Procurement as a Service Market Accelerating with a CAGR of 11.2% by 2022-2030; Industry Trends, Size, Share, Demand, Growth and Key Player Analysis
Procurement as a Service Market: The same methodology is being applied to all companies to enhance profits and productivity while simultaneously reducing redundancy. are expected to augment the market at a healthy CAGR of ~ 11.2% during the forecast period of 2021 to 2030.
According to a comprehensive research report by Market Research Future (MRFR), “Procurement as a Service Market: By Component, By Organization Size, By Vertical – Forecast to 2030”, the market is predicted to thrive substantially during the assessment era from 2022 to 2030 at a healthy CAGR of approximately 11.2% to attain a valuation of around USD 13.58 Billion by the end of 2030.
Procurement as a Service Market Overview:
According to MRFR analysis, the global Procurement as a Service Market is expected to register a CAGR of ~ 11.2% from 2021 to 2030 and hold a value of over ~USD 13.58 billion by 2030.
Procurement as a Service Market Competitive Analysis:
The list of leading contributors across the global market for Procurement as a Service Market includes companies such as:
- Genpact LLC
- Proxima Procurement Ltd
- FCODE
- WNS Global
- Capgemini SE
- Accenture Plc
- Infosys Ltd
- GEP
- IBM Corporation
- WIPRO Limited
- HCL Technologies Ltd
- Tata Consultancy Services Limited
- Xchanging Solutions Ltd
- CA Technologies
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From the name itself, it is pure that procurement as a service is a technological system that offers an advanced level of procurement services to all sizes of organizations. Procurement as a service is afraid handling of compliance policies and contracts. Procurement is one of the most significant and complex business processes and procurement as a service deal with the same fluently. The recent outburst of coronavirus has proven to be a bane for the market. The epidemic has led to the suspension of business activity on account of the coronavirus epidemic and has resulted in disturbances in global supply chains, border limits, and travel boundaries by government bodies. Mandatory containment procedures and health safety compliances have put vast pressure on remote operations across an extensive array of industry verticals which further derailed the market growth rate. However, software companies are currently growing their focus on in-demand technologies and re-exploring advanced ways to serve their clients.
Market Segmentation
The global Procurement as a Service Market has been segmented into component, and organization size
Based on the component, the industry is divided into strategic sourcing, process management, spend management, category management, contract management, and transaction management.
Based on organization size, the market is segmented into large enterprises and small and medium enterprises. The industry verticals covered in the study contain BFSI, manufacturing, retail, IT and telecom, healthcare, and others.
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By Component:
- Transaction management
- Strategic sourcing
- Process management
- Spend management
- Category management
- Contract management
By Organisation Size:
- Large scale enterprise
- Small-medium enterprise
By vertical:
- Travel and hospitality
- Manufacturing
- Healthcare
- Retail
- Consumer goods market
- Energy and utilities
- Banking, insurance and financial services
- It and Telecomm
By Region:
- North America
- Europe
- Asia pacific
- Latin America
- The Middle East and Africa
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Regional Analysis
North America dominates the procurement as a service market owing to the increasing number of initiatives by the government as well as private organizations for digital transformation along with acceptance of cloud services while the Asia-Pacific region will assume to grow in the estimated period of 2022-2030 owing to the growing advancement in technology along with the increasing need to prevent cybercrimes.
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About Market Research Future:
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
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