Procurement as a Service Market Regional Analysis:
North American Market Insights
North America industry is anticipated to dominate majority revenue share of 33% by 2035. The region is experiencing a marked increase in the adoption of procurement outsourcing given its large number of small and medium-sized enterprises. Furthermore, government investments in the digitization of businesses are massive. For example, Amazon, Oracle, Microsoft, and Google were awarded a USD 9 billion cloud contract reported as per data.
A significant procurement as a service market driver in the US is expected to be the adoption of procurement as a service by public sector organizations, which will allow for greater transparency and control of costs.
Escalating technological advancement and integration of cutting-edge technologies are to boost the market growth in Canada.
APAC Market Insights
The Asia Pacific procurement as a service market region will also encounter notable growth through 2035. The demand for procurement services in the Asia Pacific region as a service is projected to increase over the forecast period due to the growing economies of developing countries, which are expecting growth in their infrastructure sectors. To support the growth of various sectors, such as manufacturing, automobile, and food & beverage among others, the Indian Government has launched its "Make in India" initiative.
The Indian government is launching Make in India 2.0, which is the next phase of Make in India, and this initiative will focus on futuristic sectors such as robotics. In India, the development of different sectors has benefited from procurement as a service market support and led to exponential growth in procurement as a service for Indian industry in the upcoming years.
In India, demand for new sources of supply has been rapidly increasing. Demand for procurement as a service solution is set to increase significantly by 2035 in order to deal with new sources.
Increased demand for advanced technologies in China has been created by the constant increase in population. Service providers of procurement services have an excellent opportunity to increase their procurement as a service market shares in the region due to increased sales of modern technologies in different sectors.
The opportunity for the electronics market development lies in Japan, which is among the world's most innovative countries.
