$7.75+ Billion Procurement as a Service Market - Global Forecast to 2024 - ResearchAndMarkets.com

DUBLIN--()--The "Procurement as a service Market by Component (Strategic Sourcing, Spend Management, Category Management, Process Management, Contract Management, and Transactions Management), Vertical, Organization Size, and Region - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.

The Global Procurement as a Service Market Size is Expected to Grow from USD 5.4 Billion in 2019 to USD 7.8 Billion by 2024, at a CAGR of 7.6%

The procurement as a service market is driven by various factors, such as growing need to handle compliance policies and contracts, growing demand among enterprises to streamline the procurement processes. However, the integration issues with the legacy systems can hinder the growth of the market.

Procurement is one of the most complex and important business processes in any organization, as it is responsible for day-to-day operations of enterprises. Procurement can be of 2 types, namely, direct and indirect procurement. Direct procurement is the process of acquiring raw materials and goods for production. These acquisitions are made frequently and are necessary for key business practices, such as a baker acquiring flour to produce bread.

If direct procurement stops functioning or encounters problems, companies are no longer able to manufacture their products and create revenue. Indirect procurement is the process of purchasing services or supplies required to keep the day-to-day business alive. This includes things such as repairing equipment, buying office supplies, or acquiring services. Without indirect procurement functions, businesses would not be able to operate in an effective fashion. Typically, indirect procurement includes somewhere from 15% to 30% of a company's total revenue.

Enterprises are expanding their operations globally to increase their customer base. Procurement has a major role to play in improving the supply chain transparency, accessing supplier innovation, and delivering enterprise-wide cost reduction. Procurement departments of companies across the globe are currently focusing on improving the performance and efficiency of procurement processes, and some Chief Procurement Officers (CPOs) are exploring the area of procurement outsourcing to achieve the business goals. The procurement as a service model not only offers flexibility and cost reduction but also offers subject matter expertise to enterprises.

Key players in the procurement as a service market include:

  • Accenture
  • Aegis
  • CA Technologies
  • Capgemini
  • Corbus
  • Genpact
  • GEP
  • HCL
  • IBM
  • Infosys
  • Proxima
  • TCS
  • Wipro
  • WNS
  • Xchanging

Key Topics Covered:

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights

4.1 Attractive Opportunities in the Procurement as a Service Market

4.2 Market in North America, By Vertical and Country

4.3 Market: Major Countries

5 Market Overview

5.1 Introduction

5.2 Market Dynamics

5.2.1 Drivers

5.2.1.1 Growing Demand Among Enterprises to Streamline the Procurement Processes

5.2.1.2 Imminent Need to Handle Compliance Policies and Contracts

5.2.2 Restraints

5.2.2.1 Growing Concerns for Data Security and Privacy Across Enterprises

5.2.3 Opportunities

5.2.3.1 Advent of Artificial Intelligence and Machine Learning in the Procurement Process

5.2.3.2 High Adoption of Analytics Solutions to Improve the Procurement Process

5.2.4 Challenges

5.2.4.1 Integration Issues With the Legacy Systems

5.2.4.2 Outages and Third-Party Dependence

5.3 Industry Trends

6 Procurement as a Service Market, By Component

6.1 Introduction

6.2 Strategic Sourcing

6.2.1 Increasing Need to Manage the Network of Global Suppliers Among Enterprises to Draw the Demand for Strategic Sourcing

6.3 Spend Management

6.3.1 Growing Need Among Enterprises for Effectively Managing the Spending Expenditure to Boost the Demand for Spend Management

6.4 Category Management

6.4.1 Growing Need to Effectively Manage Various Categories and Ensuring Compliance With Contracts to Drive the Demand for Category Management

6.5 Process Management

6.5.1 Increasing Complexities of Procurement Processes to Drive the Demand for Process Management

6.6 Contract Management

6.6.1 Growing Demand Among Enterprises to Comply With the Financial Compliances to Boost the Demand for Contract Management

6.7 Transactions Management

6.7.1 Need for Simplifying Transactional Processes Across Verticals to Fuel the Demand for Transactions Management

7 Market, By Organization Size

7.1 Introduction

7.2 Large Enterprises

7.2.1 Need to Manage Complex Procurement Contracts to Drive the Adoption of Procurement as a Service Among Large Enterprises

7.3 Small and Medium-Sized Enterprises

7.3.1 Need for Eliminating Expenditures Associated With Staff Contracting and Technology Deployment to Boost the Demand for Procurement as a Service Among Small and Medium-Sized Enterprises

8 Market, By Vertical

8.1 Introduction

8.2 Manufacturing

8.2.1 Achieving Shorter Production Time and Reducing Supply Chain Costs to Drive the Adoption of Procurement as a Service in the Manufacturing Vertical

8.3 Retail and Consumer Packaged Goods

8.3.1 Developing a Strong Procurement Infrastructure and Maintaining Ethical and Sustainable Business Practices to Drive the Growth of Procurement as a Service in Retail and Consumer Packaged Goods Vertical

8.4 Banking, Financial Services, and Insurance

8.4.1 Capabilities, Such as Spend Analytics, Market Intelligence, and Supplier Performance Management, to Accelerate the Growth of Procurement as a Service in BFSI Vertical

8.5 IT and Telecom

8.5.1 Improving Total Cost of Ownership and Achieving Success in Mergers and Acquisitions to Boost the Market Growth in the IT and Telecom Vertical

8.6 Energy and Utilities

8.6.1 Understanding Global and Regional Markets for Sourcing, Improving Protection Requirements, and Meeting Warranty Obligations to Drive the Growth of the Market in Energy and Utilities Vertical

8.7 Travel and Hospitality

8.7.1 Managing Suppliers and Contracts, and Enabling Strategic Sourcing to Bolster the Adoption of Procurement as a Service in Travel and Hospitality Vertical

8.8 Healthcare

8.8.1 Need for Increasing R&D and Business Efficiencies to Accelerate the Growth of the Market in Healthcare Vertical

8.9 Others

9 Procurement as a Service Market, By Region

For more information about this report visit https://www.researchandmarkets.com/r/yizuoz

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Contacts

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
press@researchandmarkets.com
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
Related Topics: Computing Services