The sudden challenges created by the ongoing COVID-19 are captured effectively to exhibit the long term growth projections in the MRFR report on Procurement Service Market. The growth sectors of the Procurement Service Market are identified with precision for a better growth perspective.
North America: The largest regional market for procurement as a service, North America has a well-entrenched services industry, a high degree of digitalization, and a highly competitive business environment, all factors which serve to drive the procurement as a service market.
- US: Most of the leading companies providing procurement as a service are headquartered in the US. The procurement as a service market has percolated to all manners of enterprise across all business verticals. Services now make up 80% of the USD 21 trillion US economy with most of the rest being industry. Both these sectors benefit hugely from procurement as a service and that acts as a driver for the market in the US.
Europe: The European Union comes in slightly behind the US to be the second-largest economy in the world. Highly digitalized and very efficiently regulated, the European economy must utilize procurement as a service in order to compete with the other economies.
- UK: London is Europe’s largest financial center with more than 11% of British tax coming from its financial services sector in 2012, a number that has increased in recent years. The BFSI sector critically requires procurement services, a fact which is aiding in the growth of that market within the UK.
- Germany: Germany had the world’s biggest trade surplus in 2016 as well as being the third-largest exported that year. Germany continues to be a prime manufacturing hub. Procurement services are essential for the German manufacturing industry as well as to its huge services sector. This will drive the market for procurement as a service in Germany for the forecast period.
Asia-Pacific: Asia-Pacific has some of the world’s fastest-growing economies and that is causing this region to register the fastest growth for procurement as a service market.
- China: China is the world’s largest goods manufacturer and the largest economy by purchasing power parity. Its huge manufacturing industry (producing the most automobiles and most of the world’s steel, among others) must compete with some of the most evolved economies of the world which rely on procurement services to give them an edge. In order to maintain its economic growth, China is increasingly employing procurement services. Small and medium enterprises are slowly catching up and increasingly opting for procurement services as well.
- South Korea: The fourth-largest economy within Asia, South Korea is increasingly looking to procurement services to enhance its economic edge and manage its manufacturing losses to neighboring China. Becoming more services-oriented, South Korea will have a further need for procurement services that will drive the procurement as a service market in the nation.
- India: India is an emerging economic giant, registering the fastest growth of any nation in its services industry. The growth of the Indian economy is resulting in many huge corporations within the country that must compete with both domestic and international markets. Procurement as a service is not only increasingly adopted by Indian companies, some of the world’s foremost provides of procurement services are also headquartered in India.
Rest of the World: Emerging economies such as Brazil and developed economies such as Saudi Arabia and Israel within this region have started employing procurement as a service to better their returns. Moreover, the economy of this region is steadily growing with the growth of supporting infrastructure, legislation, and a large young population.
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