PROCUREMENT AS A SERVICE MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

Procurement as a service (PaaS) is an outsourced service wherein procurement activities are handled by third-party service providers. PaaS helps companies focus on their core business operations by outsourcing procurement functions. It allows organizations to leverage expertise of procurement service providers to achieve efficiency, reduce costs, manage supply chain complexity and ensure compliance. Key benefits of PaaS include access to category management expertise, improved compliance with regulatory guidelines, centralized spend management and analytics-driven decision-making. With growing focus on optimizing costs and streamlining operational processes, the adoption of procurement as a service solution is projected to rise significantly over the coming years.

Market Dynamics:

The global procurement as a service market is driven by the need for spend optimization and cost reduction among organizations. Outsourcing procurement processes helps lower operating costs by increasing process efficiency and rationalizing supplier base. Rising complexities in supply chain management also necessitate adopting PaaS solutions to better manage inventory, transportation and supplier relationships. Growing emphasis on compliance and regulatory mandates forces companies to have centralized oversight of procurement activities, fostering market opportunities. However, reluctance to lose control over critical business functions and data security concerns impede the complete adoption of PaaS. Market players need to offer customizable solutions with robust security features. Focusing on specific industry capabilities will help cater to emerging opportunities.

Key features of the study:

• This report provides in-depth analysis of the global procurement as a service market, and provides market size (US$ Bn) and compound annual growth rate (CAGR%) for the forecast period (2024–2031), considering 2023 as the base year.
• It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market.
• This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, market trends, regional outlook, and competitive strategies adopted by key players.
• It profiles key players in the global procurement as a service market based on the following parameters – company highlights, products portfolio, key highlights, financial performance, and strategies.
• Key companies covered as a part of this study include Accenture plc, Aegis One Consults Ltd, CA Technologies, Capgemini, Corbus India LLP, F-code, GEP, Genpact, HCL Technologies Limited, IBM Corporation, Infosys Limited, Proxima Group, Simfoni Limited, Tata Consultancy Services (TCS), Wipro.
• Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics.
• Global procurement as a service market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts.
• Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global procurement as a service market.

Detailed Segmentation:

• By Component
  • Strategic Sourcing
  • Spend Management
  • Process Management
  • Category Management
  • Contract Management
  • Transaction Management
•  By Enterprise Size
  • SMEs
  • Large Enterprises
•  By Vertical
  • Manufacturing
  • Retail
  • IT & Telecom
  • BFSI
  • Healthcare
  • Others
• By Regional
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa
• Key Players Insights
  • Accenture plc
  • Aegis One Consults Ltd
  • CA Technologies
  • Capgemini
  • Corbus India LLP
  • F-code
  • GEP
  • Genpact
  • HCL Technologies Limited
  • IBM Corporation
  • Infosys Limited
  • Proxima Group
  • Simfoni Limited
  • Tata Consultancy Services (TCS)
  • Wipro