Increasing demand from enterprises to streamline the procurement processes is attributing to the growth of the procurement-as-a-service market. Procurement is one of the most important and complex business processes in the both SMEs as well as large enterprises, as this business function is responsible for various day-to-day operations of the enterprises. Procurement are of 2 types, including, direct and indirect procurement. The direct procurement is a process that is involved in acquiring various raw materials and goods for final product production.
According to the most recent market research on “Procurement as-a-Service Market Forecast to 2027 – COVID-19 Impact and Global Analysis by Component (Strategic Sourcing, Spend Management, Category Management, Process Management, Contract Management, Transaction Management); Enterprise Size (SMEs, Large Enterprises); End-User Industry (IT and Telecom, Consumer Goods and Retail, Manufacturing, Energy and Utility, Healthcare, Hospitality and Tourism, Others); and Geography,” the market is growing. The report highlights the factors driving and restraining market growth, as well as prominent market players and their recent developments.
During the forecast period, the global procurement as-a-service market is expected to grow at a rapid pace. The increasing demand from enterprises to streamline procurement processes, as well as the positive impact of BPO evolution on procurement outsourcing, are the primary driving forces in the global procurement as-a-service market. Furthermore, several leading companies’ significant technological development initiatives are expected to drive demand during the forecast period.
Procurement as a service is an outsourced procurement business model that combines staff, technology, and expertise to manage a portion, or the entire, procurement functions of the user’s organisation. Technology enables service providers to examine what their customers spend their money on and where potential savings can be found. Offerings for procurement as a service assist end-users in selecting categories for sourcing and allocating category experts to manage purchasing for those categories. These services rely on technology to source and procure goods and services, track payments and purchases, and handle three-way matching to ensure that users only pay for what they receive. Several procurement-as-a-service providers make the entire process visible to the enterprises with whom they work, typically via reporting portals. Users gain access to analytics and the procurement tool through this portal, allowing them to work on their own reports, record inventory, and upload payments. Procurement as a service is similar to SaaS in that it manages procurement services. Choosing a comprehensive procurement platform that is built with various technology solutions to provide users with category management, supplier management, and more will ensure that the user’s organisation has efficient performance as well as significant cost savings.
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Accenture, CAPGEMINI SE, Corbus, LLC, Genpact Ltd, GEP, HCL Technologies, IBM Corporation, Infosys Ltd, Wipro Limited, and WNS (Holdings) Limited are some of the market participants.
The global Procurement as-a-Service market is segmented as follows in the report:
Component by Component
Spend Management Strategic Sourcing Process Management Contract Management Transaction Management
By Business Size
Large Enterprises SMEs
Industry End User
IT and telecommunications
Manufacturing of Consumer Goods and Retail
Energy and utilities Healthcare Hospitality and tourism
The rest of Europe
Asia and the Pacific (APAC)
Asia Pacific as a whole
Africa and the Middle East (MEA)
South African Republic
Kingdom of Saudi Arabia
Rest of the Middle East and Africa
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