Procurement-as-a-Service Market Trends, Segmentation, Regional Outlook, Future Plans and Forecast to 2029
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)
Procurement-as-a-Service Market Overview:
Procurement-as-a-Service Market research report explores and evaluates the market's position during the predicted period. It is in-depth study focusing on fundamental and secondary drivers, market share, leading segments, and geographical analysis. The research also looks at notable individuals, large collaborations, mergers and acquisitions, as well as contemporary innovation and corporate strategy.
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Procurement-as-a-Service Market Dynamic:
Indirect procurement accounts for 15% to 30% of a company's overall revenue. As a result, firms across all industries are increasingly focused on outsourcing their procurement operations in order to reduce the operational costs associated with procurement activities. Companies can manage their operations such as transaction management, sourcing, spend management, category management, and others by outsourcing these business processes. Furthermore, businesses are extending their operations in order to increase their client base. Procurement plays an important role in improving supply chain transparency, generating enterprise-wide cost reductions, and gaining access to supplier innovation.
We examined the Procurement-as-a-Service Market from every angle conceivable, including both primary and secondary research approaches. This improved our grasp of current market dynamics, such as supply-demand imbalances, pricing trends, product preferences, and customer behaviours. Following that, the data is collated and evaluated using a variety of market estimation and data validation procedures. In addition, we have an in-house data forecasting engine that predicts market growth until 2027.
Following the completion of market engineering, which comprised market statistics, market size estimations, market forecasts, market breakdown, and data triangulation, significant primary research was done to acquire information to verify and validate important numbers. To undertake market estimating and forecasting for the overall market segments and sub-segments described in this research, top-down and bottom-up tactics, as well as different data triangulation procedures, were often employed throughout the market engineering process. Extensive qualitative and quantitative analysis is performed on all data obtained during the market engineering process in order to provide essential information throughout the report.
Procurement-as-a-Service Market Segmentation:
On the basis of component, the procurement as-a-service market is segmented into strategic sourcing, spend management, category management, process management, contract management, transaction management. The spend management segment dominated the component segment with 21.8% of market share in 2021 and is expected to grow at a CAGR 5.52% during the forecast period. An effective spend management supports a company to guarantee that the supplier data is kept up to date so that procurement executives are provided with the right information. Further, the supplier databases are integrated throughout the company in order to avoid duplication of the suppliers. The spend management service also includes recognizing the existing procurement inefficiencies and thereby correcting these inefficiencies. Key activities within spend management include spend planning and disbursement, spend monitoring and analysis, and buyer management.
Procurement-as-a-Service Market Key Players:
• WNS Denali
• HCL Technologies
• Tata Consultancy Services(TCS)
• Aegis Components Inc.
• Corbus LLC
• Bain & Company
• CA Technologies
• Hewlett Packard Enterprise Development LP
• Skybox Security Inc.
• Palo Alto Networks, Inc
• Cisco Systems, Inc.
Secondary research is used to identify industry leaders, and primary research is utilised to estimate market revenue. In-depth interviews with important thought leaders and industry experts, such as seasoned front-line staff and marketing personnel, were conducted as part of the main research. The core study included in-depth interviews with key thought leaders and industry experts such as experienced front-line employees, CEOs, and marketing personnel. In-depth interviews with important thought leaders and industry professionals such as experienced front-line staff, CEOs, and marketing personnel were conducted as part of the primary study.. The players highlighted in this report are as follows:
Procurement-as-a-Service Market Regional Analysis:
The study covers both qualitative and quantitative data and offers a comprehensive look into the Procurement-as-a-Service industrial sector by area. It gives an overview and forecast of the worldwide Procurement-as-a-Service market by segment. It also forecasts and predicts market sizes for five important regions between 2021 and 2027: North America, Europe, Asia-Pacific, the Middle East, Africa, and South America. Each area's Procurement-as-a-Service market is further subdivided into regions and sectors. The research examines and forecasts a wide range of countries, as well as existing industry trends and prospects.
COVID-19 Impact Analysis on Procurement-as-a-Service Market:
We investigated and analyzed the Global Procurement-as-a-Service Business Expansion Strategy post-COVID-19, using organisational strategic analysis, landscape, category, utilization, and leading countries to encapsulate and analyze the global Procurement-as-a-Service industry's potential, providing statistical data on market trends, growth regulators, major challenges, PORTER analysis, and market entry strategy analysis, prospects, and forecasts. The fundamental purpose of the research is to offer industrial firms a strategic analysis of the impact of COVID-19. Simultaneously, this study assessed significant countries' markets and highlighted their market potential in post-pandemic scenarios.
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Key Questions Answered in the Procurement-as-a-Service Market Report are:
- Which product categories, End Users, and Regions provide the most potential high-growth possibilities in the worldwide Procurement-as-a-Service sector?
- Which Procurement-as-a-Service market categories will grow the most rapidly, and why?
- Which regions will have the most rapid development, and why?
- What are the main factors impacting Procurement-as-a-Service market dynamics? What are the main drivers and challenges in the Procurement-as-a-Service market?
- What are the Procurement-as-a-Service market's vulnerabilities and threats?
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