Press release
Procurement as a Service Market Will Generate New Growth Opportunities in Upcoming Year 2025
The Global Procurement Service Market is valued at USD 4.93 billion in 2018 and is rising at a CAGR of 8.9% with a forecast of USD 9 Billion by 2025.All enterprises utilize procurement services and have traditionally managed them in-house. The changing economic landscape with its emphasis on e-procurement, supply chain management, and efficient p2p systems has made it more cost-effective to outsource these services to businesses dedicated to providing procurement solutions.
As this industry grows, it becomes more cost-effective for all businesses to avail procurement services and that is a big factor in this market’s growth.
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An excellent supporting infrastructure is provided by various IT companies who have expanded their profile to offer procurement services with the largest enterprises setting up their own procurement service units.
MARKET USP
An increasing number of enterprises outsourcing all their procurement services related requirements to third-party vendors leading to rapid market growth.
SEGMENTATION
By Component
Strategic Sourcing: The largest market by segment. Strategic sourcing overlooks the collation of information pertinent to an organization to maximize its profitability. It is utilized by all the industries across sectors.
Spend Management: This is the fastest-growing segment. Spend management is critical for BFSIs, utilities, and healthcare, among others. Spend management analyzes the entire spending profile of an organization to make it more streamlined and cost-efficient.
Category Management: Category management is what has allowed Wal-Mart and Amazon to dominate the retail sector. Category management benefits businesses of all sizes and with its sphere of application encompassing virtually all industries, this segment is slated to grow.
Process Management: With an overarching aim to align and attune an organization’s entire machinery to the goals of the organization, process management is an excellent way for an enterprise to shape up and eliminate all wasteful procedures and ventures. Essential for enterprises which offer many services and products.
Transaction Management: IT, travel, hospitality, and banking place emphasis on transaction management.
By Organization Size
Large Enterprises: A very large segment, large enterprises often become cumbersome and utilizing procurement services, they can streamline themselves to better their profitability.
SMEs: Often critical to their survival, procurement services are an excellent way for SMEs to build up profitability and streamline their strategic capabilities.
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Key Players
Accenture Plc
Infosys Ltd
GEP
Genpact LLC
Proxima Procurement Ltd
RFCODE
WNS Global
Capgemini SE
IBM Corporation
WIPRO Limited
HCL Technologies Ltd
Tata Consultancy Services Limited
Xchanging Solutions Ltd
CA Technologies
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