According to the latest market study on “Procurement as-a-Service Market Forecast to 2027 –COVID-19 Impact and Global Analysis by Component (Strategic Sourcing, Spend Management, Category Management, Process Management, Contract Management, Transaction Management); Enterprise Size (SMEs, Large Enterprises); End-User Industry (IT and Telecom, Consumer Goods and Retail, Manufacturing, Energy and Utility, Healthcare, Hospitality and Tourism, Others); and Geography,”the marketis estimated to reach US$ 4,741.1 million by 2027 from US$ 3,137.7million in 2019. The report highlights the factorsdriving and restraining the market growth, as well as enumeratesprominent players in the market with their recent developments.
Procurement as-a-service is an outsourced procurement business model that combines staff, technology, and expertise to manage a portion or complete user organization procurement functions. Technology supports the service providers to examine what their customers are spending money on, and where they are likely to find potential savings. Procurement as-a-service offerings support the endusers to select the categories for sourcing and allocate category experts to manage purchasing for those categories.
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These services rely on technology to do the sourcing and procurement, tracking payments and purchases, and handle three-way matching to ensure that the users are only paying for what they get. Several procurements as-a-service providers make the entire process visible to the enterprises they work with, usually through the reporting portals. Through this portal the users get the access to analytics and the procurement tool so that they can work on their own reports, record their inventory, and upload payments. Procurement as-a-service is similar to SaaS (software as a service) but manages procurement services. Thus, selecting a comprehensive procurement platform that is developed with various technology solutions to offer users with category management, supplier management, and more will ensure user’s organization with efficient performance as well as substantial cost savings.
Impact of COVID-19 Pandemic on Procurement as-a-Service Market
COVID-19 outbreak first began in Wuhan (China) in December 2019, and since then, it has spread across the globe at a rapid pace. China, Italy, Iran, Spain, the Republic of Korea, France, Germany, and the US are among countries that have been the worst affected by this pandemic, in terms of confirmed cases and reported deaths as of March 2020. The COVID-19 outbreak has affected economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. The overall procurement as-a-service marketbreakdown due to COVID-19 is also affecting the growth of the procurement as-a-service marketdue to shutting down of factories, discontinuation of supply chain, and downturn in the world economy.Though the complete impact of COVID-19 is still unidentified, the impact across the electronics value chain will probably be far-reachingand strongly affecting parties involved with semiconductor manufacturing. COVID-19 is underlining the possible risks and vulnerability of present electronics and semiconductor value chain model as well as challenging the semiconductor industry to consider altering its global supply chain model.
Product developmentis the commonly adopted strategyby companies to expand their product portfolio. Accenture, Infosys Ltd., CAPGEMINI SE, and IBM Corporationare among the market players implementing this strategyto enlarge the customer base and gain significant market share globally, which in turn permits themto maintain their brand name in the global procurement as-a-service market.
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