According to a new report Global Procurement as a Service Market, published by KBV research, The Global Procurement as a Service Market size is expected to reach $10.3 billion by 2027, rising at a market growth of 7.9% CAGR during the forecast period.
The transaction management segment would obtain a significant revenue share during the forecast period. With the help of sourcing transaction management, end-users become capable to enhance business profitability while simultaneously engaging suppliers in ethical and long-term business relationships. Components such as price & terms, delivery, purchase order, invoicing, etc. fall under the category of transaction management. In the last couple of years, automation has also created in-roads to transactional management, thereby opening new growth avenues for the global market.
The large enterprises obtained a significant revenue share in 2020. Though, the demand for these solutions from SMEs is increasing, with the segment exhibiting maximum growth rate during the forecast period. Awareness and the requirements in order to handle the supply risks are motivating the small companies to deploy these solutions, a trend that would be maintained throughout the forecast period.
In 2020, Europe emerged as the dominating region in the global procurement as a service market. But, North America will beat the Europe region regarding the total revenue share of the market by obtaining a major growth rate during the forecast period. The growth of the North American region would be fueled by the rapid technology integration across various industries. Europe region has become developed in this sense with an anticipated gradual growth rate throughout the forecast years. A high focus on simplifying supply chain operations while being a major center for manufacturing is expected to contribute to the growth of the market.
Full Report: https://www.kbvresearch.com/procurement-as-a-service-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of IBM Corporation, Accenture PLC, Broadcom, Inc., HCL Technologies Ltd. (HCL Enterprises), Genpact Limited, Infosys Limited, Wipro Limited, Tata Consultancy Services Ltd., NB Ventures, Inc. (Global eProcure), and WNS (Holdings) Ltd.
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