Procurement-as-a-Service Market to Show Incredible Growth by 2029
Procurement-as-a-Service Market Overview:
The competitive landscape of the Procurement-as-a-Service market includes information about competitors. The contents include a corporate overview, financials, revenue generated, market potential, investment in research and development, new market efforts, geographical presence, firm strengths and weaknesses, product introduction, and application dominance. The preceding data points are solely relevant to the businesses’ focus on the Procurement-as-a-Service market.
Market Scope:
To validate the market size and estimate the market size by different segments, top-down and bottom-up methodologies are utilized. The report’s market estimates are based on the sale price (excluding any discounts provided by the manufacturer, distributor, wholesaler, or traders). The percentage splits, market shares, and segment breakdowns are calculated using weights allocated to each segment based on their utilization rate and average sale price. The percentage adoption or usage of the given market Size in the corresponding area or nation is used to calculate the country-wise splits of the overall market and its sub-segments.
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Procurement-as-a-Service Market Segmentation:
Based on enterprise size, the procurement as-a-service market is segmented into small and medium enterprises (SMEs) and large enterprises. The large enterprises segment dominated the enterprise size segment with 63.3% of market share in 2021 and is expected to grow at a CAGR 7.34% during the forecast period. Large enterprises deal with complex contracts, such as IT systems, military hardware, and public infrastructure projects, which take a longer duration to deliver services and need better expertise. Thanks to this, large enterprises across the world are focused on cost optimization and also increasing the overall productivity of the businesses. On the other hand, these enterprises also face challenges like enhanced regulatory environment. Attributing to this, large enterprises are significantly moving toward implementing procurement as-a-service in order to minimize their operational costs and eliminate their difficulties. The procurement outsourcing model has been a method for very large companies to manage cost savings. Major companies such as Amazon and Walmart have increasingly focused on utilizing their procurement and purchasing strategies to gain themselves a competitive advantage over the SMEs they compete with every day.
Procurement-as-a-Service Market Key Players:
• 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
Regional Analysis:
The geographical section of the research also includes individual market influencing variables and changes in market regulations that effect current and future market trends. Data points such as downstream and upstream value chain analysis, technology trends, porter’s five forces analysis, and case studies are only a few of the indicators used to forecast market scenarios for various countries.
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COVID-19 Impact Analysis on Procurement-as-a-Service Market: The research also addresses the impact of COVID-19 on the Procurement-as-a-Service market. The basic purpose of this study is to help the user understand the market in terms of definition, segmentation, market potential, noteworthy trends, and the issues that the industry is facing across key regions. The study provides micro and macroeconomic analysis of the total impact of COVID-19 on the Procurement-as-a-Service Market. The specific analysis focuses on market share and size, which clearly demonstrates the influence that the pandemic has had and will have on the worldwide Procurement-as-a-Service Market in the next years.
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