Market Overview
The major factor driving the Procurement as a Service Market is the increased demand for procurement processes in various fields. The
demand for procurement processes from enterprises is accelerating market
growth. The procurement process is most important in both small and medium
scale enterprises and large scale enterprises. It is a crucial procedure to run
the business smoothly. The market is getting more awareness due to the demand
to streamline the procurement process, and it has been increased in many
organizations worldwide. The Procurement as a Service is
capable of managing a variety of tasks in different enterprises. Services like
transaction management, category management, spend management, strategic and
process management. Due to its multi-tasking nature, the Procurement as
a Service Market is in high demand. Artificial Intelligence and
Machine Learning technologies bring positive changes and huge opportunities to
the Procurement as a Service Market Size. The market is even facing
marketing challenges such as data security issues because the procurement
service deals with a large amount of data. Anyway, the key players are working
on the issue to provide the best systematic service. The compliance policies
and contracts are other major factors fueling the Procurement as a
Service Market Growth.
During the COVID-19 pandemic, the market’s demand was retained from the
short-term and long-term partnerships with the end-users. Favourable growth
opportunities were noticed during the lockdown period because of the
e-procurement platforms in the previous years, which provided a huge scope of
the market growth. The Procurement as a Service Market Analysis shows
good performance in the post COVID period, which will lead the market to reach
USD 9 Billion with a healthy CAGR.
Market Segmentation
The Procurement as a Service Industry is segmented into
various types based on component, organization size, and vertical. The market
is categorized into transaction management, strategic sourcing, process
management, spend management, category management, and contract management
based on components. The organization size segment is subcategorized into
large-scale enterprise and small-medium enterprise. The vertical segment is
fragmented into travel and hospitality, manufacturing, healthcare, retail, the
consumer goods market, energy and utilities, banking, insurance, financial
services, and IT and telecom services. These segments provide their best
services in the market by enhancing the growth of the Procurement as a
Service Market at the global level.
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Regional Analysis
The Procurement as a Service Market geographical
distribution states that the market is distributed into various developing
countries such as North America, Europe, Asia Pacific, Latin America, the
Middle East, and the African region. Among this region, the North American
region is the leading market with a good share rate. This region is considered
as the key contributor of the global Procurement as a Service Market.
Followed by North America, the European market will even show significant
growth in the future because of the massive demand for the procurement process
in that region. The Asia Pacific market is even noticed to witness the fastest
growth due to the adoption of the procurement process.
Industry News
The prominent chief players of the Procurement as a Service
Market are launching Artificial Intelligence-based software suitable
for intelligent business operations.
The Procurement as a Service Market size is projected
to grow at a CAGR of 8.9% by 2025.
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