Global Procurement as a Services Market Overview:
Procurement as a service is a procurement model which outsources procurement that combines technology, staff, and expertise to handle a portion of the procurement function. Technology helps determine what the organization is spending on and where it’s likely to find savings. Service procurement companies are those that deliver people-based services to an organization. A procurement service provider can provide a rapid analysis of an organization's spend and implement changes, negotiate with suppliers, and use proven industry best practices. Some of the players profiled in the study are IBM (United States), Accenture (Ireland), GEP (United States), Capgemini (France), Genpact (United States), Wipro (India), Pcura (India), Corbus (United States), WNS (India) and Infosys (India). and would reach the market size of USD9.3 Billion by 2026.
On the basis of geography, the market of Procurement as a Services has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Services, the sub-segment i.e. Source to Pay will boost the Procurement as a Services market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by End Use Industry, the sub-segment i.e. IT and Telecommunication will boost the Procurement as a Services market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Market Growth Drivers
- Growing Demand of Procurement as a Service to Improve Spending Coverage and Reduce Cost for Goods and Services
- Need for Minimized Risk and Assets Required in Procurement Process
Influencing Trend
- Increasing Consumption of Procurement Services to Significantly Reduce Operational Costs
- Integration of Procurement as a Service with Existing Software
Restraints
- Lack of Awareness about Procurement as a Service
Opportunities
- Surging Demand for Procurement as a Services from Developing Economies
- The rise in Inventory Management Services Along with Procurement Services
Challenges
- Procurement as a Service May Not Be Able to Handle Complex Purchases
Key Market Developments:
In Feb 2021, Cargill and Maersk Tankers announced that in an effort to enable more competitive and transparent pricing, they will launch a new procurement service. While the initial goal is to procure bunker fuel for Cargill and Maersk Tankers’ combined fleet, the service which launches April is also aiming to attract additional customers.
Although the industry can be said to have a market leader like IBM and Accenture, Wipro; the industry is not captured by them. It has small players as well as medium and big players. The industry does not have any major barrier to entry. Reputation and good past work are the keys to attract new first-time customers in this industry.
Target Audience:
Venture Capitalists and Private Equity Firms, New Entrants/Investors, Analysts and Strategic Business Planners, Procurement as a Service Providers, Government Regulatory and Research Organizations, End-Use Industries and Others
Major Objectives Focused through this Study
To define, describe, and forecast the Global Procurement as a Services market on the basis of product [Direct Procurement as a Services, Indirect Procurement as a Services and Services Procurement as a Services] , application [
], key regions and end user
To provide in-depth information regarding major influencing factors affecting the growth of the market (trends, drivers, restraints, opportunities, and industry-centric and regional challenges)
To strategically analyse the micro-markets and important business segments with respect to individual growth drivers , market trends and potential, and historical contributions to the total market
Identifying the opportunities in the market for key stakeholders and detailing the competitive landscape for market leaders
To provide market size for various segments of the Procurement as a Services market with respect to major geographies, namely, South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico)
To strategically profile the key players and analyzing their market shares and core competencies in the Procurement as a Services industry
To track key developments such as product launches, expansions, agreements, partnerships, mergers & acquisitions, and R&D activities that are key factors in shaping the market
Available Customization:
Data related to EXIM [Export- Import], production & consumption by country or regional level break-up can be provided based on client request**. Additionally, the Players which are also part of the research are .
** Confirmation on availability of data would be informed prior purchase
While framing the research framework, major and emerging players operating in the Procurement as a Services market in various regions have been profiled, and their offerings, geographic footprints, and distribution/sales channels have been analysed through in-depth discussions. The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, analyst team keeps preparing set of questionnaires and after getting appointee list; the target audience are then tapped and segregated with various mediums and channels that are feasible for making connection that includes email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey etc.