Ameco Research Analyst projected that the global Procurement-As-A-Service Market will rise at a CAGR of more than 9% during the forecast period, with market size of over US$ 10,930 Million by 2030.
Due to rising rules, a plethora of information and resource limits, it is challenging for procurement organizations to control costs in today's corporate environment. Procurement outsourcing services helps users to focus on core categories and competencies, provide greater spending control, and improve service levels and business relationships by leveraging technology capabilities, supplier relationships and category insights and vastly automated transaction support and process delivery functions.
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Market Dynamics
A surge in funding to be provided for the growth and development of advanced and automated technology/machinery to combat fraudulent activities has resulted from the increasing number of key market collaborations. One of the primary factors driving the market's growth is the increasing number of small and medium-sized businesses around the world. The growing desire for a more efficient procurement process is raising market awareness. In many organizations, procurement processes and activities are becoming more complex. Procurement as a service is a good approach to go about it. Enterprises can benefit greatly from procurement as a service. It is capable of doing a wide range of jobs in a business.
Writing Off Legacy in Procurement for Businesses and Service Providers As-a-Service has progressed to the "Expansive" stage. Enterprises have made significant investments in ERP systems and integrated procurement procedures into these systems. ERP solutions have failed to provide procurement businesses with the customer experience, process simplicity, and compliance they desire. Writing Off Old refers to the exploration and use of platform-based solutions that integrate with the system of record, make data more available and expandable, and interface and integrate with other technologies, rather than abandoning ERP or legacy procurement systems. Modern, cloud-based platforms and networks like Ariba, SMART by GEP, and Coupa, which can function independently and integrate with current ERP systems, have made procurement a priority.
Holistic Security is the proactive management of internal and external people, processes, and technology in an outsourced agreement. People and processes become a crucial element in maintaining and securing data in business process outsourcing agreements when the focus is often on the systems. Holistic Security is at an expanded state in Procurement As-a-Service, with more services taking the form of cloud-based BPaaS solutions and service providers putting the required mechanisms in place to manage digital data across the service stack. However, there is still room for improvement in this area, since not all service providers have a comprehensive vision and plan for holistic security, which is a vital component of cloud-enabled, platform-based services.
Global Procurement-As-A-Service Market Classification
The procurement-as-a-service market is divided into three categories: component, organization size, vertical, and geography. The component segment is categorized into spend management, strategic sourcing, process management, contract management, category management, and transaction management. Among components, the strategic sourcing segment accounted for the majority of the share in 2021.
Large enterprises and small and medium enterprises are the bifurcations of the organization size segment. Large businesses who expect to manage complex procurement contracts and bag agreements will continue to invest in these services, making them the most popular. However, the SMEs segment is expected to attain the fastest growth rate throughout the forecast period 2022 – 2030.
The vertical segment is divided into BFSI, manufacturing, IT & telecom, retail, healthcare, and others. Based on them, the hospital's segment generated the maximum revenue in 2021. The expansion of this market was largely due to the management of supply chains with shorter lead times. Manufacturing will continue to be the market's most important demand driver through 2030. The manufacturing sector's services are aimed at enhancing supply chain dynamics in terms of direct inputs and raw materials.
Regional Stance
North America, Asia-Pacific, Latin America, Europe, and the Middle East & Africa (MEA) are the regional categorization of the global Procurement-As-A-Service market. As a key hub for technical advancements and an early adopter of new technologies, North America is predicted to have the greatest market size in the procurement as a service market. Enterprises in the North American region are concentrating on enhancing their procurement operations and applying procurement best practices. The European market has achieved maturity, and limited expansion is predicted. Key drivers driving regional market expansion include procurement service providers' increased focus on supplying customized service plans to their customers and rising demand from European manufacturing businesses to improve procurement processes.
Major Players
The top players offered in the report include vendors Accenture, Aegis Limited, Genpact, GEP, HCL Technologies Ltd, Infosys Limited, International Business Machines Corporation (IBM), and Tata Consultancy Services Limited (TCS), Wipro Limited, and WNS Limited.
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