Product Code: GVR-4-68038-121-4
Procurement As A Service Market Growth & Trends:
The global procurement as a service market size is expected to reach USD 13.58 billion by 2030 and is anticipated to expand at a CAGR of 11.1% from 2023 to 2030, according to a new report by Grand View Research, Inc. The rise in demand for efficient inventory management and supply chain optimization to lower expenses and boost profitability from the business has contributed to market growth. Furthermore, the pandemic outbreak played a decisive role in driving the market's growth. By assisting small businesses in running their companies normally despite the COVID-19 pandemic, procurement as a service provider helped them keep up with the evolving trends in digital transformation. This is attributed to the demand for procurement as a service market during the forecast period.
The emphasis on digital transformation has shifted to the cloud, where procurement service providers are updating their apps to be web-based. Cloud computing provides convenience and flexibility, which helps service providers reduce data storage costs, and these further support enhancing business operations and giving end markets specialized solutions. Along with the cloud, Artificial Intelligence (AI) is also gaining traction in the procurement service industry, delivering data analyses while increasing operations as a distinct competitive advantage. These features and benefits clubbed together create lucrative opportunities for industry incumbents to expand their customer base and bode well for market growth.
Owing to the need to manage complex procurement contracts, the demand for procurement services is gaining traction among small and medium-sized businesses. Deals involving contracts require expertise and time to deliver; hence, procurement as a service is a popular choice among SMEs. These services help companies focus on core competencies while outsourcing time-consuming and intricate tasks. For instance, in October 2021, Accenture acquired Xoomworks Group, a procurement technology provider. Accenture's capacity to assist clients in accelerating technology-led business and procurement transformation increased through this acquisition. Accenture's Closed Loop Spend Management capabilities have been strengthened by the integration of Xoomworks Procurement, which aids clients with end-to-end changes that provide unparalleled insight across direct and indirect cost categories.
Procurement As A Service Market Report Highlights:
- The contract management segment is projected to grow considerably, with the fastest CAGR over the forecast period. The growth of this segment is majorly attributed to the increasing demand from businesses for service-level agreements and vendor management optimization to streamline the procurement process.
- The small & mid-sized enterprises segment is expected to register the highest CAGR from 2023 to 2030. This growth can be attributed to a rising number of start-ups and small enterprises that are using procurement as a service approach to managing specific supply chain operations.
- The IT & telecom segment is anticipated to register significant growth over the forecast period. The increasing use of technology to handle company operations and enterprises' growing reliance on outsourcing business operations are projected to drive segment growth.
- The Asia Pacific region is anticipated to dominate the market growth over the forecast period. Growing instances of digital transformation and an increase in the number of small companies engaged in using enhanced procurement services are expected to drive regional growth.
Table of Contents
Chapter 1 Methodology and Scope
- 1.1. Market Segmentation and Scope
- 1.2. Market Definition
- 1.3. Research Methodology
- 1.3.1. Information procurement
- 1.3.2. Purchased database
- 1.3.3. GVR's internal database
- 1.3.4. Secondary sources and third-party perspectives
- 1.3.5. Primary research
- 1.4. Information Analysis
- 1.4.1. Data analysis model
- 1.5. Market Formulation and Data Visualization
- 1.6. Data Validation and Publishing
- 1.7. List of Abbreviations
Chapter 2 Executive Summary
- 2.1 Market Snapshot
- 2.2 Segment Outlook
- 2.2.1 Procurement as a service market size & forecasts, 2018 - 2030 (USD Million)
- 2.2.1.1 Procurement as a service market, by component, 2018 - 2030 (USD Million)
- 2.2.1.2 Procurement as a service market, by organization, 2018 - 2030 (USD Million)
- 2.2.1.3 Procurement as a service market, by vertical, 2018 - 2030 (USD Million)
- 2.2.1.4 Procurement as a service market, by region, 2018 - 2030 (USD Million)
Chapter 3 Procurement as a Service Market Variables, Trends, and Scope
- 3.1 Procurement as a Service - Value Chain Analysis
- 3.2 Market Dynamics
- 3.2.1 Market driver analysis
- 3.2.1.1 Growing demand among enterprises to streamline the procurement processes
- 3.2.1.2 Growing need to handle compliance polices and contracts
- 3.2.2 Market challenge analysis
- 3.2.2.1 Integration issues with the legacy systems
- 3.3 Industry Analysis Tool
- 3.3.1 Porter's five forces analysis
- 3.3.2 Procurement as a service market - PEST analysis
- 3.4 Impact of COVID-19 on Procurement as a Service market
Chapter 4 Procurement as a Service Market: Component Estimates & Trends Analysis
- 4.1 Component Market Analysis & Market Share, 2022 & 2030
- 4.2 Strategic Sourcing
- 4.2.1 Global strategic sourcing market, by region, 2018 - 2030 (USD Million)
- 4.3 Spend Management
- 4.3.1 Global spend management market, by region, 2018 - 2030 (USD Million)
- 4.4 Process Management
- 4.4.1 Global process management market, by region, 2018 - 2030 (USD Million)
- 4.5 Category Management
- 4.5.1 Global category management market, by region, 2018 - 2030 (USD Million)
- 4.6 Contract Management
- 4.6.1 Global contract management market, by region, 2018 - 2030 (USD Million)
- 4.7 Transaction Management
- 4.7.1 Global transaction management market, by region, 2018 - 2030 (USD Million)
Chapter 5 Procurement as a Service Market: Enterprise Size Estimates & Trends Analysis
- 5.1 Enterprise Size Market Analysis & Market Share, 2022 & 2030
- 5.2 SMEs
- 5.2.1 Global SMEs market, by region, 2018 - 2030 (USD Million)
- 5.3 Large Enterprises
- 5.3.1 Global large enterprises market, by region, 2018 - 2030 (USD Million)
Chapter 6 Procurement as a Service Market: Vertical Estimates & Trends Analysis
- 6.1 Vertical Market Analysis & Market Share, 2022 & 2030
- 6.2 BFSI
- 6.2.1 Global BFSI market, by region, 2018 - 2030 (USD Million)
- 6.3 Manufacturing
- 6.3.1 Global manufacturing market, by region, 2018 - 2030 (USD Million)
- 6.4 Retail
- 6.4.1 Global retail market, by region, 2018 - 2030 (USD Million)
- 6.5 IT & Telecom
- 6.5.1 Global IT & telecom market, by region, 2018 - 2030 (USD Million)
- 6.6 Healthcare
- 6.6.1 Global healthcare market, by region, 2018 - 2030 (USD Million)
- 6.7 Others
- 6.7.1 Global others market, by region, 2018 - 2030 (USD Million)
Chapter 7 Procurement as a Service Market: Region Estimates & Trends Analysis
- 7.1 Regional Market Analysis & Market Share, 2022 & 2030
- 7.2 North America
- 7.2.1 North America procurement as a service market, by component, 2018 - 2030 (USD Million)
- 7.2.2 North America procurement as a service market, by enterprise size, 2018 - 2030 (USD Million)
- 7.2.3 North America procurement as a service market, by vertical, 2018 - 2030 (USD Million)
- 7.2.4 U.S.
- 7.2.4.1 U.S. procurement as a service market, by component, 2018 - 2030 (USD Million)
- 7.2.4.2 U.S. procurement as a service market, by enterprise size, 2018 - 2030 (USD Million)
- 7.2.4.3 U.S. procurement as a service market, by vertical, 2018 - 2030 (USD Million)
- 7.2.5 Canada
- 7.2.5.1 Canada procurement as a service market, by component, 2018 - 2030 (USD Million)
- 7.2.5.2 Canada procurement as a service market, by enterprise size, 2018 - 2030 (USD Million)
- 7.2.5.3 Canada procurement as a service market, by vertical, 2018 - 2030 (USD Million)
- 7.3 Europe
- 7.3.1 Europe procurement as a service market, by component, 2018 - 2030 (USD Million)
- 7.3.2 Europe procurement as a service market, by enterprise size, 2018 - 2030 (USD Million)
- 7.3.3 Europe procurement as a service market, by vertical, 2018 - 2030 (USD Million)
- 7.3.4 U.K.
- 7.3.4.1 U.K. procurement as a service market, by component, 2018 - 2030 (USD Million)
- 7.3.4.2 U.K. procurement as a service market, by enterprise size, 2018 - 2030 (USD Million)
- 7.3.4.3 U.K. procurement as a service market, by vertical, 2018 - 2030 (USD Million)
- 7.3.5 Germany
- 7.3.5.1 Germany procurement as a service market, by component, 2018 - 2030 (USD Million)
- 7.3.5.2 Germany procurement as a service market, by enterprise size, 2018 - 2030 (USD Million)
- 7.3.5.3 Germany procurement as a service market, by vertical, 2018 - 2030 (USD Million)
- 7.4 Asia Pacific
- 7.4.1 Asia Pacific procurement as a service market, by component, 2018 - 2030 (USD Million)
- 7.4.2 Asia Pacific procurement as a service market, by enterprise size, 2018 - 2030 (USD Million)
- 7.4.3 Asia Pacific procurement as a service market, by vertical, 2018 - 2030 (USD Million)
- 7.4.4 China
- 7.4.4.1 China procurement as a service market, by component, 2018 - 2030 (USD Million)
- 7.4.4.2 China procurement as a service market, by enterprise size, 2018 - 2030 (USD Million)
- 7.4.4.3 China procurement as a service market, by vertical, 2018 - 2030 (USD Million)
- 7.4.5 India
- 7.4.5.1 India procurement as a service market, by component, 2018 - 2030 (USD Million)
- 7.4.5.2 India procurement as a service market, by enterprise size, 2018 - 2030 (USD Million)
- 7.4.5.3 India procurement as a service market, by vertical, 2018 - 2030 (USD Million)
- 7.4.6 Japan
- 7.4.6.1 Japan procurement as a service market, by component, 2018 - 2030 (USD Million)
- 7.4.6.2 Japan procurement as a service market, by enterprise size, 2018 - 2030 (USD Million)
- 7.4.6.3 Japan procurement as a service market, by vertical, 2018 - 2030 (USD Million)
- 7.5 Latin America
- 7.5.1 Latin America procurement as a service market, by component, 2018 - 2030 (USD Million)
- 7.5.2 Latin America procurement as a service market, by enterprise size, 2018 - 2030 (USD Million)
- 7.5.3 Latin America procurement as a service market, by vertical, 2018 - 2030 (USD Million)
- 7.5.4 Brazil
- 7.5.4.1 Brazil procurement as a service market, by component, 2018 - 2030 (USD Million)
- 7.5.4.2 Brazil procurement as a service market, by enterprise size, 2018 - 2030 (USD Million)
- 7.5.4.3 Brazil procurement as a service market, by vertical, 2018 - 2030 (USD Million)
- 7.5.5 Mexico
- 7.5.5.1 Mexico procurement as a service market, by component, 2018 - 2030 (USD Million)
- 7.5.5.2 Mexico procurement as a service market, by enterprise size, 2018 - 2030 (USD Million)
- 7.6 Middle East & Africa
- 7.6.1 Middle East & Africa procurement as a service market, by component, 2018 - 2030 (USD Million)
- 7.6.2 Middle East & Africa procurement as a service market, by enterprise size, 2018 - 2030 (USD Million)
- 7.6.3 Middle East & Africa procurement as a service market, by vertical, 2018 - 2030 (USD Million)
Chapter 8 Competitive Analysis
- 8.1 Recent Developments and Impact Analysis, by Key Market Participants
- 8.2 Company/Competition Categorization
- 8.3 Vendor Landscape
- 8.3.1 Key Company Ranking Analysis, 2022
Chapter 9 Company Profiles
- 9.1 Accenture plc
- 9.1.1 Company overview
- 9.1.2 Financial performance
- 9.1.3 Product benchmarking
- 9.1.4 Recent developments
- 9.2 Aegis Company
- 9.2.1 Company overview
- 9.2.2 Financial performance
- 9.2.3 Product benchmarking
- 9.2.4 Recent developments
- 9.3 Genpact
- 9.3.1 Company overview
- 9.3.2 Financial performance
- 9.3.3 Product benchmarking
- 9.3.4 Recent developments
- 9.4 GEP
- 9.4.1 Company overview
- 9.4.2 Financial performance
- 9.4.3 Product benchmarking
- 9.4.4 Recent developments
- 9.5 HCL Technologies Ltd
- 9.5.1 Company overview
- 9.5.2 Financial performance
- 9.5.3 Product benchmarking
- 9.5.4 Recent developments
- 9.6 Infosys Limited
- 9.6.1 Company overview
- 9.6.2 Financial performance
- 9.6.3 Product benchmarking
- 9.6.4 Recent developments
- 9.7 International Business Machines Corporation
- 9.7.1 Company overview
- 9.7.2 Financial performance
- 9.7.3 Product benchmarking
- 9.7.4 Recent developments
- 9.8 Tata Consultancy Services Limited
- 9.8.1 Company overview
- 9.8.2 Financial performance
- 9.8.3 Product benchmarking
- 9.8.4 Recent developments
- 9.9 Wipro Limited
- 9.9.1 Company overview
- 9.9.2 Financial performance
- 9.9.3 Product benchmarking
- 9.9.4 Recent developments
- 9.10 WNS (Holdings) Ltd.
- 9.10.1 Company overview
- 9.10.2 Financial performance
- 9.10.3 Product benchmarking
- 9.10.4 Recent developments