Procurement as-a-Service Market Growth Opportunities By 2027| CAGR of 6.4%: The Insight Partners

An outsourced procurement function model that utilizes the power of staff, technology, and expertise together for optimizing the procurement function in the best possible way is defined as procurement as a service (PaaS). With the usage of procurement as a service model, the businesses are handed with better control over their assets and other operations. Businesses are provided with subject matter expertise and latest technology product on-demand. The procurement as a service model has led to significant cost savings for businesses. Moreover, PaaS offers flexibility to businesses for scaling up and down the support as and when needed. Moreover, PaaS allows sharing of procurement complexities with businesses. Further, strategic procurement organizations are demanding integrated suites that combine sourcing, supplier management, contract management, and proactive risk management along with transactional procure-to-pay competences. With a comprehensive procurement solution, companies can make use of critical information during taking decisions while proactively handling ongoing activities during the source-to-settle lifecycle.

The procurement as-a-service market was valued at US$ 3,137.7 million in 2019 and is projected to reach US$ 4,741.1 million by 2027; it is expected to grow at a CAGR of 6.4% from 2020 to 2027.

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Geographically, the market is segmented into five major regions- North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South America (SAM). North America is projected to have the largest market size in the procurement as-a-service market, as the region is an early adopter of new technologies and a main hub for technological innovations. The various enterprises in the North American region are focusing on enhancing their procurement operations and executing the best practices for the procurement operations. The presence of major market players in the region also supports the demand for the adoption of procurement as-a-service offerings, thus leading to the growth of the market. Further, APAC procurement as-a-service market is witnessing a high market share in the present scenario and is foreseen to be growing steeply during the forecast period. The region has become a global manufacturing hub with the presence of diverse manufacturing industries. China, India, South Korea, Japan, and Rest of APAC are considered the key countries in the procurement as-a-service market. Also, the rapid digital transformation in the region has increased the requirement for procurement outsourcing services. Procurement as-a-service facilitates enterprises to free up their procurement departments and also to enhance the efficiency of the overall procurement process. India, China, Japan, Australia and New Zealand (ANZ) have emerged as the undisputed leaders in the procurement as-a-service market.

Procurement as-a-Service Market Forecast to 2027 - Covid-19 Impact and Global Analysis by Component (Strategic Sourcing, Spend Management, Category Management, Process Management, Contract Management, and Transaction Management); Enterprise Size (SMEs, Large Enterprises); End-User Industry (IT and Telecom, Consumer Goods and Retail, Manufacturing, Energy and Utility, Healthcare, Hospitality and Tourism, Others)

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Impact of COVID-19 Pandemic on Procurement as-a-Service Market

COVID-19 outbreak, which began in Wuhan (China) in December 2019, has rapidly spread across the globe. It has badly affected China, Italy, Iran, Spain, the Republic of Korea, France, Germany, and the US in terms of confirmed cases and reported deaths as of March 2020. The continuous growth of infected individuals has led the government to impose lockdown across the nation's borders. The majority of the manufacturing plants are shut down, municipalities are functioning slowly compared to the past, and the automotive and semiconductor industries are at a halt, which is negatively impacting the procurement as-a-service market. In terms of patient count and death toll, Canada and Mexico are still at a nascent stage in comparison with the US. However, the manufacturing plants, the semiconductor industry, and several other businesses are functioning slowly, which is negatively impacting the procurement as-a-service market.

Lucrative opportunities from Emerging Economies

The fast-growing economies across the Asian and African regions are expected to witness a significant surge in demand for various procurement services, including strategic souring, transaction management, spend management, and others. Recently, the African region has attracted notable investment towards the development of its critical energy & power infrastructure along with rising investment towards its other industrial sector, such as oil & gas, power generation, and manufacturing to facilitate its growth owing to increasing demand from its fast-growing population. Moreover, various prominent industrial market players from different industry verticals also have expanded their business operations across the African region to capitalize on its fast-growing population and subsequently to set up a state-of-the-art technology enabled plants and manufacturing facilities across the African regions. Similarly, the fast-growing end-user sector of India also attracted a substantial in-flow in its foreign direct investment (FDI) directed towards its manufacturing sector through the government's Make in India initiative to boost its manufacturing capabilities. Additionally, due to the severe impact of Covid-19 across the world, various leading manufacturing companies from different countries are focusing to shift their production plants from China to India in the near future. This in turn, presents the scenario of adoption of procurement as-a-service offerings owing to the company's limited budget towards investment on their own procurement department, related-technology as well as industry experts. Thus, the growing end-user industry across the developing economies such as Africa and Asia, is expected to witness a significant boost in its manufacturing capabilities and is expected to drive the demand for procurement as-a-service offerings across different industry verticals.

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