Global Procurement as a Service Market Size is estimated to expand rapidly in coming years, at a CAGR of 8.1 % from 2018 to 2025. In 2017, the global market valuation was USD 3.5 billion, and it is anticipated to be greater than USD xx.xx billion by 2025. Procurement as a service is a subcontracted procurement model that incorporates technology, employees, and knowledge to manage a part, if not all, of the procurement function of your organization. The growing need of cost-reducing, and streamline procurement service is expected to dominate the global procurement as a service market in the forecast period. North America is expected to dominate the global market in the forthcoming period. 

Global Market Growth Opportunities (Revenue, Growth) By 2017-2025

This global market study report analysis offers in-depth insights, revenue details, and other vital information regarding the global procurement as a service market, and the various trends, drivers, restraints, opportunities, and threats in the target market till 2025. The report offers insightful and detailed information regarding the various key players operating in the market, their financials, supply chain trends, technological innovations, key developments, apart from future strategies, acquisitions & mergers, and market footprint. The global procurement as a service market report has been segmented on the basis of type, application, and region. It includes the estimation of the market size, in terms of value, with respect to 4 main geographies, namely, North America, Europe, APAC, and RoW.

Segment Analysis

By Component Type Insights: On the basis of component, global procurement as a service market has been segmented into strategic sourcing, spend management, category management, process management, contract management, and transactions management. Among which strategic sourcing segment is expected to be the highest growing segment in the global market of procurement as a service. Strategic sourcing includes purchasing of product in an organization. Strategic sourcing service suppliers have knowledge in multiple sourcing activities and give companies procurement as a service industry to streamline their sourcing operations.

By Vertical Insights: On the basis of vertical, global procurement as a service market has been segmented into BFSI, manufacturing, IT and telecommunication, and others. Among which manufacturing segment is expected to be the highest growing segment in the global market of procurement as a service. Increasing customer demand and global competition among other industries is expected to drive industrial attention to sustain the global market. As a consequence, manufacturing businesses are gradually adopting procurement outsourcing and technology-driven approaches that allow them to optimize their production procedures and attain important cost savings.

Regional Analysis

The procurement as a service market is divided into regions that are North America - U.S, Canada, Other; Asia-Pacific -India, Japan, China, Australia, Other; Europe - UK, Russia, France, Brazil, Other; Middle East and Africa. Every region analysis details in sense of growth, revenue, volume, challenges, and opportunities with the regional and global key players. In terms of region North America is expected to have largest market share in the global market of procurement as a service. The North America region is a significant hub for technological change and the early adoption of advanced technologies. The companies in the North American region are focused on enhancing their procurement activities and applying best practices for procurement activities.

Asia Pacific region is expected to witness high growth in the market in forecast period. Outsourcing of procurement enables companies to increase the effectiveness of procurement procedures. Various industries in the region are adopting procurement as a Service solves the issue by combining cloud-based technology with smartly managed procedures to manage suppliers, allow e-sourcing, handle the contract lifecycle, evaluate and report on spending, and review costs, risks, and results; a worldwide procurement strategy.   Europe is anticipated to dominate global procurement as a service market over the projected period. The smart use of cloud-based technology solutions, combined with established procedures based on established best practices, can assist create order out of chaos and is expected to drive the global market in the forecast period. 

Global Procurement as a Service Market Size, Share Analysis by Region 2017

Global Procurement as a Service Market Study Objective

1. To forecast the market size of procurement as a service market, along with describing and defining the market, in terms of volume and revenue as well as market opportunities for stakeholders, in order to provide a competitive landscape for global market players.

2. Market analysis and forecast of procurement as a service market on the basis of region, substrate, and application or end-use industry. To profile major market players, and to analyze their market shares and essential competencies comprehensively.

3. To analyze and elaborate on significant factors that will have a major impact on the growth of procurement as a service market, such as drivers, restraints, challenges, and opportunities.

4. The regional analysis of procurement as a service market, to induce market size of five global major regions, which include, Europe, North America, South America, Middle East & Africa, and the Asia Pacific.

5. Strategic analysis of micro markets, in terms of individual prospects, opportunities, growth trends and their involvement in the overall market.

6. To provide detailed analysis of competitive and strategic developments in the procurement as a service market like a new product launch, partnership & agreement, investment & expansion, and company merger & acquisitions.

Key Players Landscape

Accenture, Infosys, GEP, Genpact, Proxima, WNS, Capgemini, IBM, Wipro, HCL Technologies, TCS, Xchanging, Aegis, Corbus, and CA Technologies are some of the key players in the market of procurement as a service market. Accenture is one of the leading vendors in the procurement as a service market with robust services, to help organizations save cost and enhance their business performance.

Global Procurement as a Service Market Study Report Offer You!

The global procurement as a service market study report gives an idea about market size, share, stock, equity, investment and total price analysis. Also, the report provides comprehensively industry insights with all major factors such as market credit, allocation, demand, distribution, market scope, key players, end user & applications, provisions, livestock, commodities and industry economics analysis, future growth & forecast. The global market report includes all depth data like pre-market emphasis, market survey, market investment, industry advice, portfolio, finance, access, trade, market exploration, industry review and market predication & projection to develop effective strategies for optimizing their market position.