Procurement-As-A-Service Market Forecast 2024-2033: Projected CAGR, Key Drivers, And Trends

Overview and Scope
Procurement-as-a-Service (PaaS) is a business model where companies outsource their procurement processes to a third-party service provider. Under this arrangement, the service provider handles various aspects of the procurement lifecycle on behalf of the client organization, leveraging expertise, technology, and resources to optimize procurement operations. Procurement-as-a-Service enables organizations to access specialized procurement capabilities, improve operational efficiency, reduce costs, and enhance agility in responding to market dynamics, ultimately driving business value and competitive advantage.

Sizing and Forecast
The procurement-as-a-service market size has grown rapidly in recent years. It will grow from $6.00 billion in 2023 to $6.63 billion in 2024 at a compound annual growth rate (CAGR) of 10.6%. The growth in the historic period can be attributed to efficiency improvement, access to expertise, risk mitigation, time-to-market and supplier relationship management.

The procurement-as-a-service market size is expected to see rapid growth in the next few years. It will grow to $10.03 billion in 2028 at a compound annual growth rate (CAGR) of 10.9%. The growth in the forecast period can be attributed to demand for cost optimization, shift towards sustainability, globalization and supply chain complexity, focus on supplier collaboration and focus on innovation. Major trends in the forecast period include integration of advanced technologies, customization and personalization, expansion into emerging markets, artificial intelligence (AI) and machine learning (ML) integration, and blockchain technology adoption.

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Segmentation & Regional Insights
The procurement-as-a-service market covered in this report is segmented –

1) By Component: Category Management, Contract Management, Transaction Management, Strategic Sourcing, Spend Management, Process Management
2) By Organization Size: Large Enterprise, Small And Medium Enterprises
3) By Vertical: Manufacturing, Retail And Consumer Packaged Goods, Banking, Financial Services, And Insurance (BFSI), Information Technology (IT) And Telecommunications, Energy And Utilities, Healthcare, Travel And Hospitality, Others Verticals

North America was the largest region in the procurement-as-a-service market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the procurement-as-a-service market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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Major Driver Impacting Market Growth
The rising adoption of cloud computing is expected to propel the growth of the procurement-as-a-service market going forward. Cloud computing is a technology that allows users to access and store data and programmers over the internet instead of on their computers. The rising adoption of cloud computing is attributed to scalability, allowing businesses to adjust resources according to their needs and save on costs easily. Procurement-as-a-Service leverages cloud computing to provide scalable and cost-effective solutions for organizations to optimize procurement processes, enhance collaboration with suppliers, and drive strategic value creation. For instance, in December 2023, according to Eurostat, a Luxembourg-based intergovernmental organization, around 42.5% of European Union enterprises used cloud computing in 2023, an increase of 4.2% compared to 2021. Therefore, the rising adoption of cloud computing is driving the growth of the procurement-as-a-service market.

Key Industry Players
Major companies operating in the procurement-as-a-service market report are Accenture plc; International Business Machines Corporation (IBM); Cisco Systems Inc.; Oracle Corporation; SAP SE; Jabil Inc.; Hewlett Packard Enterprise Company; Tata Consultancy Services Limited; 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.; Xchanging Limited; Simfoni Limited.; Ivalua Inc.; Corbus LLC; Scoutbee GmbH; Aegis Components Inc.

The procurement-as-a-service market report table of contents includes:

1. Executive Summary
2. Procurement-As-A-Service Market Characteristics
3. Procurement-As-A-Service Market Trends And Strategies
4. Procurement-As-A-Service Market – Macro Economic Scenario
5. Global Procurement-As-A-Service Market Size and Growth
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32. Global Procurement-As-A-Service Market Competitive Benchmarking
33. Global Procurement-As-A-Service Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Procurement-As-A-Service Market
35. Procurement-As-A-Service Market Future Outlook and Potential Analysis
36. Appendix

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