concerns associated to data security may restrain the growth. Despite of this limitation, the lucrative opportunities from emerging economies is expected to offer ample growth opportunities for the players operating in the procurement as-a-service market during the forecast period of 2020 to 2027.
The top five companies in the procurement as-a-service market Accenture, Capgemini, Infosys, IBM and Xchanging. The above listing of key players is derived by considering multiple factors such as overall revenue, current procurement as-a-service customer portfolio, new product launches, market initiatives, investment in technology up gradation, mergers & acquisitions and other joint activities. There are various other notable players in the global procurement as-a-service market ecosystem such as Corbus, LLC, Genpact Ltd, GEP, HCL technologies, Wipro Limited, and WNS (Holdings) Limited. Geographically, the market is segmented into five major regions— North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South America (SAM). North America held the largest share of the procurement as-a-service market in 2019. It has contributed more than 30% to the overall revenue of procurement as-a-service market in the year 2019. Asia Pacific and Europe held the second and third position in the global procurement as-a-service market in 2019 with market shares of >25% and >18%, respectively.
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The market for procurement as-a-service has been segmented based on component, enterprise size, end-user industry, and geography. Based on component, the market is segmented into strategic sourcing, spend management, category management, process management, contract management, transaction management. The spend management segment represented the largest share of the overall market during 2019. Based on enterprise size, the procurement as-a-service market is segmented into large enterprise and SMEs. In 2019, large enterprise segment held a substantial share in the global procurement as-a-service market. While, SMEs segment is anticipated to grow at the highest CAGR from 2020 to 2027. Based on end-user industry, the market is segmented into IT and telecom, consumer goods and retail, manufacturing, energy and utility, healthcare, hospitality and tourism, and others. The manufacturing segment held the market in 2019 and is expected to continue its dominance in the forecast period.
Geographically, the market is segmented into five major regions— North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South America (SAM). North America is projected to have the largest market size in the procurement as-a-service market, as the region is an early adopter of new technologies and a main hub for technological innovations. The various enterprises in the North American region are focusing on enhancing their procurement operations and executing the best practices for the procurement operations. The presence of major market players in the region also supports the demand for the adoption of procurement as-a-service offerings, thus leading to the growth of the market. Further, APAC procurement as-a-service market is witnessing a high market share in the present scenario and is foreseen to be growing steeply during the forecast period. The region has become a global manufacturing hub with the presence of diverse manufacturing industries. China, India, South Korea, Japan, and Rest of APAC are considered the key countries in the procurement as-a-service market. Also, the rapid digital transformation in the region has increased the requirement for procurement outsourcing services. Procurement as-a-service facilitates enterprises to free up their procurement departments and also to enhance the efficiency of the overall procurement process. India, China, Japan, Australia and New Zealand (ANZ) have emerged as the undisputed leaders in the procurement as-a-service market.
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Asia Pacific Procurement as-a-Service market to grow at high CAGR during forecast period
The procurement as-a-service market in APAC comprises countries such as China, India, Japan, Australia, South Korea, and the Rest of APAC. In several organizations, it’s difficult to control costs; however, procurement services allow focusing on core categories and competencies, offer higher spending control, enhance service levels, and business relationships. Procurement services are swiftly rising owing to market conditions in the region and the requirement for companies to maintain and mitigate costs without eliminating resources. For many organizations, it is expensive and difficult to maintain domain expertise in every category of spends. Procurement services offers a swift analysis of an organization’s spend and implement changes, bargain with suppliers, and use proven industry best practices.
APAC is active in adopting the latest technologies and implementing it in various industries. Enterprises among various industries in the region, such as retail, manufacturing, and utility industries, have already begun adopting advanced technologies such as AI and IoT, in order to enhance business processes and customer service. IoT is transforming the way that processes, people, and technologies drive value through the enterprise procurement process. For the procurement process, it presents a surge in spend visibility and a better understanding of supply and equipment usage. This would allow the procurement professional to optimize spend management by knowing what is being used and what is required. The ability to precisely estimate these requirements would significantly improve budget and contract management.
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