PROCUREMENT AS A SERVICE MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

Key Developments

• In April 2022, Tata Consultancy Services (TCS) announced a strategic partnership with the Financial Ombudsman Service (FOS), a leading U.K.-based ombudsman organization. With this collaboration, TCS will work to enhance and future-proof the digital services provided by FOS, helping the organization improve its grievance redressal processes, eliminate discrimination, and better serve and support its clients.
• In May 2022, Bain & Company strengthened its procurement capabilities by acquiring Proxima, a leading procurement and supply chain consulting firm. Proxima's expertise will enhance Bain's existing procurement solutions, enabling the company to deliver more comprehensive and effective services to clients. Following the acquisition, Proxima will operate independently under Bain's specialist procurement implementation service line, leveraging its deep knowledge and global reach to support clients across various industries and sectors.
• In February 2022, Bain & Company, a global management consulting firm, acquired ArcBlue, a leading procurement consulting firm in the Asia Pacific region. As a part of the deal, ArcBlue will operate independently as a part of Bain's specialist procurement implementation service line. This acquisition aims to strengthen Bain's existing procurement offerings and enable the combined entity to deliver differentiated, cost-effective, end-to-end procurement solutions to clients across the Asia Pacific region. By leveraging ArcBlue's deep expertise in areas like procurement transformation, category management, strategic sourcing, and sustainability, Bain seeks to become the leading procurement advisor in the Asia Pacific market.
• In November 2021, Accenture acquired ClearEdge Partners, a firm specializing in procurement spend management. This acquisition is expected to enhance Accenture's ability to help clients generate cost savings and extract greater value from their existing IT investments.
• In November 2021, Accenture and Icertis formed a strategic partnership that brings together Icertis' industry-leading Icertis Contract Intelligence (ICI) platform with Accenture's digital transformation expertise. This collaboration aims to help clients across industries gain enhanced visibility into their contracts, manage risks more proactively, and streamline the contracting process for greater efficiency and effectiveness.
• In November 2021, WNS, a leading global business process management provider, launched WNS FINSIBLE - a comprehensive suite of banking solutions designed to empower FinTechs in efficiently streamlining, managing, and scaling their operations.