Global Procurement as A Service Market Analysis - 2020-2027

by Oliver Smith Sr. SEO Executive

The GMI Research forecasts that the Procurement as A Service Market is witnessing an upsurge in demand over the forecast period. This is mainly due to the growing demand among organizations to streamline the procurement process and the imminent need to handle compliance policies and contracts

Introduction of the Procurement As A Service Market:

The procurement as a service research report states that Procurement resembles an outsourced attainment model that combines staff, expertise, and technology, to handle some proportion of the company’s consummation function. The model affects the bottom line, relieve risks, and focus on the most important functions. The service provider follows a reporting portal to make the process perceivable to the organizations they work with.

Key Players of the Global Procurement as A Service Market:

Infosys Limited
Proxima Group
Capgemini
Wipro Limited
Accenture
GEP
Genpact
WNS (holdings) Ltd.
IBM

Procurement As A Service Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)

Expansion in the global procurement as a service market is owing to the growing penetration of modernized technology like the Internet of Things, Artificial Intelligence, and the enhancement in the revolutionary process owing to the aggravating execution of automation like help to digitalize procedures to access new levels.

For example, Accenture's PAAS model succored clients to accomplish several advantages from the cloud-based platform Radix. Furthermore, the increasing competition level has encouraged the supply chains to acquire sophisticated processes to enhance productivity and business operations. In addition, the evolvement of tailored offerings encouraged the service providers to divert their business towards the "as-a-service" model.

In addition, as per the procurement as a service market report, the augmenting stipulation across organizations to lessen the cost concerned with the accomplishment operations and simplify the processes is further responsible for the growth of the market. Also, several technology vendors, including SAP SE and Trade shift, are engendering procure-to-pay, individual suppliers network, and e-procurement solutions to lead the market. Furthermore, the inclination in enterprises to adopt the PAAS model for better management of the business.

The supervision of indirect expenditure is difficult with huge labor requirements within the company. It includes exerting compounded goods and services like marketing, IT services, and professional services. Thus, automated analytics plays a crucial role in amplifying the speed, productiveness, and reliability of the workflow for intensified outcomes. However, the rising apprehension towards the security and privacy of data across various organizations obstructs the procurement as a service market size.

Procurement As A Service Market Segmentation:

Segmentation by Component

· Strategic Sourcing

· Spend Management

· Contract Management

· Category Management

· Process Management

· Transactions Management

Segmentation by Organization Size

· Large enterprises

· Small and Medium-sized Enterprises (SMEs)

Segmentation by Industry Vertical

· Manufacturing

· Retail and consumer packaged goods

· Banking, Financial Services, and Insurance (BFSI)

· IT and Telecom

· Energy and Utilities

· Healthcare

· Travel and Hospitality

· Others

Segmentation by Region:

· Asia Pacific

o China

o Japan

o India

o Rest of APAC

· North America

o United States of America

o Canada

· Europe

o United Kingdom

o Germany

o France

o Spain

o Rest of Europe

· RoW

o UAE

o Brazil

o South Africa

o Saudi Arabia

About GMI Research

A market research and consulting company, GMI Research, offers various enterprises business insights and market research reports. Our research team accumulates all the relevant information about several industries using both internal and external databases. The focus of the organization is to acknowledge our clients with the upcoming opportunities and challenges across different industries.

The team assists clients in comprehending the influence of market dynamics like size, share, drivers, growth opportunities, and other aspects. We try to offer a step-by-step solution to our clients to reach a managerial and actionable decision. The enterprise got featured in the list of Silicon India Magazine in 2018 as one of the Most Promising Market.