Industry Background:
Account payable and procurement service refers to maintaining the company’s liability or debt owed due to the purchasing of services and products in a ledger. Growing digital transformation and complexity to maintain account payables or ledger in the spreadsheets or papers has led organizations towards the outsourcing of account payable & procurement to reduce the IT cost and eliminate errors. The huge amount of purchase of raw materials or goods in the manufacturing sector will accelerate the market growth as it helps to improve the payment process and maintain better relations with suppliers.
This growth is primarily driven by Growing Preference Towards the Account Payable & Procurement Services to Reduce IT and Training Cost and Surging Demand Outsourcing of Procurement Services to Improve Payment Process and Make Payment on Time.
Globally, a noticeable market trend is evident Use of Technologically Advanced Solutions by the Service Providers to Improve Customer Experience. Major Players, such as GEP (United States), Corcentric, Inc. (United States), Infosys (India), QX Global Group Ltd. (United Kingdom), IBM (United States), Bioprocure, Inc. (United States), Accenture (Ireland), Capgemini (France), Genpact (United States), Wipro (India), Avendra, LLC (United States) and Black & Veatch (United States) etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
Key Developments in the Market:
In 2018, Corcentric announced the acquisition of Source One Management Services, a leading provider of tech-enabled procurement services to expand its sourcing and procurement services. The acquisition will bring Source One’s sourcing and procurement expertise and allow Corcentric to provide its services to more customers while increasing value across finance and procurement.
Market Drivers
- Growing Preference Towards the Account Payable & Procurement Services to Reduce IT and Training Cost
- Surging Demand Outsourcing of Procurement Services to Improve Payment Process and Make Payment on Time
Market Trend
- Use of Technologically Advanced Solutions by the Service Providers to Improve Customer Experience
Restraints
- Adoption of Account Payable & Procurement Solutions by the End-User Industries
Opportunities
Rapidly Growing Manufacturing Sector Across the Globe
Challenges
Duplication Issues, Loss of Control, and Lack of Visibility into the Process
AMA Research follow a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mostly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcase the spontaneously changing Players landscape impacting the growth of the market. Furthermore, our market researchers extensively analyse the products and services offered by multiple players competing to increase their market share and presence.
Customization in the Report
AMA Research features not only specific market forecasts, but also include significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints
- New Entrants into the Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
Against this Challenging Backdrop, Accounts Payable & Procurement Services Study Sheds Light on
The Accounts Payable & Procurement Services Market status quo and key characteristics. To end this, Analyst at AMA organize and took survey of the Accounts Payable & Procurement Services industry Players. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Accounts Payable & Procurement Services industry is heading and what are the top priorities. Insights are drawn from financial analysis, the survey and interviews with key executives and industry experts.
How every company in this diverse set of Players can best navigate the emerging competition landscape and follow a strategy that helps them position to hold value they currently claim, or capture the new addressable opportunity.