Procurement-as-a-Service Market Leading Players Analysis with Recent Developments, Regional Growth, Industry Size 2029

Procurement-as-a-Service Market: was valued at USD 3.20 Billion in 2021, and is expected to reach USD 5.30 Billion by 2029, exhibiting a CAGR of 6.5 % during the forecast period (2022-2029)

Procurement-as-a-Service Market Overview:

The Procurement-as-a-Service Market competitive landscape comprises information about rivals. A firm overview, financials, revenue produced, market potential, R&D investment, new market efforts, geographical presence, business strengths and weaknesses, product launch, and application domination are among the topics covered. The following information is only relevant to the organization's focus on the Procurement-as-a-Service market.

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Procurement-as-a-Service Market Dynamic:

Indirect procurement accounts for 15% to 30% of a company's overall revenue. As a result, firms across all industries are increasingly focused on outsourcing their procurement operations in order to reduce the operational costs associated with procurement activities. Companies can manage their operations such as transaction management, sourcing, spend management, category management, and others by outsourcing these business processes. Furthermore, businesses are extending their operations in order to increase their client base. Procurement plays an important role in improving supply chain transparency, generating enterprise-wide cost reductions, and gaining access to supplier innovation.

Market Scope:

To validate the market size and estimate the market size by different segments, top-down and bottom-up methodologies are utilized. The research's market estimates are based on the sale price (excluding any discounts provided by the manufacturer, distributor, wholesaler, or traders). To create percentage splits, market shares, and segment breakdowns, weights based on usage rate and average sale price are applied to each location. The percentage acceptance or usage of the given market Size in the relevant area or nation determines the country-wise segmentation of the main market and its sub-segments.

Procurement-as-a-Service Market Segmentation:

On the basis of component, the procurement as-a-service market is segmented into strategic sourcing, spend management, category management, process management, contract management, transaction management. The spend management segment dominated the component segment with 21.8% of market share in 2021 and is expected to grow at a CAGR 5.52% during the forecast period. An effective spend management supports a company to guarantee that the supplier data is kept up to date so that procurement executives are provided with the right information. Further, the supplier databases are integrated throughout the company in order to avoid duplication of the suppliers. The spend management service also includes recognizing the existing procurement inefficiencies and thereby correcting these inefficiencies. Key activities within spend management include spend planning and disbursement, spend monitoring and analysis, and buyer management.

Procurement-as-a-Service Market Key Players: 

• Accenture
• Infosys
• GEP
• Genpact
• Proxima
• WNS Denali
• Capgemini
• IBM
• Wipro
• HCL Technologies
• Tata Consultancy Services(TCS)
• Xchanging
• Aegis Components Inc.
• Corbus LLC
• Bain & Company
• CA Technologies
• Hewlett Packard Enterprise Development LP
• Skybox Security Inc.
• Palo Alto Networks, Inc
• Cisco Systems, Inc.

Market leaders are identified by primary and secondary research, and market revenue is calculated using primary and secondary research. The core study included in-depth interviews with key thought leaders and industry experts such as experienced front-line personnel, CEOs, and marketing executives. In-depth interviews with important thought leaders and industry experts, such as experienced front-line personnel, CEOs, and marketing executives, were conducted as part of primary research, while secondary research included a review of the major manufacturers' annual and financial reports. Secondary data is utilized to calculate percentage splits, market shares, growth rates, and global market breakdowns, which are then verified against primary data. The following are the key players of the Procurement-as-a-Service market-

Regional Analysis:

Individual market influencing components and changes in market rules that affect current and future market trends are also investigated in the geographical component of the research. Some of the factors used to forecast market scenarios for various countries include downstream and upstream value chain analysis, technological trends, Porter's five forces analysis, and case studies.

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COVID-19 Impact Analysis on Procurement-as-a-Service Market: Furthermore, the research assesses the impact of COVID-19 on the Procurement-as-a-Service market. The fundamental purpose of this research is to help users understand the market in terms of definition, segmentation, market potential, key trends, and difficulties that the industry confronts across major regions. The paper provides a microeconomic and macroeconomic analysis of the overall impact of COVID-19 on the Procurement-as-a-Service Market. The report focuses on market share and size, clearly demonstrating the pandemic's influence on the worldwide Procurement-as-a-Service Market in the next years.

Key Questions Answered in the Procurement-as-a-Service Market Report are:

• What will be the Procurement-as-a-Service market's CAGR throughout the projected period (2021-2027)?
• Which market category emerged as the market leader in the Procurement-as-a-Service industry?
• Who are the key players in the Procurement-as-a-Service market?
• What important trends in the Procurement-as-a-Service industry are anticipated to develop throughout the forecast period?
• How big will the Procurement-as-a-Service market be in 2027?
• In 2020, which business segment had the highest proportion of the Procurement-as-a-Service market?