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Procurement As a Service Market to reach $15 Bn by 2032, Says Global Market Insights Inc.

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Selbyville, Delaware, April 19, 2023 (GLOBE NEWSWIRE) —

The procurement as a service market valuation is predicted to cross USD 15 billion by 2032, as reported in a research study by Global Market Insights Inc.

The rising number of small- and medium-sized enterprises (SMEs) worldwide is expected to fuel the market demand. SMEs extensively deploy advanced cloud solutions to improve productivity, operational efficiency, and cost-cutting. PaaS solutions have emerged as a promising tool for helping small businesses reduce expenditures by providing access to specialized procurement resources, reducing administrative overheads, offering negotiable packages, improving compliance, and boosting spending visibility.

Additionally, industry players are integrating advanced technologies to enhance customer experience and improve procurement processes such as invoice processing, supplier management, and purchase order generation whilst cutting costs.

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Procurement as a service market from transaction management will surpass USD 4 billion by 2032. Organizations are seeking specialized expertise and scalable solutions to enhance data accuracy and visibility, thus fueling the adoption of PaaS solutions for transaction management. Ongoing digitization and automation of transaction management processes are providing lucrative scope for PaaS providers to introduce novel solutions. Recent advancements in artificial intelligence (AI), and robotic process automation (RPA) are allowing providers to automate transaction management. As a result, PaaS solutions are expected to gain substantial traction among customers seeking faster and more cost-efficient processes.

The procurement as a service market from BFSI applications segment accounted for  USD 1 billion in 2022. The digitization of banking and finance services including rapid penetration of digital banking, mobile wallet, and telebanking is driving the market growth. Several BFSI partnerships are enabling enterprises to strengthen operations across the corporate sector with automated workflows.

For instance, in August 2022, Yes Bank collaborated with IBSFINtech to offer digital services designed for the corporate sector. Businesses are increasingly investing in robust decision-making tools and automated interventions supported by seamless bank connectivity. PaaS is also helping BSFI organizations with automation, procurement operations, compliance, supplier management, cost savings, scalability, and risk management, further driving product consumption.

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Asia Pacific procurement as a service (PaaS) market is poised to witness over 10% CAGR from 2023 to 2032, due to the surging demand for digital solutions capable of streamlining and managing supply chain operations. Increasing internet usage in highly populated countries such as India and China will proliferate the use of advanced digital technologies. Moreover, several government are initiating efforts to accelerate the digitization of the transportation, food & beverage, and manufacturing sectors. For instance, in August 2022 the Government of Assam, India unveiled a State Public Procurement Portal (SPPP), offering Assam Government Departments access to all tender-related data.

Prominent participants operating across the PaaS market include Accenture plc, Capgemini, Corbus, LLC., Genpact, GEP, HCL Technologies Ltd, IBM Corporation, Infosys Limited, Proxima Group, Tata Consultancy Services Limited, Wipro Limited, WNS (Holdings) Ltd., Simfoni Limited, Pcura Consulting Pvt. Ltd., Sastrify & Vizient Inc. These companies are focusing on strategic partnerships, mergers, and acquisitions as key strategies to consolidate their competitive lead. For instance, in May 2022, Bain & Company acquired a UK-based supply chain and procurement consultancy firm, Proxima, to provide cost-effective, and differentiated solutions catering to end-to-end procurement needs right from strategy to implementation.

Partial chapters of report table of contents (TOC):

Chapter 2   Executive Summary
2.1    Procurement as a service industry 3600synopsis, 2018-2032
2.2    Business trends
2.2.1    Total Addressable Market (TAM), 2023-2032
2.3    Regional trends
2.4    Component trends
2.5    Organization size trends
2.6    End-use trend

Chapter 3   Procurement As a Service Market Insights
3.1    Impact of COVID-19
3.2    Russia- Ukraine war impact
3.3    Industry ecosystem
3.3.1    Platform provider
3.3.2    Service provider
3.3.3    Cloud-service provider
3.3.4    Distributor
3.3.5    End-user
3.3.6    Vendor matrix
3.4    Technology & innovation landscape
3.5    Patent analysis
3.6    Key initiative and news
3.7    Regulatory landscape
3.8    Industry impact forces
3.8.1    Growth drivers
3.8.1.1   Growing digitalization in business operations
3.8.1.2   Rising inclination towards outsourcing
3.8.1.3   Supply chain risk mitigation
3.8.1.4   Helps in cost reduction
3.8.1.5   Industry specific services by market players
3.8.2    Industry pitfalls & challenges
3.8.2.1   Lack of awareness regarding procurement as a service
3.8.2.2   Shortage of skilled professional
3.9    Growth potential analysis
3.10    Porter’s analysis
3.11    PESTEL analysis

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About Global Market Insights Inc.

Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.


GlobeNewswire is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.

Artificial Intelligence

Kazakhstan Government Delegation Visited SUPCON

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HANGZHOU, China, Sept. 29, 2024 /PRNewswire/ — On September 26, a delegation from the Ministry of Digital Development, Innovations and Aerospace Industry of the Republic of Kazakhstan, led by Minister Madiyev Zhaslan, visited SUPCON. SUPCON’s Chairman and President, Mr.Cui Shan, warmly welcomed the delegation.

The Kazakhstan government representatives expressed their appreciation and recognition of SUPCON’s expertise and innovation in intelligent manufacturing, digital transformation, and industrial AI.
Madiyev Zhaslan expressed a strong interest in industrial AI technologies of SUPCON, particularly their applications in intelligent and low-carbon facilities. He looks forward to exploring extensive collaboration with SUPCON across various sectors in Kazakhstan.
Cui Shan emphasized that as a leading industrial AI company with a global presence, SUPCON will leverage its technological advantages to meet Kazakhstan’s industry development requirements and trends, injecting new momentum into the country’s industrial digitalization.
In 2023, SUPCON established a subsidiary in Kazakhstan as its Central Asia regional headquarters and set up a localized operational system. SUPCON will continue to invest in the long-term development of the Central Asia region, contributing further wisdom and strength to the industrial digital transformation in Kazakhstan and beyond.
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Artificial Intelligence

Huawei Peer-Recognized as a 2024 Gartner® Peer Insights™ Customers’ Choice for Enterprise Wired and Wireless LAN Infrastructure

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SHENZHEN, China, Sept. 29, 2024 /PRNewswire/ — On September 24, 2024, Huawei announced that it has been peer-recognized a 2024 Gartner® Peer Insights™ Customers’ Choice in the Voice of the Customer for Enterprise Wired and Wireless LAN Infrastructure thanks to its Xinghe Intelligent Campus offerings. This marks the fifth year in a row that Huawei has received this distinction. Notably, Huawei receives Customers’ Choice distinctions in four of the six customer segments: Midsize Enterprise (50M – 1B USD); Public Sector, Government and Education; Asia/Pacific; and Europe, the Middle East and Africa.

As of June 30, 2024, customers across diverse sectors — including manufacturing, IT services, education, and telecommunication — have reviewed Huawei’s complete Xinghe Intelligent Campus offerings on the Gartner Peer Insights platform. We believe their impressive feedback showed global recognition of Huawei from the industry influence, deployment scales, and mature commercial use perspectives.
“We’re thrilled to be named a Gartner® Peer Insights™ Customers’ Choice for Enterprise Wired and Wireless LAN Infrastructure again,” said Shawn Zhao, President of Huawei’s Campus Network Domain. “Recently, Huawei launched the newly upgraded Xinghe Intelligent Campus that takes wireless, application, and O&M experience to new levels with AI technologies, ultimately accelerating the digital transformation of enterprises.”
Looking ahead, Huawei will further innovate Xinghe Intelligent Campus offerings from wireless, application, and O&M experience upgrade perspectives, helping all industries stride to the future of experience-centric intelligent campus networks.
For more about Gartner® Peer Insights™ Customers’ Choice, visit: https://www.gartner.com/reviews/market/enterprise-wired-wireless-lan-access-infrastructure 
Disclaimer:
Gartner, Voice of the Customer for Enterprise Wired and Wireless LAN Infrastructure, Peer Contributors, 12 September 2024
Gartner, Peer Insights, Magic Quadrant and Customers’ Choice badge are trademarks of Gartner, Inc. and/or its affiliates. All rights reserved. Gartner Peer Insights content consists of the opinions of individual end users based on their own experiences, and should not be construed as statements of fact, nor do they represent the views of Gartner or its affiliates. Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner’s research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.
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Huawei Wen Tong: 6G Needs to Embrace AI for Shaping Future Network

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SHENZHEN, China, Sept. 29, 2024 /PRNewswire/ — At the 6G Conference held in Istanbul, on September 24, 2024, Dr. Wen Tong, Huawei Wireless CTO, delivered a keynote speech on 6G standardization and innovation. With the release of the ITU-R 6G vision framework, the 3GPP will start 6G standardization in 2025. “6G is a new generation of mobile technology, not a simple upgrade of 5G, it should bring new value to users,” said Dr. Tong, “6G is a true intergenerational technological disruption. 6G standard, key technologies, and network architecture should be re-defined based on application scenarios and requirements from 2030 to 2040. 6G should not be another way to implement 5G. Instead, 6G should embrace the AI revolution with a quantum leap and generate new values for the consumers. In this way, 3GPP standards can truly realize the 6G vision and create greater value for the entire industry.”

Centered “6G Standardization Direction” and “6G Innovation Driving Force”, Dr. Tong shared important views on the future architecture, terminal development, and key technologies of 6G.
In terms of architecture design, 6G should go beyond Service-Based Architecture and move towards Application-Driven Network.
5G has already achieved market success and continues to evolve towards 5G-Advanced. 6G will not simply reuse 5G network architecture, without generational and fundamental innovations, which will limit the mobile industry’s aspiration and imagination to dive the innovation in the 6G era. 6G must have obvious cross-generational characteristics and technical breakpoint.
On the core side, reusing the 5G core network will hinder the innovation in AI. We should use Agentic-AI based technology to re-architect 6G Core that goes beyond 5G Service-Based Architecture and support the foundational capabilities of AI, Sensing and NTN , and thus evolve towards the Application Driven Network .
In terms of terminal evolution, 6G user device calls for a breakthrough to lead the success of the entire industry chain.
It is the law of the mobile industry to drive the evolution of the market with the pioneering technology. The 6G networks and 6G terminals must meet the requirements of consumers and vertical industries in the 6G market phase from 2030 to 2040.
Currently, smartphones are evolving to AI terminals to usher in the mobile AI era. In post-MBB era, breakthroughs in terminal technologies will be the key to the evolution of the mobile industry. Therefore, 6G user device calls for a breakthrough towards “Full-AI”, thus to drive 6G network upgrade and the success of the entire industry ecosystem.
In terms of technology development, AI will become a key enabler for 6G with network paradigm shifting.
Twenty years ago, the Internet was the enabler of the technology innovations. Mobile communications embraced the Internet and achieved great business success. Today, AI maybe the disruptive enabler of the latest technology innovations.
6G should embrace the AI revolution with a quantum leap. However, 6G networks should not be limited to generative AI, Artificial General Intelligence (AGI) and Embodiment-AI are the main directions of future AI development. Therefore, AGI should run through the whole process of sensing, reasoning, decision, and action of terminals, wireless networks, and core networks of 6G, to welcome the arrival of a new network paradigm.
At the end, Dr. Tong Wen emphasized the relationship between 5G and 6G: “The global 5G deployment is on the rise and evolving to 5G-Advanced, which not only meets the current requirements of operators, but also protects their investment. Therefore, 6G technologies should not overlap with 5G in technologies and market space. The specifications, technologies, and architecture of 6G must be based on the scenarios and requirements from 2030 to 2040. We should focus on true generational technology disruption, embrace the new opportunities brought by AI, expand the mobile industry in the next generation.”
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