Procurement Intelligence Study Report

Businesses of all sizes in the cloud computing market are striving to harness advanced technologies to boost scalability, streamline operations and minimize costs. Eurostat asserts that around 42.5 % of enterprises in the EU bought cloud computing services (in 2023), majorly for the storage of files, e-mail and office software. Cloud services have ushered in an era of unparalleled agility, leveraging organizations to keep up with the trends, seize opportunities and pivot when required. C-suite leaders are expected to bank on cloud-ready infrastructure for business resilience while reducing operational expenses. Industry leaders are doing away with siloed data to future-proof their organizations. The wave of optimism comes in the wake of the aura created by big data, artificial intelligence and machine learning. The next few years promise to provide compelling growth opportunities in cloud computing services and deployment. Trends which are expected to redefine the global landscape ...

Healthcare Consulting Services Category Overview The healthcare consulting services category is expected to grow at a CAGR of 8.3% from 2023 to 2030. Some of the major factors driving the demand include the high adoption of digitalization in healthcare businesses and the rising demand for a structured organization with a strong focus on enhanced efficiency. One of the major trends in the healthcare landscape is the increasing use of big data analytics, IoT, and the deployment of cloud solutions and services. The latest technologies and software are being extensively used by different players in the healthcare spectrum such as payers, providers, pharmaceutical and biotechnology firms, manufacturers of medical devices, and government agencies. In 2022, the North American region dominated the category share, accounting for more than 47%. This is due to the widespread use of digital solutions by healthcare organizations such as drug companies, government agencies, hospitals, and other in...

Clinical Trial Imaging Services Category Overview The clinical trial imaging services category is anticipated to grow at a CAGR of 8.05% from 2023 to 2030. North America holds the largest category share at about 41%.The rising number of Contract Research Organizations (CROs) along with biotechnology and pharmaceutical companies, the increasing presence of chronic health diseases among the population, the development of innovative imaging techniques, and rising R&D investment to develop new drugs and therapies are some of the key factors driving the growth. There are several key trends emerging in the category and some of them include the integration of artificial intelligence, betterment in data management & analysis, virtual imaging, and trials. For example: In January 2023, ICON plc, a leading provider of clinical trial services, announced the launch of a new imaging platform that enables real-time monitoring and analysis of imaging data in clinical trials In February 20...

Conveyor Category Overview This conveyor category is anticipated to grow at a CAGR of 4.2% from 2023 to 2030. Asia Pacific dominates the category which is driven by the economic growth of countries such as China, India, and Thailand. The increasing population in these nations has led to a surge in demand for this category in industries like food and beverage, e-commerce, and automotive. This region further benefits from the high demand for packaged food and consumer goods, as well as strong government initiatives and ongoing projects. Growing foreign direct investments (FDI) in the automotive sector, increasing demand for efficient handling of larger volumes of goods, improving process efficiency, material safety concerns, and increasing use of conveyor systems in airports owing to the development of new airports and expansion of old ones are driving the growth of this category. Integration of IoT and AI technologies for real-time monitoring and optimization, focus on energy efficien...

Bearings Category Overview The bearings market is expected to grow at a CAGR of 9.5% from 2024 to 2030. The Asia Pacific region accounts for the largest overall share with 40% in 2023. China and India have their major contribution to the market growth. Factors such as increasing demand for EVs, growth of the aerospace sector, rising industrialization, infrastructure development, technological innovations, and growing focus on renewable energy are driving the growth. One of the key trends is the increasing demand for electric and hybrid vehicles that utilize the use of developed technology which requires placing additional bearings within it. Additionally, precision bearings, which are utilized in several industrial automation applications, are in higher demand as the Industrial IoT and Industry 4.0 technologies gain traction and drive the need for bearings in industrial automation. Smart bearings, integrated with a tri-axial accelerometer to gauge the degree of system vibration. It a...

HR Consulting Category Overview The HR consulting category is expected to grow at a CAGR of 6.1% from 2023 to 2030. The growing businesses across the globe have changed the way HR consulting firms handle the human capital and HR functions of their clients. The rising need for talent management, diversity and inclusion, employee experience, and digital transformation is driving the category’s growth of category. With the changing employee management dynamics, human resource consulting firms are adapting and innovating their strategies to meet clients’ expectations. The focus on providing solutions to a hybrid-working model is the most important trend that was quickly adopted by the consulting companies since 2021, following the pandemic. According to Alp Consulting’s 2022 report, 81% of businesses believe the hybrid model is the preferred working model. Allowing employees to opt for work from home has been on the rise, as it enables companies to cut down on ...

3PL Services Category Overview The global 3PL services category is expected to register a CAGR of 10.7% from 2022 to 2030. In 2022, North America accounted for 35% of the market share followed by Europe and APAC. The APAC market is projected to grow fastest during the forecast period. The increase in online shopping along with the increasing demand for next-day delivery has forced logistics service providers to switch to automated systems and robots in warehouses across the world. Logistics service providers are constantly upgrading their technology to meet the rising consumer demand and improve efficiency & productivity. To minimize errors and optimize warehouse space, many companies have started using Automated Guided Vehicles (AGVs) and cobots alongside humans to perform tasks, such as packing, sorting, loading, and unloading. Artificial Intelligence (AI) and Machine Learning (ML) technologies are used to enhance the automation capabilities of robots and to perfo...

Office Furniture Category Overview Developing a strategic procurement plan for office furniture is crucial for two main reasons. First, to ensure that organizations procure good quality cost-effective items that meet the requirements of employees and supports a productive work environment. The second reason is that this strategy will help in effective space utilization and thereby promote better work collaboration. The market size was estimated at USD 62.3 billion in 2023. North America held the largest share of the global industry in 2023, accounting for 32%. This growth is attributed to an increased need for flexible designs and user comfort, high requirements for bespoke items, rising importance towards aesthetics, and increasing usage of biodegradable products. Asia Pacific is poised to witness the fastest growth rate during the forecast period due to the rapid expansion of urban areas, rising demand for innovative products, expansion of co-working spaces, and high adoption of e-c...

Influencer Marketing Platform Category Overview The influencer marketing platform category is anticipated to witness growth at a CAGR of 31.9% from 2023 to 2030. In 2022, North America accounted for 30% of the market share followed by Europe and Asia-Pacific. Europe witnesses the fastest growth rate owing to wider adoption of branding practices and concentrating on expanding their market penetration and gaining a sizable consumer base through micro & nano-influencers. In 2022, the fashion and lifestyle segment held substantial industry share in terms of end-usage owing to the growing number of high-end lifestyle and fashion brands trying to be more approachable to consumers. Influencers are used by a number of fashion brands to promote new apparel and accessories, keeping the public up to date on the newest trends. The potential of influencer marketing to build brand awareness in the fashion sector is one of its greatest benefits. Due to the proliferation of social media...

Natural Gas Category Overview The procurement of natural gas is an essential part of ensuring a reliable energy supply. The global market size was estimated at USD 327.58 trillion in 2023. The increasing consumption from electricity and power sectors, focus on renewable energy, and the steady growth in global demand are driving the growth of the market. Prudent management of natural gas procurement helps companies provide the foundation for meeting society's energy needs sustainably. IEA projects that global gas demand will increase by 2.5% in 2024. Some of the frequent challenges faced by companies in this industry include regulatory and legal obstacles as a result of climate and weather changes, rising demand, fluctuations in prices, and aging pipelines. Thus, the integration of new technologies such as the Internet of Things (IoT), AI/ ML, and robots enable companies to monitor effectively, automate, and thereby optimize the commodity supply chain. A few examples include t...