asia-pacific procurement as-a-service Market

The procurement as-a-service market in Asia-Pacific is expected to grow from US$ 907.6 million in 2019 to US$ 1,496.8 million by 2027; it is estimated to grow at a CAGR of 7.60% from 2020 to 2027.

In several organizations, it is difficult to control costs; however, procurement services allow focusing on core categories and competencies, offer higher spending control, enhance service levels, and business relationships. Procurement services are swiftly rising owing to market conditions in the region and the requirement for companies to maintain and mitigate costs without eliminating resources.

APAC is active in adopting the latest technologies and implementing it in various industries. Enterprises across many industries in the region, such as retail, manufacturing, and utility industries, have already begun adopting advanced technologies such as AI and IoT, in order to enhance business processes and customer service. Procurement is one of the most important and complex business processes in the both SMEs as well as large enterprises, as this business function is responsible for various day-to-day operations of the enterprises.

While there are diverse viewpoints on the damage, which COVID-19 may cause, the fact remains that COVID-19 is spreading worldwide. Though the complete impact of COVID-19 is still unidentified, the impact across the electronics value chain would probably be far-reaching—and strongly affecting parties involved with semiconductor manufacturing. However, the ICT industry, manufacturing plants, and many other businesses lockdowns, is negatively impacting the procurement as-a service market.

The overall Asia-Pacific procurement as-a-service market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining overview and forecast for the Asia-Pacific procurement as-a-service market with respect to all the segments pertaining to the region. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants involved in this process include industry experts, such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants, such as valuation experts, research analysts, and key opinion leaders specializing in the Asia-Pacific procurement as-a-service market. Major players operating in the market in this region include Accenture; CAPGEMINI SE.; Corbus, LLC; Genpact Ltd; GEP; HCL Technologies; IBM Corporation; Infosys Ltd; Wipro Limited; and WNS (Holdings) Limited.