Procurement Intelligence Study Report

Social Media Management Category Overview The global social media management category is anticipated to grow at a CAGR of 23.3% from 2023 to 2030. Key factors that drive the growth of the category include rising use of social media platforms, increase in smartphone usage, rising global focus on competitive intelligence, and increased adoption of category solutions to optimize, monitor, and administer the online presence of a business enterprise on various social media networks. The category is expected to witness further rise in demand as businesses are turning to social media marketing for easier attraction, conversion, upsell, and cross-sell of their goods & services. In addition, they can use the platform to manage their reward-based loyalty programs for their intended customer base. However, constraints related to regulations and compliance may hinder the growth of global category as non-adherence of privacy & data protection laws would require businesses to pay heavy fine...

Polyurethane Category Overview The polyurethane (PU) category is anticipated to grow at a CAGR of 4.4% from 2023 to 2030. The term polyurethane denotes a category of polymers made up of organic molecules connected by carbamate bonds. In 2022, the Asia Pacific region held a dominant position in the market, contributing over 45.1% of worldwide revenue. PU is widely used in numerous end markets, in a variety of forms such as flexible, rigid, elastomers, adhesives, coatings, sealants, and others. Hence, it plays a very important role in consumer markets. According to Plastics 2021 report, among polymers, PU held a market share of 8 – 10%, however, the category is gaining traction as companies increasingly focus on sustainability. For instance, manufacturers and suppliers have increased the pace of sustainable and bio-based PU commercialization dramatically. In recent times, the growing trend of consumers' interest in sustainability is reflected in the usage of polyurethanes in electr...

Phosphate Category Overview The phosphate category is anticipated to grow at a CAGR of 3.3% from 2023 to 2030. The growth of the category is strongly influenced by the continual expansion of the food and beverage industry. It plays a vital role in food processing, serving as essential additives and preservatives as it contributes significantly to the flavor, consistency, and longevity of a diverse array of food products. Phosphate is majorly used in fertilizer. According to MIT News 2023, around 95% of the phosphate ore is utilized to make fertilizers. Additionally, according to the U.S. Geological Survey 2023 report, during 2022, the worldwide phosphate fertilizer industry encountered challenges such as supply interruptions, elevated fertilizer costs in the initial months of 2022, and reduced consumption in certain areas. However, the rising population and urbanization are anticipated to drive up the demand for food and, consequently, fertilizers. According to Rabobank's 2023 re...

IT Services Outsourcing Category - Procurement Intelligence The IT Services Outsourcing category is anticipated to witness growth at a CAGR of 8.52% from 2023 to 2030. In 2022, Asia Pacific accounted for 35% of the market share followed by North America and Europe. North America has a thriving technological environment with the presence of a large number of IT firms, startups, and research institutes. IT outsourcing firms can benefit greatly from the region's emphasis on cutting-edge technologies like blockchain, AI, and IoT. A large number of American businesses are becoming more global in scope. They frequently look for IT outsourcing partners that can assist them in setting up and managing IT infrastructure in new areas to accomplish this expansion effectively. In addition, the Europe market is also witnessing steady growth. As compared to Italy and France, the UK and Germany exhibit higher revenue. The focus of players in this region is shifting from cost reduction to innovati...

Medical Waste Disposal Category Overview The medical waste disposal category is anticipated to grow at a CAGR of 6.0% from 2023 to 2030. Appropriate disposal of medical trash is the key challenge for healthcare providers across the globe. Rising awareness about the benefits of proper medical waste management for treatment, recycling, and disposal of medical trash has boosted the growth of the category. According to the World Health Organization Study Report 2022, countries with low income generate over 0.2 kg of medical trash per day per hospital bed, whereas countries with high income generate hazardous waste of up to 0.5 kg per hospital bed each day. Moreover, rising government initiatives and strict rules and regulations for waste management are also expected to drive the category. For instance, in December 2022, an MOU was signed between the Center for Health Environment Research and Development and Can Tho Central General Hospital under USAID’s Reducing Pollution Project. Th...

Mechanical, Electrical, and Plumbing Services Category Overview The global mechanical, electrical, and plumbing services (MEP) category is anticipated to grow at a CAGR of 11.58% from 2023 to 2030. Key drivers that fuel the growth of global category include rise of construction sector due to rapid urbanization, increasing focus on energy efficiency and sustainability of buildings, need for developed economies to improve their current infrastructure and the growing infrastructure development in emerging economies, and stringent building regulations. However, growth of the category can be hindered by factors such as high costs, workforce shortages, complicated regulatory compliance, and a sluggish uptake of new technology. Implementation of services offered in the category can be expensive, which acts as a challenge for projects with tight budgets. In addition, lack of labor can raise expenses and cause project deadlines to slip. Furthermore, complying with intricate regulatory requirem...