The new report by Expert Market Research titled, ‘Global Procurement as a Service Market Size, Share, Price, Trends, Growth, Report and Forecast 2021-2026’, gives an in-depth analysis of the Global Procurement as a Service Market, assessing the market based on its segments like Component, Organization Size, End-Use and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analyzing the market based on the SWOT and Porter’s Five Forces models.

Note 1: For a snapshot of the primary and secondary data of the market (2016-2026), along with business strategies and detailed market segmentation, please click on request sample report. The sample report shall be delivered to you within 24 hours.

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The key highlights of the report include:

Market Overview (2016-2026)

• Historical Market Size (2020): USD 5.28 billion
• Forecast CAGR (2021-2026): 7.8%
• Forecast Market Size (2026): USD 7 billion

The rising demand among organizations to streamline the procurement process, rising need for the service to handle compliance policies and contracts, rising consumer demand, and increased competition among enterprises are some of the factors that will likely boost the growth of procurement as a service market in the forecast period of 2020-2027.

Industry Definition and Major Segments

Regardless of the sector, strategic procurement sourcing is a necessary component of all organizations. The analysis of what a company buys, from whom, at what price, and in what volume is known as strategic sourcing. Identifying the company's external expenditure, performing the Request for Proposal (RFP)/Request for Quotation (RFQ) procedure, negotiating pricing with suppliers, and setting up contracts are all part of strategic sourcing. The goal of strategic sourcing is to strike a balance between the quality of goods and services and their cost.

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The major components of the Procurement Service market are:

• Strategic Sourcing
• Spend Management
• Category Management
• Process Management
• Contract Management
• Transactions Management

Based on its organization size, the market may be broadly classified as follows:

• Small and Medium-Sized Enterprises
• Large Enterprises

Based on end-use, the market can be divided into:

• Manufacturing
• Retail and Consumer Packaged Goods
• Banking, Financial Services, and Insurance
• IT and Telecom
• Energy and Utilities
• Travel and Hospitality
• Healthcare
• Others

The regional markets for the global load balancer market include:

• North America
• Europe
• Asia Pacific
• Latin America
• The Middle East and Africa

Market Trends

This procurement as a service market report provides recent development, trade regulations, import-export analysis, production analysis, value chain optimization, market share, the impact of domestic and localized market players, analyses developing revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growth analysis, and market share are all potential possibilities.

Key Market Players

The major players in the market are Accenture Plc (NYSE: ACN), Infosys Limited (NYSE: INFY), GEP, Genpact Ltd. (NYSE: G), Proxima Group (buying team Ltd.), WNS (Holdings) Ltd. (NYSE: WNS), Capgemini SE (EPA: CAP), International Business Machines Corp. (NYSE: IBM), Wipro Limited (NSE: WIPRO) and others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.

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Note 2: As the novel coronavirus (COVID-19) continues to spread across the world, our analysts are constantly tracking the impact of this rapidly evolving situation on the markets and the consumer purchase behaviours. Thus, our latest estimates and analysis about the current market trends and forecast will exhaustively reflect the effects of this emerging pandemic.

About Us:

Expert Market Research is a leading business intelligence firm, providing custom and syndicated market reports along with consultancy services for our clients. We serve a wide client base ranging from Fortune 1000 companies to small and medium enterprises. Our reports cover over 100 industries across established and emerging markets researched by our skilled analysts who track the latest economic, demographic, trade and market data globally.

At Expert Market Research, we tailor our approach according to our clients’ needs and preferences, providing them with valuable, actionable and up-to-date insights into the market, thus, helping them realize their optimum growth potential. We offer market intelligence across a range of industry verticals which include Pharmaceuticals, Food and Beverage, Technology, Retail, Chemical and Materials, Energy and Mining, Packaging and Agriculture.

We also provide state-of-the-art procurement intelligence through our platform, https://www.procurementresource.com. Procurement Resource is a leading platform for digital procurement solutions, offering daily price tracking, market intelligence, supply chain intelligence, procurement analytics, and category insights through our thoroughly researched and infallible market reports, production cost reports, price analysis, and benchmarking.

Informes de Expertos (https://www.informesdeexpertos.com), the Spanish variant of Expert Market Research, is a platform that offers market research and consultancy services to a broad clientele base across Spanish speaking countries. With our primary focus on the Latin America and Spain markets, our research experts provide relevant and actionable insights into the markets and track major trends, economic developments, and global trade data.

Determined to bring client satisfaction, we make sure that our tailored approach meets the client’s unique market intelligence requirements. Our syndicated and customized research reports cover a wide spectrum of industries ranging from pharmaceuticals and food and beverage to packaging, logistics, and transportation.

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*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.