Global Procurement-as-a-Service Market was valued at USD 3.4 Billion in 2022, and is expected to reach USD 5.30 Billion by 2029, exhibiting a CAGR of 6.5% during the forecast period (2023-2029)
Procurement-as-a-Service Market Overview
The new Market intelligence report published by Global Procurement-as-a-Service Market Intelligence firm, Maximize Market Research, indicates the lucrative growth of the Procurement-as-a-Service Market in the forecast period through 2029. The Procurement-as-a-Service Market report includes the growth drivers, major restraints, upcoming challenges and prevailing opportunities in the global Market with the Procurement-as-a-Service Market size of each region and segment. The competitive analytics are also covered in detail in the report.
Market Report Scope and Research Methodology
The Market report includes an in-depth segment-wise and region-wise analysis of drivers, restraints, growth opportunities and upcoming challenges in the Procurement-as-a-Service industry. The report helps in planning the Market strategies which are suitable and appropriately applicable according to specific countries and regions. To obtain accurate details of the Procurement-as-a-Service industry, both primary and secondary research were employed.
The Market size for individual segments were determined through various secondary sources including industry associations, white papers, and journals. Surveys, administering questionnaires and telephonic interviews with Procurement-as-a-Service industry specialists, Market leaders, entrepreneurs and Marketing professionals were included in the primary methods. The new entrants in Market were researched for growth prospects and future business outlooks. The analysis acts as a guide for stakeholders, investors, Market players and followers and new entrants with an overall view of the Market.
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Procurement-as-a-Service Market Regional Insights
The report includes a detailed explanation of all the factors, Market size, growth rate, and import and export in regions. The regions covered include :
1)North America
2) Europe
3) Asia Pacific
4) Latin America
5) the Middle East, and Africa.
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Market Segmentation
Strategic sourcing, spend management, category management, process management, contract management, and transaction management are the component-based market segments for procurement as a service. With a market share of 21.8% in 2022, the spend management sector led the component category and is predicted to expand at a CAGR of 5.52% during the following five years. An organisation may ensure that the supplier data is kept up to date with the help of an excellent spend management system, ensuring that procurement executives have access to the correct data.
Small and medium-sized businesses (SMEs) and large businesses make up the two market segments for procurement as a service, respectively, based on company size. With 63.3% of the market share in 2022, the big enterprises sector dominated the enterprise size category. During the forecast period, it is anticipated to increase at a CAGR of 7.34%. Large businesses work on complicated contracts that take longer to complete and require greater expertise, like those for IT systems, military gear, and public infrastructure projects. Because of this, major corporations all over the world are concentrating on cutting costs while also raising total production. On the other side, these businesses also deal with issues including a more restrictive regulatory environment.
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Market Key Players
• 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.
Key questions answered in the Automotive Relay Market are:
- What is Procurement-as-a-Service?
- What are the recent industry trends that can be implemented to generate additional revenue streams for Market?
- Which factors are the lucrative opportunities for the Market growth?
- How is the intervention from regulatory authority is shaping the Market?
- What growth strategies are the players considering to increase their presence in Market?
- Who held the largest Market share in Market?
- What is the Market size of the dominating region?
Key Offerings:
- Past Market Size and Competitive Landscape (2018 to 2021)
- Past Pricing and price curve by region (2018 to 2021)
- Market Size, Share, Size & Forecast by different segment | 2022−2029
- Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by region
- Market Segmentation – A detailed analysis by segment with their sub-segments and Region
- Competitive Landscape – Profiles of selected key players by region from a strategic perspective
- Competitive landscape – Market Leaders, Market Followers, Regional player
- Competitive benchmarking of key players by region
- PESTLE Analysis
- PORTER’s analysis
- Value chain and supply chain analysis
- Legal Aspects of business by region
- Lucrative business opportunities with SWOT analysis
- Recommendations
About Maximize Market Research:
Maximize Market Research is a multifaceted Market research and consulting company with professionals from several industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology and communication, cars and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems. To mention a few, we provide Market-verified industry estimations, technical trend analysis, crucial Market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.
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