The Asia Pacific Procurement as a Service Market would witness market growth of 10.2% CAGR during the forecast period (2021-2027).
Procurement as a service refers to an outsource procurement model having the expertise to manage the procurement activities of a company with the help of technology. In modern times, various companies are dependent significantly on digital technology to perform sourcing and procurement functions while monitoring payments and purchases. There is high popularity of the use of digital technologies to automate the different kinds of activities, and this trend will positively impact the growth of the market during the forecast period. The incorporation of technology that allows strategic sourcing and supplier management to become proactive and predictive will play a major role in cutting down the operating costs. As a service vendor, the goal of procurement is to harness the new technology in order to assist companies in predicting better regarding sourcing and procurement will support the demand during the forecast period.
The procurement as a service market would showcase a massive demand throughout the forecast years. One of the major catalysts for the growth of the global market is the growing need among companies to reduce the cost associated with procurement activities and simplify procurement activities. In addition to it, the market would witness massive growth & demand due to the surge in the penetration of advanced technologies like artificial intelligence. With increasing competition at the worldwide level, the supply chains are deploying advanced processes to facilitate productivity and business operations. There has been an advent of customized offerings, which has encouraged the service vendors to switch their business towards the “as-a-service” model.
Asia-Pacific region is proactive in deploying the new technologies and installing them in several industries. Enterprises across many businesses in the region like manufacturing, retail, and utility industries, have started to deploy new technologies like IoT, and AI with an aim to improve business operations and customer services. These factors are set to boost the further development of regional procurement as a service market in the forthcoming years.
Procurement is one of the most essential and complicated business processes in SMEs and large enterprises, as this business function is accountable for several daily operations of the enterprises. The business process outsourcing (BPO) sector is a highly matured industry and it aims at offering significant cost advantages without hindering the value provided to the business stakeholders, and hence, focusing on collaboration with service vendors. Europe is a significant manufacturing and industrial hub for various industrial sectors like aerospace & defense, IT, energy & power, automotive, pharmaceuticals, and food & beverages. Therefore, owing to the COVID-19 scenario, business lockdowns, travel bans, and supply chain disturbances, the economy and industrial development of the region have witnessed a declining trend in the last couple of months. This would slow down the growth of the regional market.
The China market dominated the Asia Pacific BFSI Procurement as a Service Market by Country 2020, thereby, achieving a market value of $98.1 million by 2027. The Japan market is showcasing a CAGR of 10.8% during (2021 - 2027). Additionally, The India market is poised to grow at a CAGR of 12% during (2021 - 2027).
Based on Component, the market is segmented into Strategic Sourcing, Process Management, Category Management, Transaction Management, Spend Management, Contract Management, and Others. Based on Enterprise Size, the market is segmented into Large Enterprises and Small & Medium Enterprise. Based on Application, the market is segmented into Manufacturing, Retail, BFSI, Healthcare, IT & Telecom and Others. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Procurement as a Service Market is Projected to reach USD 10.3 Billion by 2027, at a CAGR of 7.9%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include IBM Corporation, Accenture PLC, Broadcom, Inc., HCL Technologies Ltd. (HCL Enterprises), Genpact Limited, Infosys Limited, Wipro Limited, Tata Consultancy Services Ltd., GEP, and WNS (Holdings) Ltd.
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