Global Procurement as Service Market Insights
The global market for Procurement as a Service is estimated to grow at a significant CAGR during the forecast period. Procurement as a service is an outsourced model for procurement which combines staff, technology and expertise to handle an organization’s procurement function. Procurement as a service essentially fills the gaps in the company’s workforce, and acts as an extension of the company’s workforce. The market is driven by inclination of service providers to move towards as-a-service models and constant innovation in the industry. However, factors such as lack of awareness about the service in developing countries coupled with high cost of the service are expected to restrain growth in the procurement as a service market.
Procurement as a Service Market: Application Insights
Based on application, the global procurement as a service industry is classified into strategic planning, implementation of best practices, supplier rationalization, supplier collaboration, strategic collaboration, negotiation and strategic sourcing among others. The strategic sourcing segment is estimated to hold the largest market share in terms of revenue during the forecast period. Growth in the segment can be attributed to growing demand for IT and logistics outsourcing across the world.
Procurement as a Service Market: Organization Size Insights
On the basis of organization size, the global procurement as a service market is classified into small and medium enterprises and large enterprises. The large enterprise segment is estimated to hold the largest market share in terms of revenue during the forecast period. Outsourcing is usually done by companies with widespread operations and businesses to reduce their operational costs. Growing investment in the industry is further expected to propel growth in the segment.
Procurement as a Service Market: Regional Insights
The North American market for procurement as a service is estimated to hold the largest market share in terms of revenue during the forecast period. Presence of large scale multinational companies and need to reduce operational costs in the region are some factors expected to boost growth in the North American market. The European and Asia Pacific regions are also projected to register significant growth during the coming years due to growing commercialization and digitization.
Procurement as a Service Market: Vendor Landscape
The report contains a chapter dedicated to vendors operating in the market, covering raw material manufactures, equipment developers, manufacturers, and distributors. The report provides these insights on a regional level. This section of the report entails contact details, experience, products manufactured/supplied, and geographical presence of companies.
Procurement as a Service Market Share & Competitor Analysis
Major players in the Procurement as a Service market are Conduent, Scout RFP, Ceprocs Srl, Source One, GEP, Proxima, Softek, IBM, Acecenture and Capgemini among others.