Procurement as a Service Market Size, Share, Growth Rate, Trends, Analysis
Posted by shweta raj on January 18th, 2021
Global Procurement as a Service Market Research Report: By Component (Strategic Sourcing, Spend Management, Category Management, Process Management, Transaction Management), By Organization Size (Large Enterprises, SMEs) and By Vertical (BFSI, Government & Defense, IT & Telecom, Healthcare, Retail, Manufacturing, Others) – Forecast to 2025
The Global Procurement Service Market is valued at USD 4.93 billion in 2018 and is rising at a CAGR of 8.9% with a forecast of USD 9 Billion by 2025.
All enterprises utilize procurement services and have traditionally managed them in-house. The changing economic landscape with its emphasis on e-procurement, supply chain management, and efficient p2p systems has made it more cost-effective to outsource these services to businesses dedicated to providing procurement solutions.
As this industry grows, it becomes more cost-effective for all businesses to avail procurement services and that is a big factor in this market’s growth.
An excellent supporting infrastructure is provided by various IT companies who have expanded their profile to offer procurement services with the largest enterprises setting up their own procurement service units.
An increasing number of enterprises outsourcing all their procurement services related requirements to third-party vendors leading to rapid market growth.
By Organization Size
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About the Authorshweta raj
Joined: July 2nd, 2020
Articles Posted: 349
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