Europe Procurement as-a-Service Market
The region is a significant hub for all local as well as international trade; procurement in Europe is crucial for businesses. Procurement includes purchasing the goods and services that allow an enterprise to operate. Europe is digitizing swiftly and becoming progressively connected, widespread terms such as IoT and Industry 4.0 reflect this. Traditionally, the procurement sector falls behind in digital transformations, which results in inefficiencies and high redundant costs. However, this situation is changing; modern procurement solutions such as cloud solutions provide various opportunities for every business in both direct and indirect procurement.
Strategic insights for the Europe Procurement as-a-Service provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market.
| Report Attribute | Details |
|---|---|
| Market size in 2019 | US$ 609.5 Million |
| Market Size by 2027 | US$ 958.2 Million |
| Global CAGR (2020 - 2027) | 6.96% |
| Historical Data | 2017-2018 |
| Forecast period | 2020-2027 |
| Segments Covered |
By Component
|
| Regions and Countries Covered | Europe
|
| Market leaders and key company profiles |
The geographic scope of the Europe Procurement as-a-Service refers to the specific areas in which a business operates and competes. Understanding local distinctions, such as diverse consumer preferences (e.g., demand for specific plug types or battery backup durations), varying economic conditions, and regulatory environments, is crucial for tailoring strategies to specific markets. Businesses can expand their reach by identifying underserved areas or adapting their offerings to meet local demands. A clear market focus allows for more effective resource allocation, targeted marketing campaigns, and better positioning against local competitors, ultimately driving growth in those targeted areas.
The Europe procurement as-a-service market is expected to reach US$ 958.2 million by 2027 from US$ 609.5 million in 2019, at a CAGR of 6.96% from 2020 to 2027. the various procurement service providers are increasingly focusing on catering fully customizable services to their customers in order to meet their unique requirements and thereby optimize their procurement functions. Additionally, increasingly focusing on streamlining their procurement processes with adoption of procurement as-a-service model, which in turn is driving the growth of the market.
The huge presence of industries in this region and adoption of advanced technologies makes Europe one of the prominent markets for Procurement as-a-Service. Hence, the COVID-19 impact on region’s economy is also expected to affect the growth of Procurement as-a-Service market in coming few quarters.
In terms of component, the spend management segment accounted for a larger share of the Europe procurement as-a-service market in 2019. In terms of enterprise size, the large enterprise segment held the largest market share of in 2019. Further, the manufacturing segment accounted for the largest share of the market based on end user in 2019. It is anticipated that by 2020 end, the situation in the region will improve substantially and procurement as-a-service demand will increase at a steady pace.
A few major primary and secondary sources referred to for preparing this report on the procurement as-a-service market in Europe are company websites, annual reports, financial reports, national government documents, and statistical database. Major companies listed in the report are Accenture.; CAPGEMINI SE; Corbus, LLC; Genpact Ltd, and IBM Corporation among others.
The Europe Procurement as-a-Service Market is valued at US$ 609.5 Million in 2019, it is projected to reach US$ 958.2 Million by 2027.
As per our report Europe Procurement as-a-Service Market, the market size is valued at US$ 609.5 Million in 2019, projecting it to reach US$ 958.2 Million by 2027. This translates to a CAGR of approximately 6.96% during the forecast period.
The Europe Procurement as-a-Service Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the Europe Procurement as-a-Service Market report:
The Europe Procurement as-a-Service Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The Europe Procurement as-a-Service Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the Europe Procurement as-a-Service Market value chain can benefit from the information contained in a comprehensive market report.
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