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

According to our new market research study on “South and Central 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$ 689.8 Million by 2027 from US$ 452.8 Million in 2019; it is estimated to grow at a CAGR of 6.50% from 2020 to 2027. The report provides trends prevailing in the South and Central 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 increasing focus on catering fully customizable services. However, growing network security issues is the major factor which may restrain the growth of the South and Central 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. 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 spend management service includes recognizing the existing procurement inefficiencies and thereby correcting these inefficiencies. Key activities within spend management include spend planning and disbursement, spend monitoring and analysis, and buyer management.

Accenture; CAPGEMINI SE.; Genpact Ltd; HCL Technologies; Infosys Ltd; Wipro Limited; and WNS (Holdings) Limited are among the leading companies in the procurement as-a-service market in South and Central 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, Genpact announced a strategic partnership with Tradeshift to help enterprises transform accounts payable and procurement processes and better leverage data for competitive growth.

Containment measures due to COVID-19 in several countries of South America will reduce economic activity in the manufacturing and service sectors for at least the next quarter, and is expected to rebound once the pandemic is contained. This is anticipated to impact market growth in SAM negatively.

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

The report segments the South and Central America Procurement as-a-Service Market as follows:

South and Central America Procurement as-a-Service Market – by Component

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

South and Central America Procurement as-a-Service Market – by Enterprise Size

• SMEs
• Large Enterprises

South and Central 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

South and Central America Procurement as-a-Service Market – by Country

• Brazil
• Argentina
• Rest of SAM