Procurement-as-a-Service Market worth USD 5.30 Bn by 2029 Global Opportunity Analysis and Industry Forecast 2022-2029
MAXIMIZE MARKET RESEARCH PRIVATE LIMITED
6 min read
MAXIMIZE MARKET RESEARCH PRIVATE LIMITED
Procurement-as-a-Service Market was valued at USD 3.20 Billion in 2021, and is expected to reach USD 5.30 Billion by 2029, exhibiting a CAGR of 6.5 % during the forecast period (2022-2029)
Pune, Jan. 05, 2023 (GLOBE NEWSWIRE) --
According to the “Procurement-as-a-Service Market” report published by Maximize market Research, the market is expected to grow from USD 3.20 billion in 2021 to USD 5.30 billion in 2029, at a CAGR of 6.5 percent for the forecast period from 2022 to 2029.
Procurement-as-a-Service Market Scope and Research Methodology
The methods used to collect information for the report consist of four major activities. These activities assist in determining the current market size for Offsite Construction. The market size was estimated using both top-down and bottom-up methodologies.
Secondary research includes gathering information from government publications such as country-level Manufacturing and Construction associations and organizations, the World Bank, Eurostat, the Organization for Economic Co-operation and Development (OECD), and the Centres for Disease Control and Prevention (CDC); regulatory and corporate filings such as SEC filings, annual reports, investor presentations, and business magazines, financial statements, press releases, and research journals, free and paid manufacturers, and free and paid manufacturers. The secondary data was then analysed to forecast the overall market size, which was then corroborated using primary research. After obtaining a comprehensive image of the Offsite Construction industry through secondary research, extensive primary research was conducted. Many market experts, both supply-side and demand-side, were interviewed for primary research across four key regions, namely Europe, North America, Asia Oceania, and the Rest of the World. Aside from interviews, primary data was gathered by mail, questionnaires, and telephone interviews.
Procurement-as-a-Service Market Overview
Procurement as a service is becoming increasingly common worldwide and more common throughout the world as companies increasingly rely on digitalization to handle their sourcing and procurement tasks and keep track of corporate payments and purchases. Technology integration may make sustainable procurement and supplier relationship management more proactive and effective; this is intended to enable economies of scale and increase business profitability. In order to assist companies predict purchases and sourcing with more accuracy, it is essential for procurement service providers to make sure that the most recent technologies are utilized. The market demand for procurement as a service is expected to remain steady during the forecast period.
Proper exceptions and cost effectiveness in the market will result from the execution of strategic procurement. Managing compliance contracts and rules is another factor driving this industry. Effective techniques to manage contracts and rules are easily accessible with procurement as a service. It reduces the enterprise's expenses and energy use. Additionally, this service makes it feasible to divide up labour into much more crucial organizational duties. These two significant forces will grow the market
There are several end users of artificial intelligence and machine learning technology. Any company may benefit from these technologies' advanced features and capabilities. Additionally, more advancement will result from the combination of these technologies with analytics software. During the forecast period, the adoption rate of procurement as a service will increase. Furthermore, there will be more development potential due to the market's high demand for the transaction management segment.
Asia Pacific region is expected to dominate the market during forecast period at highest CAGR of 7.60% held largest market share in 2021. Thanks to government initiative to accelerate the growth of a variety of industries, including manufacturing, transportation, and food and beverage. Make in India 2.0, the government of India's follow-up to the original Make in India program, will concentrate on cutting-edge industries like robotics. Making in India helped progress a number of sectors, which in turn helped the procurement as a service (PaaS) sector in India grow rapidly throughout the forecast period.
Market Segmentation – A detailed analysis by component, end users , enterprise size, Region
Competitive Landscape – Top Key Vendors and Other Prominent Vendors
Maximize Market Research is leading Healthcare research firm, has also published the following reports:
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Maximize Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology and communication, cars and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems. To mention a few, we provide market-verified industry estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.
