South and Central America Procurement as-a-Service Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Component; Enterprise Size; End-User Industry; and Country

The Procurement as-a-Service market in South and Central America is expected to grow from US$ 452.8 million in 2019 to US$ 689.8 million by 2027; it is estimated to grow at a CAGR of 6.50 % from 2020 to 2027.

SMEs are the support of the South American economy, and the government is using the supremacy of the public purse in order to fortify SMEs’ competitiveness and so the skills of the workforce, the eco-efficiency of their products and services, and their labor practices. A heavy emphasis on price, technical requirements, and large volume contracts are some of the barriers for SMEs, public procurement help SMEs in different ways. Public procurement policies create several market opportunities for supporting the development of SMEs.

Further, several companies are focusing on offering procurement services in the region in order to gain traction in the market. For instance, Catanzaro, a Chile-based company, developed a cooperation network of top suppliers of raw materials for the food and beverage industry, which allows them to offer the best procurement service. Procurement is one of the most important and complex business processes in the both SMEs as well as large enterprises, as this business function is responsible for various day-to-day operations of the enterprises.

The overall South and Central America procurement as-a-service market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining overview and forecast for the South and Central America procurement as-a-service market with respects to all the segments pertaining to the region. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants involved in this process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the South and Central America procurement as-a-service market are Accenture; CAPGEMINI SE.; Genpact Ltd; HCL Technologies; Infosys Ltd; Wipro Limited; and WNS (Holdings) Limited are among the major players in the market in this region.

The government of South America has taken an array of actions to protect their citizens and contain COVID-19’s spread. It is anticipated that South America will face lower export revenues, both from the drop in commodity prices and reduction in export volumes. However, the manufacturing plants, ICT industry, and several other businesses are functioning slowly, which is negatively impacting on the Procurement as-a service market.