Procurement-as-a-Service Market to Reach 5.30 Bn. by 2029 at a Growth Rate of 6.5% Trends and Highlights, Technological Advancements, Growth Hubs

Procurement-as-a-Service Market to Reach 5.30 Bn. by 2029 at a Growth Rate of 6.5% Trends and Highlights, Technological Advancements, Growth Hubs
Procurement-as-a-Service Market
Procurement-as-a-Service Market was valued at USD 3.20 Billion in 2021, and is expected to reach USD 5.30 Billion by 2029, exhibiting a CAGR of 6.5 % during the forecast period (2022-2029)

Pune, 5, Dec2022: The report analysed by Maximize Market Research, the global information technology and telecommunication market research firm. Procurement-as-a-Service Market covers an extensive competitive and pricing analysis in the report. North America held the largest share and is expected to witness significant growth according to the report. During the Forecast period, the report expects the market to grow from USD 3.20 Billion in 2021 to USD 5.30 Billion in 2029 at a CAGR of 6.5 percent. 

Procurement-as-a-Service Market Scope and Research Methodology 

The report is an analysis of the Procurement-as-a-Service Market, covering all the major highlights and trends in the market. The report includes local, regional and global analysis of the Procurement-as-a-Service Market. To understand the underlying factors that have an impact on the Procurement-as-a-Service Market, the report focuses on analysing the drivers, challenges, restraints and opportunities prevailing in the market. This helps new entrants to get a picture of the opportunities in the Procurement-as-a-Service Market along with the capital required, investment opportunities, market penetration, demand analysis and pricing analysis.

For the competitive analysis, key players and new entrants in the Procurement-as-a-Service Market are listed by various classifications of the region, revenue, financial status, portfolio, technological advancements adopted, fierce marketing strategies, social media presence, mergers and acquisitions, joint venture and strategic alliances. The analysis aids stakeholders, new entrants, investors, entrepreneurs, researchers, market players and followers for an easy comparison of various elements of the market, presenting future outlook with expected trends and risks in the market.

For a segment-wise analysis of the Procurement-as-a-Service Market, it was divided by component, enterprise size, end-use industry and Region for understanding the factors affecting the market growth positively and negatively. The bottom-up approach was employed to validate the market size and its estimation by different segments. 

Data was collected employing both primary and secondary data collection methods. Surveys, administering questionnaires and telephonic interviews with industry specialists, market leaders, entrepreneurs, manufacturers and marketing professionals were included in the primary methods. Secondary data was collected from trustworthy sources for maximum reliability of the inferences. This includes official databases of various organisations and government sites, industry journals, white papers, annual reports, releases of product manufacturers and suppliers in the industry along with paid databases. SWOT analysis was conducted to provide the strengths and weaknesses of the Procurement-as-a-Service Market while PESTLE was employed to understand the potential impact of the micro-economic external factors affecting the Procurement-as-a-Service Market.

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Procurement-as-a-Service Market Overview

Procurement-as-a-Service Market is a model that outsources procurement services that combines element like technology, intelligence and data analytics and strategic consulting in the organisation’s procurement system. To leverage the best out, companies are incorporating skilled people, automation and design thinking into the model. An example would be the use of SaaS (software as a service) for the smooth functioning and administration of the procurement services. 

Procurement-as-a-Service Market Dynamics 

The procurement system in an organisation plays a key role in the functioning of the supply chain. Many organisations are making efforts to adopt the Procurement-as-a-Service to reduce operational costs and improve flexibility in the supply chain. Processes such as transaction and spending management, sourcing and category management are business processes that can be outsourced. This increases efficient in the supply chain, thus increasing the client base. This trend o simplifying the procurement process and the adoption of such outsourcing services is expected to drive the Procurement-as-a-Service Market growth during the forecast period.

Procurement-as-a-Service Market is attempting to customize their services to proper meet the growing needs of the customers. Apart from traditional services being offered, category and spending management is being added, giving them the opportunity to handle tail-end suppliers. Services are being designed to meet the unique needs of the consumers such as market insights and the ability to produce third-party services, thereby creating on-demand models for customers. Such customization in the industry is expected to increase the Procurement-as-a-Service Market growth. 

Procurement-as-a-Service Market Regional Insights 

North America held the largest share of the Procurement-as-a-Service Market in 2021 and is expected to grow at CAGR 4.9% over the forecast period. The region witnesses technological advancements in many industries that include AI (Artificial Intelligence), Machine learning and automation. Adoption of such technologies is expected to drive the growth of the Procurement-as-a-Service Market. 

The Asia-Pacific region for the year 2021 held the significant share of the Procurement-as-a-Service Market and is expected to grow at a CAGR of 7.60 percent during the forecast period. The regional growth of the Procurement-as-a-Service Market is attributed to the growth of developing economies such as China and India. Japan is also expected to witness growth due to the growing electronics industry. Technological advancements in various industries in the region are also increased the demand for the regional Procurement-as-a-Service Market. 

Procurement-as-a-Service Market Segmentation:

By Component: 

  • Strategic Sourcing
  • Spend Management
  • Category Management
  • Process Management
  • Contract Management
  • Transaction Management

By Enterprise Size: 

  • SMEs
  • Large Enterprises

By End-Use Industry: 

  • IT & Telecom
  • Consumer Goods & Retail
  • Manufacturing
  • Energy & Utility
  • Healthcare
  • Hospitality & Tourism
  • Others

Procurement-as-a-Service Market Key Competitors include: 

  • Accenture
  • Infosys
  • GEP
  • Genpact
  • Proxima
  • WNS Denali
  • Capgemini
  • IBM
  • Wipro
  • HCL Technologies
  • Tata Consultancy Services(TCS)
  • Xchanging
  • Aegis Components Inc.
  • Corbus LLC
  • Bain & Company
  • CA Technologies
  • Hewlett Packard Enterprise Development LP
  • Skybox Security Inc.
  • Palo Alto Networks, Inc
  • 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 is the current growth rate of the Procurement-as-a-Service Market?  
  • What is the growth rate of Procurement-as-a-Service Market for the forecast period? 
  • What is the nature of competition in Procurement-as-a-Service industry in developed and developing economies? 
  • Who are the key players in the Procurement-as-a-Service Market?
  • Who are the market leaders in Procurement-as-a-Service in Europe?
  • Who are the market leaders in Procurement-as-a-Service in USA and Canada?
  • Who are the market leaders in Procurement-as-a-Service in India, China, Japan and South Korea?
  • What are the factors affecting growth in the Procurement-as-a-Service Market? 
  • Who held the largest market share in Procurement-as-a-Service Market? 
  • What are the factors for the growth of Asia-Pacific region in Procurement-as-a-Service Market?

Key Offerings:

  • Market Share, Size & Forecast by Revenue | 2022−2029
  • Market Dynamics – Growth Drivers, Restraints, Investment Opportunities, and Key Trends
  • Market Segmentation – A detailed analysis by component, enterprise size, end-use industry and Region and Region
  • Competitive Landscape – Top Key Vendors and Other Prominent Vendors

Maximize Market Research is leading information technology and communication research firm, has also published the following reports:

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Procurement Software MarketThe Procurement Software Market size is expected to reach USD 11.61 billion by 2029 at a CAGR of 8 percent during the forecast period. The Procurement Software Market is expected to be driven by growing demand for procurement process automation and government initiatives.

Management Consulting MarketThe Management Consulting Market size is expected to reach USD 570.77 billion by 2029 at a CAGR of 8.6 percent during the forecast period. The Management Consulting Market is expected to be driven by increasing digital marketing, growing globalisation and growth in freelance consulting.  

About Maximize Market Research:

Maximize Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology and communication, cars and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems. To mention a few, we provide market-verified industry estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.

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