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

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

The growing demand to improve procurement operations and need to reduce the cost associated with procurement among the organizations to drive the market growth
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 Compound Annual Growth Rate (CAGR) of 7.6% during the forecast period. The procurement as a service market is driven by various factors, such as growing need to handle compliance polices 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.

Spend management segment to grow at the highest CAGR during the forecast period
Spend includes analyzing companies spending patterns, spend categorization/spend classification, spend data management, and spend performance management. Effective spend management helps a company ensure that supplier data is kept up to date so that procurement executives are empowered with the right information, and supplier databases throughout a company are integrated to avoid duplication of suppliers. It also involves identifying where procurement inefficiencies exist and the correction of these inefficiencies. Key activities within spend management include spend monitoring and analysis, spend planning and disbursement, and buyer management.

Retail and consumer packaged goods vertical to grow at the highest CAGR during the forecast period
With time, many retail organizations have deployed a mix of technologies, computer systems, and disparate applications to cater to the growing demands of customers. Customer experience proves to be a very vital differentiating factor among a wide array of online shopping options. To improve their performance and achieve higher profits, it is important to have skilled employees and offer the best-in-class offerings through touch points, such as stores and web or mobile applications. Hence, retailers across the globe are formulating data-driven strategies for targeting more customer with a better convergence rate. Procurement as a service helps retailers in streamlining the procurement process and also enables them to reduce the overall procurement cost.

Small and Medium-sized Enterprises (SMEs) segment to grow at a higher growth rate during the forecast period
The SMEs segment is expected to grow at a higher CAGR in the procurement as a service market during the forecast period. More than larger enterprises, the SMEs face a greater resource crunch and require better methods to solve the complexities for cost optimization on their assets and requirements. Therefore, these days, the SMEs are majorly focusing on utilizing the procurement as a service to work globally and manage multiple suppliers.

Asia Pacific (APAC) to record the highest growth rate during the forecast period
APAC is expected to grow at the highest CAGR during the forecast period. The rapid digital transformation in the region has increased the need for procurement outsourcing services. Procurement as a service enables enterprises to free up their procurement departments and also to improve the efficiency of the overall procurement process. Australia and New Zealand (ANZ), India, and China have emerged as the undisputed leaders in the procurement as a service market. North America is projected to hold the largest market size during the forecast period.

In-depth interviews were conducted with the Chief Executive Officers (CEOs), marketing directors, other innovation and technology directors, and executives from various key organizations operating in the procurement as a service market.

By company type: Tier 1 - 42%, Tier 2 - 38%, and Tier 3 - 20%
By designation: C-level executives- 40%, Director Level - 35%, and Others - 25%
By region: North America - 35%, Europe - 27%, APAC - 23%, RoW - 15%

Major vendors offering procurement as a service 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).. The study includes an in-depth competitive analysis of the key players in the procurement as a service market, along with their company profiles, recent developments, and key market strategies.

Research coverage
The market study covers the procurement as a service market size across segments. It aims at estimating the market size and growth potential of this market across different segments, such as components, organization size, verticals, and regions. The study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key benefits of buying the report
The report would provide the market leaders/new entrants in this market with information about the closest approximations of the revenue numbers for the overall procurement as a service market and its subsegments. The report would help stakeholders understand the competitive landscape, gain more insights to position their businesses better, and plan suitable go-to-market strategies. It also helps stakeholders understand the pulse of the market and provides them with information about key market drivers, restraints, challenges, and opportunities.


  • INTRODUCTION
    • OBJECTIVES OF THE STUDY
    • MARKET DEFINITION
    • MARKET SCOPE
      • MARKET SEGMENTATION
      • REGIONS COVERED
    • YEARS CONSIDERED FOR THE STUDY
    • CURRENCY CONSIDERED
      • Table UNITED STATES DOLLAR EXCHANGE RATE, 2015–2017
    • STAKEHOLDERS
  • RESEARCH METHODOLOGY
    • RESEARCH DATA
      • SECONDARY DATA
      • PRIMARY DATA
    • MARKET BREAKUP AND DATA TRIANGULATION
    • COMPETITIVE LEADERSHIP MAPPING RESEARCH METHODOLOGY
    • MARKET SIZE ESTIMATION
      • TOP-DOWN APPROACH
      • BOTTOM-UP APPROACH
    • MARKET FORECAST
      • Table FACTOR ANALYSIS
    • ASSUMPTIONS FOR THE STUDY
    • LIMITATIONS OF THE STUDY
  • EXECUTIVE SUMMARY
  • PREMIUM INSIGHTS
    • ATTRACTIVE OPPORTUNITIES IN THE PROCUREMENT AS A SERVICE MARKET
    • PROCUREMENT AS A SERVICE MARKET IN NORTH AMERICA, BY VERTICAL AND COUNTRY
    • PROCUREMENT AS A SERVICE MARKET: MAJOR COUNTRIES
  • MARKET OVERVIEW
    • INTRODUCTION
    • MARKET DYNAMICS
      • DRIVERS
      • RESTRAINTS
      • OPPORTUNITIES
      • CHALLENGES
    • INDUSTRY TRENDS
      • Table USE CASE 1: IMPROVED SAVINGS THROUGH PROCUREMENT PROCESS TRANSFORMATION
      • Table USE CASE 2: ATTAINING COST REDUCTION AND FASTER PROJECT DELIVERY BY GAINING HOLISTIC VISIBILITY INTO PROCUREMENT PROCESSES
      • Table USE CASE 3: CONSOLIDATING TRANSACTIONAL PROCUREMENT AND ELIMINATING REGIONAL INCONSISTENCIES AND INEFFICIENCIES
  • PROCUREMENT AS A SERVICE MARKET, BY COMPONENT
    • INTRODUCTION
      • Table PROCUREMENT AS A SERVICE MARKET SIZE, BY COMPONENT, 2017–2024 (USD MILLION)
    • STRATEGIC SOURCING
      • INCREASING NEED TO MANAGE THE NETWORK OF GLOBAL SUPPLIERS AMONG ENTERPRISES TO DRAW THE DEMAND FOR STRATEGIC SOURCING
        • Table STRATEGIC SOURCING: PROCUREMENT AS A SERVICE MARKET SIZE, BY REGION, 2017–2024 (USD MILLION)
    • SPEND MANAGEMENT
      • GROWING NEED AMONG ENTERPRISES FOR EFFECTIVELY MANAGING THE SPENDING EXPENDITURE TO BOOST THE DEMAND FOR SPEND MANAGEMENT
        • Table SPEND MANAGEMENT: PROCUREMENT AS A SERVICE MARKET SIZE, BY REGION, 2017– 2024 (USD MILLION)
    • CATEGORY MANAGEMENT
      • GROWING NEED TO EFFECTIVELY MANAGE VARIOUS CATEGORIES AND ENSURING COMPLIANCE WITH CONTRACTS TO DRIVE THE DEMAND FOR CATEGORY MANAGEMENT
        • Table CATEGORY MANAGEMENT: PROCUREMENT AS A SERVICE MARKET SIZE, BY REGION, 2017–2024 (USD MILLION)
    • PROCESS MANAGEMENT
      • INCREASING COMPLEXITIES OF PROCUREMENT PROCESSES TO DRIVE THE DEMAND FOR PROCESS MANAGEMENT
        • Table PROCESS MANAGEMENT: PROCUREMENT AS A SERVICE MARKET SIZE, BY REGION, 2017–2024 (USD MILLION)
    • CONTRACT MANAGEMENT
      • GROWING DEMAND AMONG ENTERPRISES TO COMPLY WITH THE FINANCIAL COMPLIANCES TO BOOST THE DEMAND FOR CONTRACT MANAGEMENT
        • Table CONTRACT MANAGEMENT: PROCUREMENT AS A SERVICE MARKET SIZE, BY REGION, 2017–2024 (USD MILLION)
    • TRANSACTIONS MANAGEMENT
      • NEED FOR SIMPLIFYING TRANSACTIONAL PROCESSES ACROSS VERTICALS TO FUEL THE DEMAND FOR TRANSACTIONS MANAGEMENT
        • Table TRANSACTIONS MANAGEMENT: PROCUREMENT AS A SERVICE MARKET SIZE, BY REGION, 2017–2024 (USD MILLION)
  • PROCUREMENT AS A SERVICE MARKET, BY ORGANIZATION SIZE
    • INTRODUCTION
      • Table PROCUREMENT AS A SERVICE MARKET SIZE, BY ORGANIZATION SIZE, 2017–2024 (USD MILLION)
    • LARGE ENTERPRISES
      • NEED TO MANAGE COMPLEX PROCUREMENT CONTRACTS TO DRIVE THE ADOPTION OF PROCUREMENT AS A SERVICE AMONG LARGE ENTERPRISES
        • Table LARGE ENTERPRISES: PROCUREMENT AS A SERVICE MARKET SIZE, BY REGION, 2017–2024 (USD MILLION)
    • SMALL AND MEDIUM-SIZED ENTERPRISES
      • 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
        • Table SMALL AND MEDIUM-SIZED ENTERPRISES: PROCUREMENT AS A SERVICE MARKET SIZE, BY REGION, 2017–2024 (USD MILLION)
  • PROCUREMENT AS A SERVICE MARKET, BY VERTICAL
    • INTRODUCTION
      • Table PROCUREMENT AS A SERVICE MARKET, BY VERTICAL, 2017–2024 (USD MILLION)
    • MANUFACTURING
      • ACHIEVING SHORTER PRODUCTION TIME AND REDUCING SUPPLY CHAIN COSTS TO DRIVE THE ADOPTION OF PROCUREMENT AS A SERVICE IN THE MANUFACTURING VERTICAL
        • Table MANUFACTURING: PROCUREMENT AS A SERVICE MARKET SIZE, BY REGION, 2017–2024 (USD MILLION)
    • RETAIL AND CONSUMER PACKAGED GOODS
      • 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
        • Table RETAIL AND CONSUMER PACKAGED GOODS: PROCUREMENT AS A SERVICE MARKET SIZE, BY REGION, 2017–2024 (USD MILLION)
    • BANKING, FINANCIAL SERVICES, AND INSURANCE
      • CAPABILITIES, SUCH AS SPEND ANALYTICS, MARKET INTELLIGENCE, AND SUPPLIER PERFORMANCE MANAGEMENT, TO ACCELERATE THE GROWTH OF PROCUREMENT AS A SERVICE IN BFSI VERTICAL
        • Table BANKING, FINANCIAL SERVICES, AND INSURANCE: PROCUREMENT AS A SERVICE MARKET SIZE, BY REGION, 2017–2024 (USD MILLION)
    • IT AND TELECOM
      • IMPROVING TOTAL COST OF OWNERSHIP AND ACHIEVING SUCCESS IN MERGERS AND ACQUISITIONS TO BOOST THE MARKET GROWTH IN THE IT AND TELECOM VERTICAL
        • Table IT AND TELECOM: PROCUREMENT AS A SERVICE MARKET SIZE, BY REGION, 2017–2024 (USD MILLION)
    • ENERGY AND UTILITIES
      • 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
        • Table ENERGY AND UTILITIES: PROCUREMENT AS A SERVICE MARKET SIZE, BY REGION, 2017– 2024 (USD MILLION)
    • TRAVEL AND HOSPITALITY
      • MANAGING SUPPLIERS AND CONTRACTS, AND ENABLING STRATEGIC SOURCING TO BOLSTER THE ADOPTION OF PROCUREMENT AS A SERVICE IN TRAVEL AND HOSPITALITY VERTICAL
        • Table TRAVEL AND HOSPITALITY: PROCUREMENT AS A SERVICE MARKET SIZE, BY REGION, 2017–2024 (USD MILLION)
    • HEALTHCARE
      • NEED FOR INCREASING R&D AND BUSINESS EFFICIENCIES TO ACCELERATE THE GROWTH OF PROCUREMENT AS A SERVICE MARKET IN HEALTHCARE VERTICAL
        • Table HEALTHCARE: PROCUREMENT AS A SERVICE MARKET SIZE, BY REGION, 2017–2024 (USD MILLION)
    • OTHERS
      • Table OTHERS: PROCUREMENT AS A SERVICE MARKET SIZE, BY REGION, 2017–2024 (USD MILLION)
  • PROCUREMENT AS A SERVICE MARKET, BY REGION
    • INTRODUCTION
      • Table PROCUREMENT AS A SERVICE MARKET SIZE, BY REGION, 2017–2024 (USD MILLION)
    • NORTH AMERICA
      • Table NORTH AMERICA: PROCUREMENT AS A SERVICE MARKET SIZE, BY COMPONENT, 2017– 2024 (USD MILLION)
      • Table NORTH AMERICA: PROCUREMENT AS A SERVICE MARKET SIZE, BY ORGANIZATION SIZE, 2017–2024 (USD MILLION)
      • Table NORTH AMERICA: PROCUREMENT AS A SERVICE MARKET SIZE, BY VERTICAL, 2017–2024 (USD MILLION)
      • Table NORTH AMERICA: PROCUREMENT AS A SERVICE MARKET SIZE, BY COUNTRY, 2017–2024 (USD MILLION)
      • UNITED STATES
      • CANADA
    • EUROPE
      • Table EUROPE: PROCUREMENT AS A SERVICE MARKET SIZE, BY COMPONENT, 2017–2024 (USD MILLION)
      • Table EUROPE: PROCUREMENT AS A SERVICE MARKET SIZE, BY ORGANIZATION SIZE, 2017–2024 (USD MILLION)
      • Table EUROPE: PROCUREMENT AS A SERVICE MARKET SIZE, BY VERTICAL, 2017–2024 (USD MILLION)
      • Table EUROPE: PROCUREMENT AS A SERVICE MARKET SIZE, BY COUNTRY, 2017–2024 (USD MILLION)
      • UNITED KINGDOM
      • GERMANY
      • FRANCE
      • REST OF EUROPE
    • ASIA PACIFIC
      • Table ASIA PACIFIC: PROCUREMENT AS A SERVICE MARKET SIZE, BY COMPONENT, 2017–2024 (USD MILLION)
      • Table ASIA PACIFIC: PROCUREMENT AS A SERVICE MARKET SIZE, BY ORGANIZATION SIZE, 2017–2024 (USD MILLION)
      • Table ASIA PACIFIC: PROCUREMENT AS A SERVICE MARKET SIZE, BY VERTICAL, 2017–2024 (USD MILLION)
      • Table ASIA PACIFIC: PROCUREMENT AS A SERVICE MARKET SIZE, BY COUNTRY, 2017–2024 (USD MILLION)
      • CHINA
      • INDIA
      • AUSTRALIA AND NEW ZEALAND
      • REST OF ASIA PACIFIC
    • MIDDLE EAST AND AFRICA
      • Table MIDDLE EAST AND AFRICA: PROCUREMENT AS A SERVICE MARKET SIZE, BY COMPONENT, 2017–2024 (USD MILLION)
      • Table MIDDLE EAST AND AFRICA: PROCUREMENT AS A SERVICE MARKET SIZE, BY ORGANIZATION SIZE, 2017–2024 (USD MILLION)
      • Table MIDDLE EAST AND AFRICA: PROCUREMENT AS A SERVICE MARKET SIZE, BY VERTICAL, 2017–2024 (USD MILLION)
      • Table MIDDLE EAST AND AFRICA: PROCUREMENT AS A SERVICE MARKET SIZE, BY COUNTRY, 2017–2024 (USD MILLION)
      • UNITED ARAB EMIRATES
      • SAUDI ARABIA
      • SOUTH AFRICA
      • REST OF MIDDLE EAST AND AFRICA
    • LATIN AMERICA
      • Table LATIN AMERICA: PROCUREMENT AS A SERVICE MARKET SIZE, BY COMPONENT, 2017–2024 (USD MILLION)
      • Table LATIN AMERICA: PROCUREMENT AS A SERVICE MARKET SIZE, BY ORGANIZATION SIZE, 2017–2024 (USD MILLION)
      • Table LATIN AMERICA: PROCUREMENT AS A SERVICE MARKET SIZE, BY VERTICAL, 2017–2024 (USD MILLION)
      • Table LATIN AMERICA: PROCUREMENT AS A SERVICE MARKET SIZE, BY COUNTRY, 2017–2024 (USD MILLION)
      • BRAZIL
      • MEXICO
      • REST OF LATIN AMERICA
  • COMPETITIVE LANDSCAPE
    • OVERVIEW
    • COMPETITIVE SCENARIO
      • PRODUCT/SOLUTION LAUNCHES AND ENHANCEMENTS
        • Table PRODUCT/SOLUTION LAUNCHES AND ENHANCEMENTS, 2017–2019
      • BUSINESS EXPANSIONS
        • Table BUSINESS EXPANSIONS, 2018–2019
      • PARTNERSHIPS, AGREEMENTS, COLLABORATIONS, AND ACQUISITIONS
        • Table PARTNERSHIPS, AGREEMENTS, COLLABORATIONS, AND ACQUISITIONS, 2018–2019
    • COMPETITIVE LEADERSHIP MAPPING
      • Table EVALUATION CRITERIA
      • VISIONARY LEADERS
      • DYNAMIC DIFFERENTIATORS
      • INNOVATORS
      • EMERGING COMPANIES
  • COMPANY PROFILES
    • INTRODUCTION
    • ACCENTURE
      • BUSINESS OVERVIEW
      • SERVICES OFFERED
      • RECENT DEVELOPMENTS
      • SWOT ANALYSIS
      • MNM VIEW
    • INFOSYS
      • BUSINESS OVERVIEW
      • SERVICES OFFERED
      • RECENT DEVELOPMENTS
      • SWOT ANALYSIS
      • MNM VIEW
    • GEP
      • BUSINESS OVERVIEW
      • SERVICES OFFERED
      • RECENT DEVELOPMENTS
      • SWOT ANALYSIS
      • MNM VIEW
    • GENPACT
      • BUSINESS OVERVIEW
      • SERVICES OFFERED
      • RECENT DEVELOPMENTS
      • SWOT ANALYSIS
      • MNM VIEW
    • PROXIMA
      • BUSINESS OVERVIEW
      • SERVICES OFFERED
      • MNM VIEW
    • WNS
      • BUSINESS OVERVIEW
      • SERVICES OFFERED
      • RECENT DEVELOPMENTS
      • SWOT ANALYSIS
      • MNM VIEW
    • CAPGEMINI
      • BUSINESS OVERVIEW
      • SERVICES OFFERED
      • MNM VIEW
    • IBM
      • BUSINESS OVERVIEW
      • SERVICES OFFERED
      • RECENT DEVELOPMENTS
      • MNM VIEW
    • WIPRO
      • BUSINESS OVERVIEW
      • SERVICES OFFERED
      • RECENT DEVELOPMENTS
      • MNM VIEW
    • HCL
      • BUSINESS OVERVIEW
      • SERVICES OFFERED
      • RECENT DEVELOPMENTS
      • MNM VIEW
    • TCS
    • XCHANGING
    • AEGIS
    • CORBUS
    • CA TECHNOLOGIES
  • APPENDIX
    • DISCUSSION GUIDE
    • KNOWLEDGE STORE: MARKETSANDMARKETS' SUBSCRIPTION PORTAL
    • AVAILABLE CUSTOMIZATIONS
    • RELATED REPORTS
    • AUTHOR DETAILS

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