Implementing technologies, such as artificial intelligence (AI), machine learning (ML), robotic process automation (RPA), cloud, and Internet of Things (IoT), has brought about a drastic change in the procurement process of businesses. The procurement services market was valued at USD 6.67 billion in 2022 and is estimated to reach USD 13.8 billion by 2029, with a CAGR of 10.9 percent during the forecast period. The market's growth can be accredited to many factors, including streamlining the procurement market, digitizing to save on expenses, preventing duplicated records, and adopting Internet of Things (IoT) devices across businesses.
The surge in the adoption of AI enables procurement companies to resolve complicated issues more efficiently using algorithms. It is reported that high-performing agility leaders are at the forefront of incorporating next-gen digital technologies in procurement. The advantages of integrating these technologies include process effectiveness, process efficiency, and a boost in agility. Moreover, supply chains across the globe are streamlining and modernizing processes to improve efficiency and productivity of business processes. This is predicted to raise the demand for digital procurement services.
This edition of APAC CIOoutlook highlights some of the most important developments in the procurement sector. It brings exclusive insights through our leadership articles, CIOs and CXOs.
As the Head of Central Procurement Office, OCBC Bank [SGX: O39], Cynthia Khoo elaborates on her expertise as a member of one of the longest established banks in Singapore. The OCBE Bank is recognized worldwide for its strength and stability.
The magazine also brings insights from Eric Dulin, Director of Procurement of Digital and Technology from Yum! Brands, and Fabio Baldassari, Procurement Director of Logistics from Niagara Bottling, discussing their ideas on current market trends practiced in the industry.
The magazine also focuses on the top Procurement Services Providers in Australia and Indonesia, educating on the companies at the front lines of innovation. FALGA, an investment holding company incorporated in Indonesia, aims to consistently develop financially viable large-scale enterprises that achieve sustainable performance. Luigi Rossi is a leader in formulating procurement strategies that are closely aligned with infrastructure implementation and the effective distribution of risks.
We hope this information on market trends and the viewpoint of thought leaders assist in making informed decisions for your company.
