The latest study released on the Global Procurement as-a-Service Market by The Insight Partners Research evaluates market size, trend, and forecast to 2028. The Procurement as-a-Service market study covers significant research data and proofs to be a handy resource document for managers, analysts, industry experts and other key people to have ready-to-access and self-analyzed study to help understand market trends, growth drivers, opportunities and upcoming challenges and about the competitors.
The procurement-as-a-service market expected to grow from US$ 3,065.0 million in 2020 to US$ 4,741.1 million by 2027; it is estimated to grow at a CAGR of 6.4% from 2020 to 2027.
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Increasing demand from enterprises to streamline the procurement processes is attributing to the growth of the procurement-as-a-service market. Procurement is one of the most important and complex business processes in the both SMEs as well as large enterprises, as this business function is responsible for various day-to-day operations of the enterprises. Procurement are of 2 types, including, direct and indirect procurement. The direct procurement is a process that is involved in acquiring various raw materials and goods for final product production. These acquisitions are conducted frequently and are very essential for key business practices, such as an automaker acquiring steel to produce vehicles.
If direct procurement encounters problems or stops functioning, companies will no longer be capable to produce their products and generate revenue. Whereas, in indirect procurement process, the enterprises are involved in purchasing services or supplies that are needed to keep the day-to-day business alive. This comprises things such as acquiring services or buying office supplies, and repairing equipment. Without indirect procurement functions, businesses may not be capable to operate in an effective and efficient manner. Typically, the indirect procurement comprises somewhere from 15% to 30% of a firm’s total revenue.
Procurement as-a-Service Regional Growth- 2021-2027
The report segments the global Procurement as-a-Service market as follows:
By Component
- Strategic Sourcing
- Spend Management
- Category Management
- Process Management
- Contract Management
- Transaction Management
By Enterprise Size
- SMEs
- Large Enterprises
By End-User Industry
- IT and Telecom
- Consumer Goods and Retail
- Manufacturing
- Energy and Utility
- Healthcare
- Hospitality and Tourism
- Others
The study conducts SWOT analysis to evaluate strengths and weaknesses of the key players in the Procurement as-a-Service market. Further, the report conducts an intricate examination of drivers and restraints operating in the market. The report also evaluates the trends observed in the parent market, along with the macro-economic indicators, prevailing factors, and market appeal according to different segments. The report also predicts the influence of different industry aspects on the Procurement as-a-Service market segments and regions.
Scope of the Report
The research on the Procurement as-a-Service market focuses on mining out valuable data on investment pockets, growth opportunities, and major market vendors to help clients understand their competitor's methodologies. The research also segments the Procurement as-a-Service market on the basis of end user, product type, application, and demography for the forecast period 2021-2027. Comprehensive analysis of critical aspects such as impacting factors and competitive landscape are showcased with the help of vital resources, such as charts, tables, and infographics.
Major highlights of the report:
- All-inclusive evaluation of the parent market
- Evolution of significant market aspects
- Industry-wide investigation of market segments
- Assessment of market value and volume in past, present, and forecast years
- Evaluation of market share
- Study of niche industrial sectors
- Tactical approaches of market leaders
- Lucrative strategies to help companies strengthen their position in the market
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