Dublin, Aug. 20, 2020 (GLOBE NEWSWIRE) -- The "Procurement as-a-Service Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Component; Enterprise Size; End-User Industry" report has been added to ResearchAndMarkets.com's offering.
The global 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.
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 the 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.
Key Topics Covered
1.1 Study Scope
1.2 Report Guidance
1.3 Market Segmentation
2. Key Takeaways
3. Research Methodology
3.2 Secondary Research
3.3 Primary Research
4. Procurement As-a-Service Market Landscape
4.1 Market Overview
4.2 PEST Analysis
4.2.1 North America - PEST Analysis
4.2.2 Europe - PEST Analysis
4.2.3 Asia-Pacific - PEST Analysis
4.2.4 Middle East & Africa - PEST Analysis
4.2.5 South America - PEST Analysis
4.3 Ecosystem Analysis
4.4 Expert Opinion
5. Procurement As-a-Service Market - Key Market Dynamics
5.1 Market Drivers
5.1.1 Increasing Demand from Enterprises to Streamline the Procurement Processes
5.1.2 Positive Impact of BPO Evolution on Procurement Outsourcing
5.2 Market Restraint
5.2.1 Concerns Associated to Data Security
5.3 Market Opportunity
5.3.1 Lucrative Opportunities from Emerging Economies
5.4 Future Trend
5.4.1 Integration of AI in Procurement as-a-Service Offerings
5.5 Impact Analysis of Drivers and Restraints
6. Procurement As-a-Service - Global Market Analysis
6.1 Procurement As-a-Service Market Overview
6.2 Procurement As-a-Service Market - Revenue, and Forecast to 2027 (US$ Million)
6.3 Market Positioning - Global Market Players Ranking
7. Procurement As-a-Service Market Analysis - By Component
7.2 Procurement As-a-Service Market, By Component (2019 and 2027)
7.3 Strategic Sourcing
7.4 Spend Management
7.5 Category Management
7.6 Process Management
7.7 Contract Management
7.8 Transaction Management
8. Procurement As-a-Service Market Analysis - By Enterprise Size
8.2 Procurement As-a-Service Market, By Enterprise Size (2019 and 2027)
8.4 Large Enterprises
9. Procurement as-a-Service Market Analysis - By End-User Industry
9.2 Procurement as-a-Service Market, By End-User Industry (2019 and 2027)
9.3 IT and Telecom
9.4 Consumer Goods and Retail
9.6 Energy and Utility
9.8 Hospitality and Tourism
10. Procurement as-a-Service Market - Geographic Analysis
10.2 North America: Procurement as-a-Service Market
10.3 Europe: Procurement as-a-Service Market
10.4 APAC: Procurement as-a-Service Market
10.5 MEA: Procurement as-a-Service Market
10.6 SAM: Procurement as-a-Service Market
11. Impact of COVID-19 Pandemic on Global Procurement as-a Service Market
12. Global Payment Machine Mounting System Market - Industry Landscape
12.1 Market Initiatives
12.2 Mergers and Acquisitions
13. Company Profiles
13.2 CAPGEMINI SE
13.3 Corbus, LLC
13.4 Genpact Ltd.
13.6 HCL Technologies
13.7 IBM Corporation
13.8 Infosys Ltd.
13.9 Wipro Limited
13.10 WNS (Holdings) Limited
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