The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

 

The procurement-as-a-service (PaaS) market has witnessed remarkable growth recently and is poised for continued expansion. Here’s an in-depth look at its current state, future projections, and key developments.

 

Current Market Overview

• 2023 Market Size: $6.00 billion
• 2024 Market Size: $6.63 billion
• CAGR: 10.6%

The market’s rapid expansion is attributed to several factors:

• Efficiency Improvement: Streamlining procurement processes to enhance productivity.
• Access to Expertise: Leveraging specialized knowledge for better outcomes.
• Risk Mitigation: Reducing potential risks through professional management.
• Time-to-Market: Accelerating product and service availability.
• Supplier Relationship Management: Strengthening ties with suppliers for better deals.

 

Future Growth Projections

• 2028 Market Size: $10.03 billion
• CAGR: 10.9%

 

View More On The Procurement As A Service Market Report 2024 – https://www.thebusinessresearchcompany.com/report/procurement-as-a-service-global-market-report

 

The anticipated growth is driven by:

• Cost Optimization: Reducing expenses through effective procurement strategies.
• Shift Towards Sustainability: Adopting eco-friendly practices in procurement.
• Globalization and Supply Chain Complexity: Managing global supply chains efficiently.
• Supplier Collaboration: Enhancing partnerships with suppliers.
• Focus on Innovation: Embracing new technologies and methods.

 

Key Trends in Procurement-as-a-Service

Several trends are expected to shape the market’s future:

• Advanced Technologies Integration: Utilizing AI, ML, and blockchain to enhance procurement processes.
• Customization and Personalization: Tailoring services to meet specific needs of businesses.
• Expansion into Emerging Markets: Exploring growth opportunities in new regions.
• AI and ML Integration: Leveraging these technologies for smarter decision-making.
• Blockchain Technology Adoption: Ensuring transparency and security in transactions.

 

Impact of Cloud Computing

Cloud computing is revolutionizing the procurement-as-a-service landscape:

• Scalability: Businesses can adjust resources according to demand, leading to cost savings.
• Cost-Effectiveness: Cloud solutions offer affordable options for optimizing procurement processes.
• Enhanced Collaboration: Cloud-based tools facilitate better coordination with suppliers.

For example, Eurostat reported that 42.5% of EU enterprises used cloud computing in 2023, marking a 4.2% increase from 2021. This growing adoption underscores the role of cloud computing in driving PaaS market growth.

 

Major Companies in the Market

Several leading firms are shaping the procurement-as-a-service landscape:

• Accenture plc
• IBM
• Cisco Systems Inc.
• Oracle Corporation
• Capgemini SE
• Infosys Limited
• HCL Technologies Limited
• Wipro Limited
• Palo Alto Networks Inc.
• Bain & Company Inc.
• Genpact Limited
• GEP Worldwide
• WNS Global Services
• Coupa Software Inc.
• Zycus Inc.
• Aegis Components Inc.

 

Innovations in Procurement-as-a-Service

• Procurement Service Management Platforms: New solutions help businesses reallocate resources efficiently and manage risks.

Example: In May 2022, ServiceNow Inc. launched a platform that integrates with ERP and procurement technologies, offering real-time insights and enhanced process management.

• Jabil Inc.’s Acquisition of ProcureAbility: In November 2023, Jabil acquired ProcureAbility to strengthen its procurement and supply chain capabilities, aligning with its goal to deliver superior procurement services.

 

Market Segmentation

The procurement-as-a-service market is segmented into:

• By Component: Category Management, Contract Management, Transaction Management, Strategic Sourcing, Spend Management, Process Management.
• By Organization Size: Large Enterprises, Small and Medium Enterprises.
• By Vertical: Manufacturing, Retail and Consumer Packaged Goods, BFSI, IT and Telecommunications, Energy and Utilities, Healthcare, Travel and Hospitality, Others.

 

Regional Insights

• North America: The largest market in 2023.
• Asia-Pacific: Expected to be the fastest-growing region in the forecast period.

In summary, the procurement-as-a-service market is on a robust growth trajectory, driven by technological advancements, evolving business needs, and a focus on efficiency and innovation.

 

Request A Sample Of The Global Procurement As A Service Market Report 2024:

https://www.thebusinessresearchcompany.com/sample_request?id=15247&type=smp

 

The Procurement As A Service Global Market Report 2024  provides comprehensive insights on the procurement as a service market size, trends and drivers, opportunities, strategies, and competitor analysis. The countries covered in the procurement as a service market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

 

View More Related Reports –

Procurement Outsourcing Global Market Report 2024

Microgrid-As-A-Service Global Market Report 2024

Retail Sourcing And Procurement Global Market Report 2024

 

Learn More About The Business Research Company
The Business Research Company has published over 3000+ detailed industry reports, spanning over 3000+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.

 

Contact us at:
The Business Research Company: https://www.thebusinessresearchcompany.com/
Americas +1 3156230293
Asia +44 2071930708
Europe +44 2071930708
Email us at info@tbrc.info

 

Follow us on:

LinkedIn: https://in.linkedin.com/company/the-business-research-company

YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ

Global Market Model: https://www.thebusinessresearchcompany.com/global-market-model