The new report by Expert Market Research titled, ‘Global Procurement as a Service Market Size, Share, Price, Trends, Growth, Report and Forecast 2023-2028’, gives an in-depth analysis of the Global Procurement as a Service Market, assessing the market based on its segments like Component, Organization Size, End-Use and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analyzing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
• Historical Market Size (2022): USD 6.21 billion
• Forecast CAGR (2023-2028): 8.10%
• Forecast Market Size (2028): USD 9.87 billion
The rising demand among organizations to streamline the procurement process, rising need for the service to handle compliance policies and contracts, rising consumer demand, and increased competition among enterprises are some of the factors that will likely boost the growth of procurement as a service market in the forecast period of 2020-2027.
Procurement as a Service Industry Definition and Major Segments
Regardless of the sector, strategic procurement sourcing is a necessary component of all organizations. The analysis of what a company buys, from whom, at what price, and in what volume is known as strategic sourcing. Identifying the company’s external expenditure, performing the Request for Proposal (RFP)/Request for Quotation (RFQ) procedure, negotiating pricing with suppliers, and setting up contracts are all part of strategic sourcing. The goal of strategic sourcing is to strike a balance between the quality of goods and services and their cost.
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The major components of the Procurement Service market are:
• Strategic Sourcing
• Spend Management
• Category Management
• Process Management
• Contract Management
• Transactions Management
Based on its organization size, the market may be broadly classified as follows:
• Small and Medium-Sized Enterprises
• Large Enterprises
Based on end-use, the market can be divided into:
• Manufacturing
• Retail and Consumer Packaged Goods
• Banking, Financial Services, and Insurance
• IT and Telecom
• Energy and Utilities
• Travel and Hospitality
• Healthcare
• Others
The regional markets for the global load balancer market include:
• North America
• Europe
• Asia Pacific
• Latin America
• The Middle East and Africa
Procurement as a Service Market Trends
This procurement as a service market report provides recent development, trade regulations, import-export analysis, production analysis, value chain optimization, market share, the impact of domestic and localized market players, analyses developing revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growth analysis, and market share are all potential possibilities.
Key Market Players
The major players in the market are Accenture Plc (NYSE: ACN), Infosys Limited (NYSE: INFY), GEP, Genpact Ltd. (NYSE: G), Proxima Group (buying team Ltd.), WNS (Holdings) Ltd. (NYSE: WNS), Capgemini SE (EPA: CAP), International Business Machines Corp. (NYSE: IBM), Wipro Limited (NSE: WIPRO) and others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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