The North America Procurement as a Service Market would witness market growth of 7.3% CAGR during the forecast period (2021-2027).
Procurement as a service is considered as an outsourced procurement tool that blends employee, technology, and knowledge with an aim to better manage some parts, if not all, of your company's procurement tasks. Technology is effective and helpful for a company to keep a check on where the money is being spent and where it can save its resources. It assists them to choose the categories for sourcing and allocate category experts to manage purchasing tasks for those categories. It completely depends on the technology to do the procurement and sourcing, monitor purchases and payments and manages three-way matching to ensure a company is paying for the right thing.
The majority of the procurement as service vendors allow the visibility of the process for the companies they collaborate with, commonly using a reporting portal. With this, it becomes feasible to gain access to the procurement and analytics tools in order to allow a company to run its own reports, monitor inventory, and upload payments. It is quite similar to SaaS, or software as a service, but manages procurement services.
North America is considered as one of the critical regions for the growth & demand of several products & services due to supportive government policies to fuel innovation, the existence of a massive industrial base, and massive adoption of industrial automation services in well-established nations like the US and Canada. The North American region is a significant hub for technological developments and always remained at the forefront to adopt the latest technologies.
The companies in the North American region are aiming to enhance their procurement operations and installing the best practices for procurement operations. Procurement outsourcing assists businesses in improving the effectiveness of procurement activities. It also helps them to obtain a competitive edge over other key players operating in the regional market. The existence of leading players in the region is likely to accelerate the growth rate of the regional market. The growth of the regional market would be fueled by the optimistic landscape of BPO evolution and increasing focus on providing personalized solutions.
The US market dominated the North America Category Management Procurement as a Service Market by Country 2020, thereby, achieving a market value of $283.2 million by 2027. The Canada market is experiencing a CAGR of 10.3% during (2021 - 2027). Additionally, The Mexico market would witness a CAGR of 9.4% 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 U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Global Procurement as a Service Market is Estimated 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., NB Ventures, Inc. (GEP), and WNS (Holdings) Ltd.
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