europe procurement as-a-service Market

The procurement as-a-service market in Europe is expected to grow from US$ 609.5 million in 2019 to US$ 958.2 million by 2027; it is estimated to grow at a CAGR of 6.96% from 2020 to 2027.

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. The business process outsourcing (BPO) industry is a well matured industry and it focuses on providing major cost benefits without hampering the value provided to the business stakeholders, and thus focusing on partnership with service providers. Today, various service providers are increasingly moving their focus from full time equivalent (FTE) to transaction-based pricing models, from a vendor relationship to a strategic partnership, and from evaluating processing efficiency metrics to business metrics.

The procurement BPO has made a late entry to the outsourcing market. However, it has made a significant transformation from initial development phase to mature development phase. The procurement outsourcing has, for instance, moved from spend analysis and reporting to the category and spend management; from allowing supplier management back-end analytics to actually handling tail-end suppliers.

Europe is a major manufacturing and industrial hub for several industrial sectors such as IT, automotive, aerospace & defense, energy & power, pharmaceuticals, and food & beverages. Hence, due to COVID-19, business lockdowns, travel bans, and supply chain disruptions, the economy and industrial growth of the European region has seen a decline in past few months. This is anticipated to impact market growth in Europe negatively.

The overall Europe 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 Europe 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 Europe 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.