Procurement-as-a-Service Market was valued at USD 3.20 Billion in 2021, and is expected to reach USD 5.30 Billion by 2029, exhibiting a CAGR of 6.5 % during the forecast period (2022-2029)

Pune, Jan. 05, 2023 (GLOBE NEWSWIRE) --

According to the “Procurement-as-a-Service Market” report published by Maximize market Research, the market is expected to grow from USD 3.20 billion in 2021 to USD 5.30 billion in 2029, at a CAGR of 6.5 percent for the forecast period from 2022 to 2029.

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Procurement-as-a-Service Market Scope and Research Methodology

The methods used to collect information for the report consist of four major activities. These activities assist in determining the current market size for Offsite Construction. The market size was estimated using both top-down and bottom-up methodologies.

Secondary research includes gathering information from government publications such as country-level Manufacturing and Construction associations and organizations, the World Bank, Eurostat, the Organization for Economic Co-operation and Development (OECD), and the Centres for Disease Control and Prevention (CDC); regulatory and corporate filings such as SEC filings, annual reports, investor presentations, and business magazines, financial statements, press releases, and research journals, free and paid manufacturers, and free and paid manufacturers. The secondary data was then analysed to forecast the overall market size, which was then corroborated using primary research. After obtaining a comprehensive image of the Offsite Construction industry through secondary research, extensive primary research was conducted. Many market experts, both supply-side and demand-side, were interviewed for primary research across four key regions, namely Europe, North America, Asia Oceania, and the Rest of the World. Aside from interviews, primary data was gathered by mail, questionnaires, and telephone interviews.

Procurement-as-a-Service Market Overview

Procurement as a service is becoming increasingly common worldwide and more common throughout the world as companies increasingly rely on digitalization to handle their sourcing and procurement tasks and keep track of corporate payments and purchases. Technology integration may make sustainable procurement and supplier relationship management more proactive and effective; this is intended to enable economies of scale and increase business profitability. In order to assist companies predict purchases and sourcing with more accuracy, it is essential for procurement service providers to make sure that the most recent technologies are utilized. The market demand for procurement as a service is expected to remain steady during the forecast period.

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Procurement-as-a-Service Market Dynamics

Proper exceptions and cost effectiveness in the market will result from the execution of strategic procurement. Managing compliance contracts and rules is another factor driving this industry. Effective techniques to manage contracts and rules are easily accessible with procurement as a service. It reduces the enterprise's expenses and energy use. Additionally, this service makes it feasible to divide up labour into much more crucial organizational duties. These two significant forces will grow the market

There are several end users of artificial intelligence and machine learning technology. Any company may benefit from these technologies' advanced features and capabilities. Additionally, more advancement will result from the combination of these technologies with analytics software. During the forecast period, the adoption rate of procurement as a service will increase. Furthermore, there will be more development potential due to the market's high demand for the transaction management segment.

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Procurement-as-a-Service Market Regional Insights

Asia Pacific region is expected to dominate the market during forecast period at highest CAGR of 7.60% held largest market share in 2021. Thanks to government initiative to accelerate the growth of a variety of industries, including manufacturing, transportation, and food and beverage. Make in India 2.0, the government of India's follow-up to the original Make in India program, will concentrate on cutting-edge industries like robotics. Making in India helped progress a number of sectors, which in turn helped the procurement as a service (PaaS) sector in India grow rapidly throughout the forecast period.

Procurement-as-a-Service Market Segmentation

By Component :

• Strategic Sourcing

• Spend Management

• Category Management

• Process Management

• Contract Management

• Transaction Management

By Enterprises Size:

• SMEs

• Large Enterprises

By End-user:

• IT & Telecom

• Consumer Goods & Retail

• Manufacturing

• Energy & Utility

• Healthcare

• Hospitality & Tourism

• Others
  

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Procurement-as-a-Service Market Key Competitors:

• Accenture

• Infosys

• GEP

• Genpact

• Proxima

• 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 Procurement-as-a-Service Market are:

• How do Procurement-as-a-Service work?

• What is US Procurement-as-a-Service?

• What is Texas Procurement-as-a-Service?

• Who are the top 10 key players in the Procurement-as-a-Service Market?

• Who are the market leaders in Factory Automation in Europe

• What is the name of the Procurement-as-a-Service in California

• Who are the market leaders in Factory Automation in India, China, Japan and South Korea?

• What are the factors affecting growth in the Procurement-as-a-Service Market?

• Who held the largest market share in Procurement-as-a-Service Market?

• What are the factors for the growth of Asia-Pacific region in Procurement-as-a-Service Market?

Key Offerings:

• Market Share, Size & Forecast by Revenue | 2022−2029

• Market Dynamics – Growth Drivers, Restraints, Investment Opportunities, and Key Trends

• Market Segmentation – A detailed analysis by component, end users , enterprise size, Region

• Competitive Landscape – Top Key Vendors and Other Prominent Vendors

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