The global procurement as a service market size is expected to reach USD 13.58 billion by 2030, registering a CAGR of 10.4% over the forecast period. The proliferation of digital technology and the need to address supply chain risks have contributed to market growth. Although the COIVD-19 pandemic posed a minor hiccup to the otherwise positive market outlook, the industry may reach pre-COVID-19 levels by 2022. Over 60% of the organization’s spending is captured by sourcing and procurement-related functions.
Therefore, the demand for providers that help reduce this cost will drive market growth over the forecast period. Digital transformation has shifted towards a cloud environment, where procurement service providers update their solutions to web-based applications. Cloud offers flexibility and ease, subsequently helping service providers lower storage data costs. This further helps in improving business operations and making custom solutions available to the end markets. In addition, AI is also making its way into the procurement service business with a Unique Selling Point(USP) of offering data analytics while enhancing operations.
These features and benefits clubbed together create lucrative opportunities for industry incumbents to increase their customer base and bode well for market growth. Owing to the need to manage complex procurement contracts, the demand for procurement services is gaining traction among small- and medium-sized businesses. Deals involving contracts require expertise and time to deliver, and hence procurement as a service is a popular choice among SMEs. These services help companies focus on core competencies while outsourcing time-consuming and intricate tasks.
Therefore, the demand for providers that help reduce this cost will drive market growth over the forecast period. Digital transformation has shifted towards a cloud environment, where procurement service providers update their solutions to web-based applications. Cloud offers flexibility and ease, subsequently helping service providers lower storage data costs. This further helps in improving business operations and making custom solutions available to the end markets. In addition, AI is also making its way into the procurement service business with a Unique Selling Point(USP) of offering data analytics while enhancing operations.
These features and benefits clubbed together create lucrative opportunities for industry incumbents to increase their customer base and bode well for market growth. Owing to the need to manage complex procurement contracts, the demand for procurement services is gaining traction among small- and medium-sized businesses. Deals involving contracts require expertise and time to deliver, and hence procurement as a service is a popular choice among SMEs. These services help companies focus on core competencies while outsourcing time-consuming and intricate tasks.
Procurement As A Service Market Report Highlights
- The contract management segment is projected to register the fastest CAGR over the forecast period due to the growing need of enterprises to optimize vendor management & service-level agreements, to simplify the procurement process.
- The small- & medium-scale enterprises segment is expected to register the fastest CAGR from 2022 to 2030.
- This growth can be attributed to the growing number of start-ups and small businesses aiming to manage specific supply chain operations by deploying procurement as a service model.
- The IT & telecom segment is anticipated to grow significantly growth over the forecast period. The growing dependency of organizations on outsourcing business processes and the rising inclusion of technology to manage business operations are projected to drive the segment.
- Asia Pacific is anticipated to be the dominant regional market over the forecast period due to the rising instances of digital transformation and a growing number of small-scale businesses interested in implementing advanced procurement services.
Table of Contents
Chapter 1 Methodology and Scope
Chapter 2 Executive Summary
Chapter 3 Procurement as a Service Market Variables, Trends, and Scope
Chapter 4 Procurement as a Service Market: Component Estimates & Trends Analysis
Chapter 5 Procurement as a Service Market: Organization Estimates & Trends Analysis
Chapter 6 Procurement as a Service Market: Vertical Estimates & Trends Analysis
Chapter 7 Procurement as a Service Market: Region Estimates & Trends Analysis
Chapter 8 Competitive Analysis
Chapter 9 Company Profiles
Companies Mentioned
- Accenture plc
- Aegis Company
- Genpact
- Gep
- Hcl Technologies Ltd
- Infosys Limited
- International Business Machines Corporation
- Tata Consultancy Services Limited
- Wipro Limited
- Wns (Holdings) Ltd.
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 105 |
| Published | April 2022 |
| Forecast Period | 2022 - 2030 |
| Estimated Market Value ( USD | $ 6.15 Billion |
| Forecasted Market Value ( USD | $ 13.58 Billion |
| Compound Annual Growth Rate | 10.4% |
| Regions Covered | Global |
| No. of Companies Mentioned | 10 |
