The Procurement as a service market was valued at US$ 6.7 Bn in 2022 and is expected to reach a valuation of US$ 13.3 Bn by 2032, finds Future Market Insights (FMI) in a recent market survey. As per the findings, revenue through the Strategic Sourcing component grew at a CAGR of 7% during 2022-2032.
Strategic sourcing is a process that increases efficiencies across all spend categories, reduces supply risks through enhanced supplier selection, and improves pricing and forecasting visibility.
US Continue to dominate the procurement as a service market
The procurement as a service market in the US was valued at around US$ 2.2 Billion in 2021 and is estimated to reach a valuation of US$ 2.4 Billion in 2022, According to a research report published by ISG Provider Lens the covid-19 pandemic has accelerated the adoption of procurement as a service among the public sectors in US.
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The pandemic has shown the drawbacks of the traditional procurement process, which paced the demand for the digital transformation of the procurement process in the public sector. Many public sector organizations are using procurement as a service to increase efficiency and predictability of expenses of their procurement process which is expected to drive the market in the US. The procurement as a service market in the US has projected to reach a valuation of US$ 4.7 Bn by 2032.
“Procurement as a service provider are introducing AI, and machine learning to improve the procurement services” comments an analyst at Future Market Insights.
Procurement as a Service Market: Competition Insights
Procurement as a Service providers are performing merger and acquisition strategies to gain expertise and market share. The key companies operating in the procurement as a service market include 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 and Cisco Systems, Inc.
Some of the recent developments by key providers of procurement as a service are as follows:
- In May 2022, Bain & Company acquired Proxima, wherein the latter’s expertise in the procurement and supply chain sectors will improve Bain & Company’s existing procurement solutions portfolio. Proxima will operate independently under Bain & Company service line.
- In February 2022, Bain & Company acquired ArcBlue, a leading procurement consulting across Asia Pacific region. ArcBlue will operate independently as Bain’s special procurement implementation service line. The acquisition will strengthen Bain’s existing procurement offerings and improve its operation in Asia Pacific.
- In November 2021, Accenture acquired ClearEdge Partners, a firm focusing on procurement spend management. The acquisition will help Accenture to extend its expertise to help clients generate cost savings and gross more value form its existing IT investments.
- In November 2021, Accenture and Icertis announced a strategic partnership that combines the latter’s Icertis Contract Intelligence (ICI) and Accenture’s digital transformation capabilities, which will help the clients to get better visibility into their contracts and help them to manage risks and the contracting process more effectively and efficiently.
- In November 2021, WNS launched WNS FINSIBLE a set of banking solutions enabling FinTechs to efficiently streamline, manage and scale operations. FINISBLE provides an entire end-to-end value chain of the banking process, including deposits and payments, lending, risk& compliance customer service and advisory services. The offering is customizable and scalable to address the need of FinTech clients regardless of their operational maturity.
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More Insights Available
Future Market Insights, in its new offering, presents an unbiased analysis of the Procurement as a Service Market, presenting historical market data (2015-2021) and forecast statistics for the period of 2022-2032.
The study reveals extensive growth in the Procurement as a Service Market in terms of Component (Strategic Sourcing, Spend Management, Contract Management, Category Management, Process Management, Transactions Management) By Organization Size (Large Enterprises, Small and Medium Sized Enterprises) By Vertical (Manufacturing, Retail and consumer packed goods, Banking, Financial Services, and Insurance, IT and Telecom, Energy and Utilities, Healthcare, Travel and Hospitality, Others), across five regions (North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa).
Key Segments Covered in Procurement as a service Industry Survey
Procurement as a Service Market by Component:
- Strategic Sourcing
- Spend Management
- Contract Management
- Category Management
- Process Management
- Transactions Management
Procurement as a Service Market by Organization Size:
- Large enterprises
- Small and Medium-sized Enterprises (SMEs)
Procurement as a Service Market by Vertical:
- Manufacturing
- Retail and consumer packaged goods
- Banking, Financial Services, and Insurance (BFSI)
- IT and Telecom
- Energy and Utilities
- Healthcare
- Travel and Hospitality
- Others (government, and media and entertainment)
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Procurement as a Service Market by Region:
- North America Procurement as a Service Market
- Latin America Procurement as a Service Market
- Europe Procurement as a Service Market
- Asia Pacific Procurement as a Service Market
- Middle East & Africa Procurement as a Service Market
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