Procurement-as-a-Service Market was valued at USD 3.4 Billion in 2022, and is expected to reach USD 5.30 Billion by 2029, exhibiting a CAGR of 6.5% during the forecast period (2023-2029)
Procurement-as-a-Service Market Overview
The research on the Procurement-as-a-Service market is based on the detailed dynamics the Procurement-as-a-Service market. The report covers market revenue forecasts at global, regional and segment, and national levels. External & internal factors affecting the market were deeply analysed. Industry rivalry for predicted periods and individual firm valuations, are all included in Procurement-as-a-Service market research.
Procurement-as-a-Service Market Report Scope and Research Methodology
The report is a comprehensive analysis of the complementary and Procurement-as-a-Service market by region, segment and competitive landscape. The report covers the current trends prevailing in the market & changing consumer preferences towards the industry in the upcoming years helping the companies identify investment pockets and opportunities in the Procurement-as-a-Service market. Sales forecasting is the main highlight of the report.
The report is equipped with a competitive analysis of the complementary and Procurement-as-a-Service market players. Key players and new entrants in the complementary and Procurement-as-a-Service are listed together to provide a thorough analysis. The complementary and Procurement-as-a-Service was analysed by region, revenue, financial status, portfolio, current problems associated with technological advancement adopted, and mergers and acquisitions. The new entrants in Complementary and Procurement-as-a-Service & the customers were researched for growth prospects and future business outlooks.. Bottom-up approach was used to estimate the complementary and Procurement-as-a-Service size.
Procurement-as-a-Service Market Regional Insights
The Regional Analysis in the report helps to understand the Procurement-as-a-Service market in various countries. The report includes a detailed analysis of the market potential & industry rivalry in all the regions: :
- North America
- Europe,
- Asia Pacific
- Latin America,
- Middle East, and Africa.
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Procurement-as-a-Service Market Segmentation:
Strategic sourcing, spend management, category management, process management, contract management, and transaction management are the component-based market segments for procurement as a service. With a market share of 21.8% in 2022, the spend management sector led the component category and is predicted to expand at a CAGR of 5.52% during the following five years. An organisation may ensure that the supplier data is kept up to date with the help of an excellent spend management system, ensuring that procurement executives have access to the correct data.
Small and medium-sized businesses (SMEs) and large businesses make up the two market segments for procurement as a service, respectively, based on company size. With 63.3% of the market share in 2022, the big enterprises sector dominated the enterprise size category. During the forecast period, it is anticipated to increase at a CAGR of 7.34%. Large businesses work on complicated contracts that take longer to complete and require greater expertise, like those for IT systems, military gear, and public infrastructure projects. Because of this, major corporations all over the world are concentrating on cutting costs while also raising total production.
The Procurement as a Service market is divided into IT and telecom, consumer goods and retail, manufacturing, energy and utility, healthcare, hotel and tourism, and other segments based on end-use industry. Automotive, chemicals, transportation and logistics, and the financial services sector make up the other end-user industries. With a market share of 38.6% in 2022, the manufacturing sector led the end-use industry segment. During the forecast period, it is anticipated to rise at a CAGR of 5.83%.
Procurement-as-a-Service Market Size, by Component (2022-2029)
• Strategic Sourcing
• Spend Management
• Category Management
• Process Management
• Contract Management
• Transaction Management
Procurement-as-a-Service Market Size, by Enterprise Size (2022-2029)
• SMEs
• Large Enterprises
Procurement-as-a-Service Market Size, by End-Use Industry (2022-2029)
• IT & Telecom
• Consumer Goods & Retail
• Manufacturing
• Energy & Utility
• Healthcare
• Hospitality & Tourism
• Others
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Procurement-as-a-Service Market Key Players:
1. Accenture
2. Infosys
3. GEP
4. Genpact
5. Proxima
6. WNS Denali
7. Capgemini
8. IBM
9. Wipro
10. HCL Technologies
11. Tata Consultancy Services(TCS)
12. Xchanging
13. Aegis Components Inc.
14. Corbus LLC
15. Bain & Company
16. CA Technologies
17. Hewlett Packard Enterprise Development LP
18. Skybox Security Inc.
19. Palo Alto Networks, Inc
20. Cisco Systems, Inc.
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Key questions answered in the Procurement-as-a-Service Market are:
- What is Procurement-as-a-Service ?
- What are the factors driving the Procurement-as-a-Service Market growth?
- What are the factors are limiting the Procurement-as-a-Service Market growth?
- What was the Procurement-as-a-Service market size in 2021?
- Which trends are expected to generate additional revenue for the Procurement-as-a-Service market growth?
- What are the recent industry trends that can be implemented to generate additional revenue streams for the Procurement-as-a-Service Market?
- What growth strategies are the players considering to increase their foothold in the Procurement-as-a-Service Market?
- Who held the largest market share in the Procurement-as-a-Service Market?
Key Offerings:
- Past Market Size and Competitive Landscape (2018 to 2021)
- Past Pricing and price curve by region (2018 to 2021)
- Market Size, Share, Size & Forecast by different segment | 2022−2029
- Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by region
- Market Segmentation – A detailed analysis by segment with their sub-segments and Region
- Competitive Landscape – Profiles of selected key players by region from a strategic perspective
- Competitive landscape – Market Leaders, Market Followers, Regional player
- Competitive benchmarking of key players by region
- PESTLE Analysis
- PORTER’s analysis
- Value chain and supply chain analysis
- Legal Aspects of business by region
- Lucrative business opportunities with SWOT analysis
- Recommendations
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