Market Overview
The major factor driving the Procurement as a Service Market Size 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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