Procurement as a service Market: Introduction

Traditionally, procurement has been seen as a backroom work, however its practitioners are gradually receiving recognition since past few years. Although procurement incorporates platforms, for example, platform-as-a-service and software-as-a-service, the procurement-as-a-service platform is currently in its initial stage. The services provided in procurement-as-a-service contain KPO, business procedure outsourcing (BPO), auditing and quality check, and supplier management.

The developing need among companies to decrease the expenses associated with procurement operations and streamline procurement procedures is foreseen to fuel the development of market globally across several industry verticals.

Procurement as a service Market: Novel development

  • In January 2019, Accenture came up with SynOps, an AI operated motor that uses advanced analytics, data, and deep learning to enable organizations to achieve insightful operations across key business capacities. These capacities incorporate accounting and finance, procurement, and marketing.
  • In November 2018, Accenture took over Intrigo Systems, a supplier of advisory and frameworks integration services for cloud solutions and SAP works in eCommerce, store network, and procurement. The acquisition fortifies Accenture's abilities in providing ventures with procurement transformation and inventory network.
  • In July 2017, Genpact released an AI-based platform, Genpact Cora which integrates analytics, automation, and AI motors, in a single, bound-together platform. The company utilizes the platform to privide procurement and inventory network solutions for its customers.
  • In January 2017, WNS took over Denali Sourcing Services, a strategic procurement Business Process Management (BPM) solution supplier. The acquisition gave strategic category management and sourcing capability to the WNS solution suite. Joined with WNS's current P2P capabilities, the acquisition also enables WNS to offer total start to finish S2P solutions for its clients.

The key players operating in the global procurement as a service merchant incorporates Infosys (India), Accenture (Ireland), GEP (US), Proxima (UK), Genpact (US), WNS (India), Capgemini (France), IBM (US), HCL Technologies (India), Wipro (India), TCS (India), Aegis (India), Xchanging (UK), Corbus (India), CA Technologies (US), and so forth.

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Procurement as a service Market Dynamics

High Consumer Demand to Boost market Demand

Rising consumer demand and increasing competition across the globe are expected to encourage companies to gain an edge over their competitors. Manufacturing firms work to provide higher quality at lesser price, more up to date features, and shorter generation times while sustaining the presence in the market are dealing with the prices viably. Thus, manufacturing companies are dynamically taking up procurement outsourcing and advanced solutions, which help them streamline the process of manufacturing, along with significant cost-effectiveness. Owing to this, they are able to concentrate on their ability, for example, production, manufacturing aptitudes, generation, and timely delivery. Procurement as a service in the manufacturing business takes care of procedures, for example, supplier management, sourcing and category management, spend analysis, sourcing and category management, Source-to-pay (S2P) and Procure-to-Pay (P2P) process management (while guaranteeing execution compliance), and managing and planning the production network costs.

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Procurement as a service Market: Geographical Analysis

North America is foreseen to emerge as the biggest market in size, in the global procurement as a service market, since the region is a key hub for advanced technological developments, and adopts the technologies pretty faster. The ventures in the North America are concentrating on enhancing the procurement operations and executing the prescribed procedures for procurement operations. Outsourcing of procurement helps ventures in increasing the productivity of procurement procedures. It even helps them stay focused in the market. The emergence of key players in the mentioned region bolsters the demand regarding the popularity of procurement as a service.

The report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the market, including but not limited to: Regional markets, technology, types, and applications.

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  • Market size
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The regional analysis covers:

  • North America (U.S. and Canada)
  • Latin America (Mexico, Brazil, Peru, Chile, and others)
  • Western Europe (Germany, U.K., France, Spain, Italy, Nordic countries, Belgium, Netherlands, and Luxembourg)
  • Eastern Europe (Poland and Russia)
  • Asia Pacific (China, India, Japan, ASEAN, Australia, and New Zealand)
  • Middle East and Africa (GCC, Southern Africa, and North Africa)

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A separate analysis of prevailing trends in the parent market, macro- and micro-economic indicators, and regulations and mandates is included under the purview of the study. By doing so, the report projects the attractiveness of each major segment over the forecast period.

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  • Reporting and evaluation of recent industry developments
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This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

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The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

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The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

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2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

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Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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