Procurement as a Service Market Competitive Insights, Leading Players And Growth Opportunities By 2028
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In the forecast period of 2022-2028, soaring demand among organisations to streamline the procurement process, rising need for the service to handle compliance policies as well as contracts, increasing consumer demand, and intense competition among enterprises are some of the factors that will likely boost the growth of the procurement as a service market. In contrast, the introduction of machine learning and artificial intelligence, as well as the use of analytical solutions, would provide further potential for the procurement as a service market to grow throughout the projection period. In the above-mentioned anticipated market, data privacy and data difficulties, as well as integration issues with legacy systems, are functioning as market barriers for procurement as a service.
The global Procurement as a Service Market is segregated on the basis of Component, which is further divided into Spend Management, Strategic Sourcing, Process Management, Category Management, Contract Management, and Transactions Management. The global market is also divided on the basis of Vertical as well as Organization Size.
During the projection timeframe, APAC is expected to grow at the fastest rate. The region's rapid digital transformation has heightened the demand for procurement outsourcing services. Procurement as a service allows businesses to free up resources in their procurement departments while simultaneously improving the overall procurement process' effectiveness. In the procurement as a service market, Australia and New Zealand (ANZ), India, as well as China have established as clear leaders. During the projection period, North America is expected to have the greatest market size. North America will control the procurement as a service market due to improved technology adoption and the presence of the greater part of market players, while South America is expected to grow in the forecast period of 2022-2028 due to an increase in the number of businesses and the implementation of smart solutions.
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There are several industry players working in the Procurement as a Service Market, which include WNS, Wipro, Proxima, Infosys, IBM, GEP, Genpact
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