Procurement management software offers better visibility and with cross functional access among to organizations, increase in need for effective demand and supply management solutions, significant surge in need to improve supply chain visibility and the desire for better transparency of orders and shipment information drive the growth of the global Procurement-as-a-Service Market. Surge in demand for work from home and remote working policies during the pandemic positively impacted the market growth.
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The report offers detailed segmentation of the global procurement-as-a-service market based on component, organization size, industry vertical, and region. The report provides a comprehensive analysis of every segment and their respective sub-segment with the help of graphical and tabular representation.
Based on industry vertical, the manufacturing segment held the lion’ share in 2021, holding nearly one-fourth of the global market. The retail segment, on the other hand, is expected to maintain its leadership status during the forecast period. In addition, the same segment is expected to cite the fastest CAGR of 14.8% during the forecast period.
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Based on region, the market across North America held the dominating market share in 2021, holding around two-fifths of the global market. The Asia-Pacific region, on the other hand, is expected to maintain its leadership status during the forecast period. In addition, the same region is expected to cite the fastest CAGR of 16.8% during the forecast period.
The key players analyzed in the global procurement-as-a-service market report include Accenture, Plc, Aegis One Consults Ltd, CA Technologies, Capgemini, Corbus India LLP, F-code, Genpact, HCL Technologies Limited, IBM Corporation, Infosys Limited, Proxima Group, TATA Consultancy Services, Wipro, WNS Global, X Changing Solutions, GEP, Simfoni Limited.
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- The outbreak of the COVID-19 pandemic had a positive impact on the growth of the global procurement-as-a-service market, owing to the occurrence of lockdowns in various countries across the globe.
- Lockdowns resulted in the closure of various commercial work places and businesses due to the stringent social distancing restrictions imposed by the government.
- Thus, people and companies across the globe were increasingly inclining towards remote working and work-from-home standards, which significantly boosted the growth of the market.
- Moreover, with the outbreak of COVID-19, businesses have been forced to shift their attention and increase their online presence, needing to rely on digital solutions more than ever post the pandemic. Therefore, the market is expected to grow exponentially in the coming years.
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