1. Market Research
  2. > Advanced IT Market Trends
Procurement as-a-Service Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Component ; Enterprise Size ; End-User Industry

Procurement as-a-Service Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Component ; Enterprise Size ; End-User Industry

  • May 2020
  • 198 pages
  • ID: 5908666
  • Format: PDF
  • The Insight Partners

Summary

Table of Contents

Search Inside

The procurement as-a-service market was valued at US$ 3,137.7 million in 2019 and is projected to reach US$ 4,741.1 million by 2027; it is expected to grow at a CAGR of 6.4% from 2020 to 2027.An outsourced procurement function model that utilizes the power of staff, technology, and expertise together for optimizing the procurement function in the best possible way is defined as procurement as a service (PaaS). With the usage of procurement as a service model, the businesses are handed with better control over their assets and other operations. Businesses are provided with subject matter expertise and latest technology product on-demand. The procurement as a service model has led to significant cost savings for businesses. Moreover, PaaS offers flexibility to businesses for scaling up and down the support as and when needed. Moreover, PaaS allows sharing of procurement complexities with businesses. Further, strategic procurement organizations are demanding integrated suites that combine sourcing, supplier management, contract management, and proactive risk management along with transactional procure-to-pay competences. With a comprehensive procurement solution, companies can make use of critical information during taking decisions while proactively handling ongoing activities during the source-to-settle lifecycle.

The market for procurement as-a-service has been segmented based on component, enterprise size, end-user industry, and geography.Based on component, the market is segmented into strategic sourcing, spend management, category management, process management, contract management, transaction management.

The spend management segment represented the largest share of the overall market during 2019.Based on enterprise size, the procurement as-a-service market is segmented into large enterprise and SMEs.

In 2019, large enterprise segment held a substantial share in the global procurement as-a-service market.While, SMEs segment is anticipated to grow at the highest CAGR from 2020 to 2027.

Based on end-user industry, the market is segmented into IT and telecom, consumer goods and retail, manufacturing, energy and utility, healthcare, hospitality and tourism, and others. The manufacturing segment held the market in 2019 and is expected to continue its dominance in the forecast period.

Geographically, the market is segmented into five major regions— North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South America (SAM).North America is projected to have the largest market size in the procurement as-a-service market, as the region is an early adopter of new technologies and a main hub for technological innovations.

The various enterprises in the North American region are focusing on enhancing their procurement operations and executing the best practices for the procurement operations.The presence of major market players in the region also supports the demand for the adoption of procurement as-a-service offerings, thus leading to the growth of the market.

Further, APAC procurement as-a-service market is witnessing a high market share in the present scenario and is foreseen to be growing steeply during the forecast period.The region has become a global manufacturing hub with the presence of diverse manufacturing industries.

China, India, South Korea, Japan, and Rest of APAC are considered the key countries in the procurement as-a-service market. Also, the rapid digital transformation in the region has increased the requirement for procurement outsourcing services. Procurement as-a-service facilitates enterprises to free up their procurement departments and also to enhance the efficiency of the overall procurement process. India, China, Japan, Australia and New Zealand (ANZ) have emerged as the undisputed leaders in the procurement as-a-service market.

GEP, Accenture, IBM Corporation, Infosys Ltd., HCL Technologies, Corbus, LLC, WNS (Holdings) Limited, CAPGEMINI SE, Genpact Ltd., and Wipro Limited are among the key players operating in the global procurement as-a-service market.

Impact of COVID-19 Pandemic on Procurement as-a-Service Market

COVID-19 outbreak, which began in Wuhan (China) in December 2019, has rapidly spread across the globe.It has badly affected China, Italy, Iran, Spain, the Republic of Korea, France, Germany, and the US in terms of confirmed cases and reported deaths as of March 2020.

The continuous growth of infected individuals has led the government to impose lockdown across the nation’s borders.The majority of the manufacturing plants are shut down, municipalities are functioning slowly compared to the past, and the automotive and semiconductor industries are at a halt, which is negatively impacting the procurement as-a-service market.

In terms of patient count and death toll, Canada and Mexico are still at a nascent stage in comparison with the US. However, the manufacturing plants, the semiconductor industry, and several other businesses are functioning slowly, which is negatively impacting the procurement as-a-service market.

Overall size of the global procurement as-a-service market has been derived in accordance to primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the procurement as-a-service market.

Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the procurement as-a-service market.

Get Industry Insights. Simply.

  • Latest reports & slideshows with insights from top research analysts
  • 150+ Million searchable statistics with tables, figures & datasets
  • More than 25,000 trusted sources
  • Single User License — provides access to the report by one individual.
  • Department License — allows you to share the report with up to 5 users
  • Site License — allows the report to be shared amongst all employees in a defined country
  • Corporate License — allows for complete access, globally.
Ahmad helps you find the right report:
Testimonials

The research specialist advised us on the best content for our needs and provided a great report and follow-up, thanks very much we shall look at ReportLinker in the future.

Kate Merrick

Global Marketing Manager at
Eurotherm by Schneider Electric

We were impressed with the support that ReportLinker’s research specialists’ team provided. The report we purchased was useful and provided exactly what we want.

Category Manager at
Ikea

ReportLinker gave access to reliable and useful data while avoiding dispersing resources and spending too much time on unnecessary research.

Executive Director at
PwC Advisory

The customer service was fast, responsive, and 100% professional in all my dealings (...) If we have more research needs, I'll certainly prioritize working with ReportLinker!

Scott Griffith

Vice President Marketing at
Maurice Sporting Goods

The research specialist provided prompt, helpful instructions for accessing ReportLinker's product. He also followed up to make sure everything went smoothly and to ensure an easy transition to the next stage of my research

Jessica P Huffman

Research Associate at
American Transportation Research Institute

Excellent customer service. Very responsive and fast.

Director, Corporate Strategy at
Ingredion

I reached out to ReportLinker for a detailed market study on the Air Treatment industry. The quality of the report, the research specialist’s willingness to solve my queries exceeded my expectations. I would definitely recommend ReportLinker for in-depth industry information.

Mariana Mendoza

Global Platform Senior Manager at
Whirlpool Corporation

Thanks! I like what you've provided and will certainly come back if I need to do further research works.

Bee Hin Png

CEO at
LDR Pte Ltd

The research specialist advised us on the best content for our needs and provided a great report and follow-up, thanks very much we shall look at ReportLinker in the future.

Kate Merrick

Global Marketing Manager at
Eurotherm by Schneider Electric

FAQ
  • How we can help
    • I am not sure if the report I am interested in will fulfill my needs. Can you help me?
    • Yes, of course. You can call us at +33(0) 4 37 65 17 03 or drop us an email at researchadvisor@reportlinker.com to let us know more about your requirements.
    • We buy reports often - can ReportLinker get me any benefits?
    • Yes. Set up a call with a Senior Research Advisor to learn more - researchadvisor@reportlinker.com or +33(0) 4 37 65 17 03.
    • I have had negative experiences with market research reports before. How can you avoid this from happening again?
    • We advise all clients to read the TOC and Summary and list your questions so that we can get more insight for you before you make any purchase decision. A research advisor will accompany you so that you can compare samples and reports from different sources, and choose the study that is right for you.

  • Report Delivery
    • How and when I will receive my Report?
    • Most reports are delivered right away in a pdf format, while others are accessed via a secure link and access codes. Do note that sometimes reports are sent within a 12 hour period, depending on the time zones. However, you can contact us to escalate this. Should you need a hard copy, you can check if this option is offered for the particular report, and pay the related fees.
  • Payment conditions
    • What payment methods do you accept?
      1. Credit card : VISA, American Express, Mastercard, or
      2. You can download an invoice to pay by wire transfer, check, or via a Purchase Order from your company, or
      3. You can pay via a Check made out in US Dollars, Euros, or British Pounds for the full amount made payable to ReportLinker
    • What are ReportLinker’s Payment Terms?
    • All payments must normally be submitted within 30 days. However, you can let us know if you need extended time.
    • Are Taxes and duties included?
    • All companies based in France must pay a 20% tax per report. The same applies to all individuals based in the EU. All EU companies must supply their VAT number when purchasing to avoid this charge.
    • I’m not satisfied. Can I be refunded?
    • No. Once your order has been processed and the publisher has received a notification to send you the report, we cannot issue any refund or cancel any order. As these are not ‘traditional’ products that can be returned, reports that are dispatched are considered to be ‘consumed’.
  • User license
    • The license that you should acquire depends on the number of persons that need to access the report. This can range from Single User (only one person will have the right to read or access the report), or Department License (up to 5 persons), to Site License (a group of persons based in the same company location), or Corporate License (the entire company personnel based worldwide). However, as publishers have different terms and conditions, we can look into this for you.

ref:plp2020

Reportlinker.com © Copyright 2020. All rights reserved.

ReportLinker simplifies how Analysts and Decision Makers get industry data for their business.

Make sure you don’t miss any news and follow us on