The Europe Procurement as a Service Market would witness market growth of 6.5% CAGR during the forecast period (2021-2027).
Procurement as a service is constantly growing, but only big companies are capable to put investment in all the features procurement has to provide. The employees in small enterprises will gain access to targeted technology and expertise at an average price point and thus, they can prove to be reasonable in their investment. In the last few years, procurement outsourcing has paved the way for larger enterprises to experience cost savings. Organizations like Amazon and Walmart have utilized their purchasing plans to acquire a competitive edge over the small and medium (SME) enterprises they compete with each day, and in this domain, the new entrants face fierce competition.
The demand of the market would be boosted by the requirement to enhance procurement function with the help of new technologies for sales. Since supply chains around the globe will focus on bringing transformation in the processes in order to increase productivity and business operations, the demand for procurement as a service will witness an abrupt rise. The intensity of the present pandemic acts as a wake-up call for service vendors as the conventional procurement models are becoming impractical. This is due to the devastation in the past was majorly restricted to a particular region/country. Though, the current pandemic has crippled many industries across the world, impacting B2B as well as B2C enterprises. Responding to such a scenario, the goal of global procurement service vendors has switched from conducting negotiation contracts or sourcing processes to establish a partnership with businesses to facilitate the short as well as long-term business continuity of their customers.
Hospitals and healthcare experts immediately require medical supplies and personal protective tools by public authorities. The European Commission has published new guidance for public buyers to assists public authorities utilize the flexibility offered by the EU’s public procurement framework with an aim to make sure the fast and effective purchases of all the essential tools.
In various companies, it is sometimes very hard to minimize the costs; however, procurement services enable the companies to focus on their core competencies and categories, provide higher spending control, improve service levels, and business relationships. There is a rapid rise in the demand for procurement services due to the market conditions in the region and the need for organizations to maintain and reduce prices without eliminating resources.
The Germany market dominated the Europe Procurement as a Service Small & Medium Enterprise Market by Country 2020, thereby, achieving a market value of $340.9 million by 2027. The UK market is exhibiting a CAGR of 6.4% during (2021 - 2027). Additionally, The France market is anticipated to grow at a CAGR of 8% 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 Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
Free Valuable Insights: The Global Procurement as a Service Market Size will Hit $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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