Procurement Service Market


The sudden challenges created by the ongoing COVID-19 are captured effectively to exhibit the long term growth projections in the MRFR report on Procurement Service Market. The growth sectors of the Procurement Service Market are identified with precision for a better growth perspective.

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.

MARKET USP

An increasing number of enterprises outsourcing all their procurement services related requirements to third-party vendors leading to rapid market growth.

SEGMENTATION

By Component

Strategic Sourcing: The largest market by segment. Strategic sourcing overlooks the collation of information pertinent to an organization to maximize its profitability. It is utilized by all the industries across sectors.
Spend Management: This is the fastest-growing segment. Spend management is critical for BFSIs, utilities, and healthcare, among others. Spend management analyzes the entire spending profile of an organization to make it more streamlined and cost-efficient.
Category Management: Category management is what has allowed Wal-Mart and Amazon to dominate the retail sector. Category management benefits businesses of all sizes and with its sphere of application encompassing virtually all industries, this segment is slated to grow.
Process Management: With an overarching aim to align and attune an organization’s entire machinery to the goals of the organization, process management is an excellent way for an enterprise to shape up and eliminate all wasteful procedures and ventures. Essential for enterprises which offer many services and products.
Transaction Management: IT, travel, hospitality, and banking place emphasis on transaction management.
By Organization Size

Large Enterprises: A very large segment, large enterprises often become cumbersome and utilizing procurement services, they can streamline themselves to better their profitability.
SMEs: Often critical to their survival, procurement services are an excellent way for SMEs to build up profitability and streamline their strategic capabilities.

More Information@


Procurement as a Service Market by Type, Size, Growth and Forecast – 2025 | MRFR
Procurement as a Service Market is likely to reach USD 9 Billion by 2025 at a CAGR of 8.9% over…

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