Report Ocean has released a research study titled “Procurement as a Service Market 2023 Forecast to 2031 Analysis by Market Trends.” This study offers precise economic forecasts, global assessments, and country-level insights. It provides a comprehensive view of the competitive market and includes an in-depth supply chain analysis to identify significant industry changes. The study explores the current market status, anticipated future growth, technological advancements, investment opportunities, market economics, and financial data. It thoroughly examines the market and offers insights based on a SWOT analysis of the industry.
Procurement as a Service Market to reach USD 10.04 billion by 2027.Global Procurement as a service Market is valued approximately USD 5.78 billion in 2020 and is anticipated to grow with a healthy growth rate of more than 8.2 % over the forecast period 2021-2027. Procurement is the process of purchasing goods or services and is usually in reference to business spending. An outsource procurement model with expertise to handle organisation’s procurement activities using technology is called procurement as a service . Increasing use of digital technologies in each and every sector will boost the market in the forecast period.
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In January 2019, Accenture launched SynOps, a human-machine operated engine that can be used to leverages data, advanced analytics, and Artificial Intelligence (AI) to assist organizations achieve intelligent operations across key business functions including finance and accounting, marketing, and procurement. (In the present scenario Increasing need to improve procurement function, the integration of technology that enables strategic sourcing and supplier management to become predictive and proactive resulting in reducing operating cost will result in boosting the market in the upcoming years.) However, pandemic paralyses the procurement as a service market .impedes the growth of the market over the forecast period of 2021-2027. Also, the growing customer awareness towards advances in procurement functions will boost the market in the upcoming years.
Major market player included in this report are:
HCL Technologies Ltd.
Tata Consultancy Services Limited
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here’s a comprehensive analysis of key points related to the Procurement as a Service (PaaS) market:
- Market Growth and Size:
- The Procurement as a Service market is experiencing significant growth due to the increasing adoption of outsourcing models for procurement activities.
- Market size is projected to reach [provide estimated figures] by [specify the year], with a substantial compound annual growth rate (CAGR).
- Outsourcing Trend:
- A growing trend toward outsourcing non-core procurement functions is driving the demand for Procurement as a Service. Businesses are leveraging external expertise to optimize costs and improve efficiency.
- Strategic Sourcing and Category Management:
- PaaS providers are expanding services beyond traditional procurement, emphasizing strategic sourcing and category management. This shift enables businesses to enhance supplier relationships and achieve long-term cost savings.
- Technology Integration:
- Integration of advanced technologies, such as artificial intelligence, machine learning, and automation, is a key feature of Procurement as a Service. This integration streamlines processes, reduces errors, and enhances decision-making.
- Tailored Solutions for Industries:
- PaaS providers are developing industry-specific solutions to meet the unique procurement needs of different sectors, including manufacturing, healthcare, and IT. Tailored services improve efficiency and compliance within specific regulatory frameworks.
- Risk Management and Compliance:
- Procurement as a Service emphasizes robust risk management and compliance measures. Ensuring adherence to regulations and mitigating risks associated with the supply chain are critical aspects of the service.
- Cost Optimization:
- Businesses are turning to PaaS to optimize procurement costs by leveraging the expertise of service providers, negotiating better contracts, and identifying cost-saving opportunities in the procurement process.
- Supplier Relationship Management:
- PaaS offerings include advanced supplier relationship management tools, fostering collaboration, transparency, and innovation between businesses and their suppliers.
- Data Analytics and Reporting:
- Data analytics and reporting capabilities are integral to PaaS solutions, providing businesses with actionable insights into their procurement processes. This enables data-driven decision-making and continuous improvement.
- Environmental and Social Responsibility:
- Increasing emphasis on corporate social responsibility and sustainability is influencing Procurement as a Service. Providers are incorporating features to evaluate and improve the environmental and social impact of the supply chain.
The detailed segments and sub-segment of the market are explained below:
IT & Telecom
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Rest of the World
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