Spend Management Segment to Dominate Europe Procurement as-a-Service Market during 2020–2027

According to our new market research study on “Europe Procurement as-a-Service Market to 2027 – Regional Analysis and Forecast by Component, Enterprise Size, and End User Industry,” the market is expected to reach US$ 958.2 Million by 2027 from US$ 609.5 Million in 2019; it is estimated to grow at a CAGR of 6.96% from 2020 to 2027. The report provides trends prevailing in the Europe procurement as-a-service market along with the drivers and restraints pertaining to the market growth. The growth of the market in this region is attributed owing to the increasing industrial focus on streamlining the procurement processes. However, surge in occurrence of network security threats restrain the growth of the Europe procurement as-a-service data interchange market.

The procurement as-a-service market, by component, is segmented into Strategic Sourcing, Spend Management, Category Management, Process Management, Contract Management, Transaction Management. From strategic sourcing to payables, the procurement services provide a highly personalized and enriched user experience, which can learn over the time through accessing refined, real-time information. This, in turn, enables for more informed, quicker decision-making and thereby maximizing preferred suppliers. Strategic sourcing provides various benefits for both large enterprises and SMEs. As businesses become more mature, they must identify the importance of strategic sourcing to improve their supply chain management significantly. The strategic sourcing service providers have expertise in several sourcing activities and provide procurement as-a-service offerings to the enterprises for streamlining their sourcing operations.

In Europe, Italy is the hardest-hit country by the coronavirus outbreak, with approximately 115,242 active cases of COVID – 19 patients. It is expected to suffer an economic hit due to a lack of revenue from various industries, as Italy recorded the highest number of coronavirus cases. Other member states have implemented drastic measures and travel restrictions, including partially closing their borders. Spain and France are extending respective lockdown periods to fight COVID-19. This is anticipated to impact market growth in Europe negatively.

Accenture; CAPGEMINI SE.; Corbus, LLC; Genpact Ltd; GEP; HCL Technologies; IBM Corporation; Infosys Ltd; Wipro Limited; and WNS (Holdings) Limited are among the leading companies in the procurement as-a-service market in Europe. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2019, Corbus, LLC announced an increased focus on Process Consulting & Digital Transformation. This will integrate technologies into all aspects of business and is expected to positively impact how value is delivered to customers.

Europe Procurement as-a-Service Market, by Country, 2019–2027 (%)

The report segments the Europe Procurement as-a-Service Market as follows:

Europe Procurement as-a-Service Market – by Component

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

Europe Procurement as-a-Service Market – by Enterprise Size

• SMEs
• Large Enterprises

Europe Procurement as-a-Service Market – by End User Industry

• IT and Telecom
• Consumer Goods and Retail
• Manufacturing
• Energy and Utility
• Healthcare
• Hospitality and Tourism
• Others

Europe Procurement as-a-Service Market – by Country

• Germany
• France
• Italy
• United Kingdom
• Russia
• Rest of Europe