Global Procurement As A Service Market
The GMI Research forecasts that the Procurement As A Service Market is witnessing an upsurge in demand over the forecast period. This is mainly due to the growing demand among organizations to streamline the procurement process and the imminent need to handle compliance policies and contracts.
Introduction of the Procurement As A Service Market:
Procurement, or PAAS, indicates an outsourced procurement model that integrates technology, staff, and expertise to handle a portion, if not all, of the company’s procurement function. The model influences the bottom line, mitigates risks, and helps to emphasize what matters the most. The service provider makes the process visible to the organizations they work with, usually by following a reporting portal.
Key Players of the Global Procurement As A Service Market:
- Infosys Limited
- Proxima Group
- Capgemini
- Wipro Limited
- Accenture
- GEP
- Genpact
- WNS (holdings) Ltd.
- IBM
Procurement As A Service Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)
The global procurement as a service market is projected to experience a significant demand during the forecast period. This is primarily due to the accelerating penetration of sophisticated technology such as the Internet of Things, Artificial Intelligence, and the modernizations in the transformation process led by the surging implementation of automation like assistance in digitalizing and reinventing processes to meet new levels. For example, Accenture’s PAAS model helped clients attain various benefits from Radix, its cloud-based Source-to-pay platform. Further, the rising completion level globally has persuaded the supply chains to adopt advanced processes to raise productivity and business operations. In addition, the evolution of customized offerings motivated the service providers to retract their business towards the “as-a-service” model.
In addition, the growing need of enterprises to decrease the cost related to attainment operations and streamline acquirement processes is one of the most significant factors responsible for the growth of the market. The technology vendors, including SAP SE and Tradeshift, are generating individual suppliers network, procure-to-pay, and e-procurement solutions to dominate the market. The management of indirect expenditure is complex and requires extensive labor within the company. It involves sourcing compounded goods and services such as IT services, marketing, facilities management, and professional services. This has modified the organizations towards adopting procurement as a service model for effective management of business operations, tracking of purchases, and payments. Thus, automation allowed analytics plays an essential role in improving the speed, effectiveness, and accuracy of the workflow for better outcomes. However, the aggravating apprehension concerned with data security and privacy across various organizations hampers the procurement as a service market share.
Procurement As A Service Market Segmentation:
Segmentation by Component
- Strategic Sourcing
- Spend Management
- Contract Management
- Category Management
- Process Management
- Transactions Management
Segmentation by Organization Size
- Large enterprises
- Small and Medium-sized Enterprises (SMEs)
Segmentation by Industry Vertical
- Manufacturing
- Retail and consumer packaged goods
- Banking, Financial Services, and Insurance (BFSI)
- IT and Telecom
- Energy and Utilities
- Healthcare
- Travel and Hospitality
- Others
Segmentation by Region:
- North America
- United States of America
- Canada
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
- Rest of the world (remaining countries of the LAMEA region)
About GMI Research
GMI Research is a market research and consulting company that offers business sights and market research reports for every enterprise, including small & medium enterprises and large organizations. Our research team helps the clients to understand the impact of market dynamics such as market size, share, drivers, growth opportunities, and other aspects. We have a team of analysts and industry experts who conduct market intelligence studies to ensure relevant and fact-based research across a wide range of sectors such as FMCG, Technology, Energy, Healthcare, and other industries. We collect relevant information about the industry using both internal and external databases. Our main focus is to keep our clients abridged of the emerging opportunities and challenges in a wide range of industries. We provide step-by-step assistance to our client through strategic and consulting services to reach a managerial and actionable decision. Featured in the ‘Top 20 Most Promising Market Research Consultants’ list of Silicon India Magazine in 2018, we at GMI Research are always looking forward to helping businesses stay ahead of the curve.
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