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

According to our new market research study on “North America 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$ 1430.4 Million by 2027 from US$ 1059.4 Million in 2019; it is estimated to grow at a CAGR of 4.94% from 2020 to 2027. The report provides trends prevailing in the North America 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 positive impact of BPO evolution and rising focus on offering customizable services. However, increase in cybercrimes restrain the growth of the North America 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. Spend comprises analyzing companies spending patterns, spend data management, spend classification/spend categorization, and spend performance management. An effective spend management supports a company to guarantee that the supplier data is kept up to date so that procurement executives are provided with the right information. Further, the supplier databases are integrated throughout the company in order to avoid duplication of the suppliers. The spend management service also includes recognizing the existing procurement inefficiencies and thereby correcting these inefficiencies.

North America is one of the crucial regions for the growth and demand of various products & services owing to favorable government policies to boost innovation, presence of huge industrial base, and high adoption of industrial automation solutions especially in developed countries such as the US and Canada. However, due to COVID-19 outbreak government in various countries had imposed complete lockdown in different areas for multiple weeks, which affected the business activities in these countries. COVID-19 outbreak have also affected the demand for Procurement as-a-Service in this region and thus impact the growth of Procurement as-a-Service market especially till 2020 end.

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 North America. 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, WNS-Denali collaborated with the Chartered Institute of Procurement & Supply to identify attributes of high-performance procurement.

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

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

North America Procurement as-a-Service Market – by Component

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

North America Procurement as-a-Service Market – by Enterprise Size

• SMEs
• Large Enterprises

North America 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

North America Procurement as-a-Service Market – by Country

• United States
• Canada
• Mexico