Procurement As A Service market COVID-19 Impact, Trends & Business Statistics By 2030Posted by Mrudula Anil Karmarkar on June 6th, 2023 The global procurement as a service market size is expected to reach USD 13.58 billion by 2030 and is anticipated to expand at a CAGR of 11.1% from 2023 to 2030, according to a new report by Grand View Research, Inc. The rise in demand for efficient inventory management and supply chain optimization to lower expenses and boost profitability from the business has contributed to market growth. Furthermore, the pandemic outbreak played a decisive role in driving the market's growth. By assisting small businesses in running their companies normally despite the COVID-19 pandemic, procurement as a service provider helped them keep up with the evolving trends in digital transformation. This is attributed to the demand for procurement as a service market during the forecast period. The emphasis on digital transformation has shifted to the cloud, where procurement service providers are updating their apps to be web-based. Cloud computing provides convenience and flexibility, which helps service providers reduce data storage costs, and these further support enhancing business operations and giving end markets specialized solutions. Along with the cloud, Artificial Intelligence (AI) is also gaining traction in the procurement service industry, delivering data analyses while increasing operations as a distinct competitive advantage. These features and benefits clubbed together create lucrative opportunities for industry incumbents to expand their customer base and bode well for market growth. Owing to the need to manage complex procurement contracts, the demand for procurement services is gaining traction among small and medium-sized businesses. Deals involving contracts require expertise and time to deliver; hence, procurement as a service is a popular choice among SMEs. These services help companies focus on core competencies while outsourcing time-consuming and intricate tasks. For instance, in October 2021, Accenture acquired Xoomworks Group, a procurement technology provider. Accenture's capacity to assist clients in accelerating technology-led business and procurement transformation increased through this acquisition. Accenture's Closed Loop Spend Management capabilities have been strengthened by the integration of Xoomworks Procurement, which aids clients with end-to-end changes that provide unparalleled insight across direct and indirect cost categories. As firms increasingly rely on digitization to carry out their sourcing and procurement tasks while keeping track of company payments and purchases, procurement as a service is gaining popularity throughout the globe. Following the COVID-19 pandemic, the uptake of digitization in automating essential business operations like sourcing and procurement is receiving attention. This is anticipated to support the procurement growth as a service market throughout the projection period. To Request Sample Copy of this report, click the link: https://www.grandviewresearch.com/industry-analysis/procurement-as-a-service-market/request/rs1 Sustainable procurement and supplier relationship management can become more proactive and effective with technology integration; this is expected to enable the economy of scale and boost corporate profitability. As a provider of procurement services, it is crucial to ensure that the newest technologies are used to help businesses anticipate greater accuracy regarding procurement and sourcing. Over the projected period, it is expected to maintain market demand for procurement as a service. To reduce supply risks and eventually streamline capital and cash flows, there is a rising demand for digital, agile, collaborative, and plug-and-play services as the world recovers from the COVID-19 epidemic. According to estimates, the COVID-19-induced uncertain times will digitally change procurement services, which will fuel the expansion of the market for procurement as a service throughout the projection period. Despite the pandemic's negative effects on demand during 2020, which included businesses ceasing production operations amid lockdown regulations and slashing expenses, the comeback in 2021 has been respectable. By the end of 2022, it is predicted that the procurement as a service market will have recovered to pre-COVID-19 levels as commercial activity picks up throughout the world. Procurement As A Service Market Report Highlights
Global supply chains update and streamline procedures to increase productivity and operational effectiveness. It is predicted that this will result in a rise in the need for cloud-based procurement services. Through upcoming new technologies, there is an increasing requirement to enhance procurement processes within firms; this will be crucial in driving market demand over time. Service providers saw the shortcoming of the procurement service owing to the current epidemic, which has caused traditional procurement strategies to fail to scale and become unsustainable. The importance of global procurement services providing organizations has changed in light of this new status quo, moving away from negotiating service contracts and toward exclusive business alliances and strategic arrangements to guarantee both long- and short-term business. Similar to the supply side, business understanding of procurement procedures and services has grown significantly during the past few years. Custom service offers have evolved into a differentiator for service providers, promoting the expansion of procurement as a service industry. The Key Player In The Procurement As A Service Market
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