CHICAGO, July 18, 2019 /PRNewswire/ -- According to a new market research report "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", published by MarketsandMarkets, the Procurement as a Service Market size expected to grow from USD 5.4 billion in 2019 to USD 7.8 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 7.6% during the forecast period.
The increasing demand to automate procurement processes with the help of advanced technologies, and the growing need to reduce the costs associated with procurement operations are some of the major factors driving the growth of the Procurement as a Service Market.
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The large enterprises segment to hold a larger market size during the forecast period
The adoption of the procurement as a service in large enterprises is said to be higher as compared to SMEs. Large enterprises might have the necessary resources, but face issues when it comes to deployment, due to the variety of solutions and applications available. This complexity and sophistication of the Information Technology (IT) infrastructure may lead to the requirement of a dedicated department for IT infrastructure management.
Moreover, large companies deal with complex contracts, such as military hardware, IT systems, and public infrastructure projects that take longer to deliver and require better expertise. Large enterprises are increasingly moving toward procurement as a service to eliminate their difficulties and minimize their operational costs.
The manufacturing vertical to hold the largest market size during the forecast period
Increasing global competition and rising consumer demand to drive companies to differentiate themselves from their competitors. Manufacturing companies must deliver higher quality at lower prices, newer features, and shorter production times while maintaining market presence and managing costs effectively. As a result, manufacturing companies are progressively adopting procurement outsourcing and technology-driven solutions that enable them to streamline their manufacturing processes and achieve significant cost savings.
This, in turn, enables them to focus on their competence areas, such as manufacturing skills, production, and on-time delivery. Procurement as a service in the manufacturing industry takes care of processes, such as spend analysis, sourcing and category management, supplier management, Procure-to-Pay (P2P) and Source-to-Pay (S2P) process management (while ensuring execution compliance), and planning and managing the supply chain costs.
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North America to hold the largest market size during the forecast period
North America is estimated to account for the largest market size in 2019. The region comprises developed countries, such as the US and Canada, and is considered the most advanced region in terms of adopting digital technologies. The North American region houses key industry players offering procurement services. Its financial position enables it to invest majorly in leading solutions and technologies for effective business operations.
The major Procurement as a Service Market vendor includes Accenture (Ireland), Infosys (India), GEP (US), Genpact (US), Proxima (UK), WNS (India), Capgemini (France), IBM (US), Wipro (India), HCL Technologies (India), TCS (India), Xchanging (UK), Aegis (India), Corbus (India), and CA Technologies (US).
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