NJ New Jersey, USA -- (SBWire) -- 05/23/2023 --Advance Market Analytics added research publication document on Worldwide Procurement as a Services Market breaking major business segments and highlighting wider level geographies to get deep dive analysis on market data. The study is a perfect balance bridging both qualitative and quantitative information of Worldwide Procurement as a Services market. The study provides valuable market size data for historical (Volume** & Value) from 2018 to 2022 which is estimated and forecasted till 2028*. Some are the key & emerging players that are part of coverage and have being profiled are IBM (United States), Accenture (Ireland), GEP (United States), Capgemini (France), Genpact (United States), Wipro (India), Pcura (India), Corbus (United States), WNS (India), Infosys (India).
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Procurement as a service is a procurement model which outsources procurement that combines technology, staff, and expertise to handle a portion of the procurement function. Technology helps determine what the organization is spending on and where it's likely to find savings. Service procurement companies are those that deliver people-based services to an organization. A procurement service provider can provide a rapid analysis of an organization's spend and implement changes, negotiate with suppliers, and use proven industry best practices. The Global Procurement as a Services Market size was valued at $6.11 billion in 2021, and is projected to reach $19.95 billion by 2031, growing at a CAGR of 12.44% from 2022 to 2031.
Key Market Developments:
In Feb 2021, Cargill and Maersk Tankers announced that in an effort to enable more competitive and transparent pricing, they will launch a new procurement service. While the initial goal is to procure bunker fuel for Cargill and Maersk Tankers' combined fleet, the service which launches April is also aiming to attract additional customers.
Although the industry can be said to have a market leader like IBM and Accenture, Wipro; the industry is not captured by them. It has small players as well as medium and big players. The industry does not have any major barrier to entry. Reputation and good past work are the keys to attract new first-time customers in this industry.
Influencing Market Trend
- Integration of Procurement as a Service with Existing Software
- Increasing Consumption of Procurement Services to Significantly Reduce Operational Costs
Market Drivers
- Need for Minimized Risk and Assets Required in Procurement Process
Opportunities:
- The rise in Inventory Management Services Along with Procurement Services
- Surging Demand for Procurement as a Services from Developing Economies
Challenges:
- Procurement as a Service May Not Be Able to Handle Complex Purchases
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Analysis by Type (Direct Procurement as a Services, Indirect Procurement as a Services, Services Procurement as a Services), Services (Source to Pay, Source to Contract, Procure to Pay, Rapid Sourcing, Others), End Use Industry (IT and Telecommunication, FMCG Companies, Manufacturing, Energy and Utilities, Healthcare, Others)
Competitive landscape highlighting important parameters that players are gaining along with the Market Development/evolution
- % Market Share, Segment Revenue, Swot Analysis for each profiled company [IBM (United States), Accenture (Ireland), GEP (United States), Capgemini (France), Genpact (United States), Wipro (India), Pcura (India), Corbus (United States), WNS (India), Infosys (India)]
- Business overview and Product/Service classification
- Product/Service Matrix [Players by Product/Service comparative analysis]
- Recent Developments (Technology advancement, Product Launch or Expansion plan, Manufacturing and R&D etc)
- Consumption, Capacity & Production by Players
The regional analysis of Global Procurement as a Services Market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. North America is the leading region across the world. Whereas, owing to rising no. of research activities in countries such as China, India, and Japan, Asia Pacific region is also expected to exhibit higher growth rate the forecast period 2023-2028.
Table of Content
Chapter One: Industry Overview
Chapter Two: Major Segmentation (Classification, Application and etc.) Analysis
Chapter Three: Production Market Analysis
Chapter Four: Sales Market Analysis
Chapter Five: Consumption Market Analysis
Chapter Six: Production, Sales and Consumption Market Comparison Analysis
Chapter Seven: Major Manufacturers Production and Sales Market Comparison Analysis
Chapter Eight: Competition Analysis by Players
Chapter Nine: Marketing Channel Analysis
Chapter Ten: New Project Investment Feasibility Analysis
Chapter Eleven: Manufacturing Cost Analysis
Chapter Twelve: Industrial Chain, Sourcing Strategy and Downstream Buyers
Read Executive Summary and Detailed Index of full Research Study @ https://www.advancemarketanalytics.com/reports/164069-global-procurement-as-a-services-market#utm_source=SBWireLal
Highlights of the Report
- The future prospects of the global Procurement as a Services market during the forecast period 2023-2028 are given in the report.
- The major developmental strategies integrated by the leading players to sustain a competitive market position in the market are included in the report.
- The emerging technologies that are driving the growth of the market are highlighted in the report.
- The market value of the segments that are leading the market and the sub-segments are mentioned in the report.
- The report studies the leading manufacturers and other players entering the global Procurement as a Services market.
Thanks for reading this article; you can also get individual chapter wise section or region wise report version like North America, Middle East, Africa, Europe or LATAM, Southeast Asia.
