According to the report by Expert Market Research (EMR), the global procurement as a service market is projected to grow at a CAGR of 8.10% between 2024 and 2032. Aided by the ever-evolving business landscape and the increasing need for organisations to streamline their purchasing processes, the market is expected to grow significantly by 2032.
Procurement as a Service is a comprehensive solution that combines the power of advanced technology with expertise in procurement processes. PaaS is not merely about outsourced purchasing; it’s about transforming the procurement function and optimising an organisation’s spend culture. This model provides an amalgamation of software, processes, and skilled human resources, ensuring efficient management of an organisation’s procurement needs.
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A primary catalyst for the global procurement as a service market growth is the rising complexity of supply chains. As businesses expand and diversify, the intricacy of their procurement operations escalates. With various stakeholders, multiple vendors, and an assortment of products and services to manage, companies are increasingly seeking streamlined solutions to ensure efficiency, transparency, and compliance. This is where PaaS steps in, offering an integrated approach to procurement, combining technological tools with industry expertise.
Furthermore, the surge in digital transformation across sectors is another pivotal factor boosting the procurement as a service market share. With the increasing emphasis on data analytics, artificial intelligence, and machine learning, companies are aiming to leverage these technologies in their procurement processes. PaaS providers, recognising this demand, are incorporating these advanced technologies into their offerings, ensuring that procurement decisions are data-driven, predictive, and optimised for cost savings.
The ongoing shift towards a variable cost model in businesses also augments the demand for PaaS. Instead of maintaining a dedicated in-house procurement team, companies are moving towards the PaaS model, converting fixed costs into variable ones. This not only provides financial flexibility but also ensures that companies have access to top-notch expertise and the latest technological solutions without heavy investments in training and infrastructure.
Moreover, the global shift towards sustainability is also influencing the procurement as a service market outlook. Companies are not just looking for cost-effective procurement solutions; they are seeking environmentally responsible and ethically sound procurement practices. Leading PaaS providers are integrating sustainability analytics into their platforms, aiding businesses in making green procurement decisions and aligning with their corporate social responsibility goals.
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Procurement as a Service Market Segmentation
The market can be divided based on component, organisation size, end-use, and region.
Market Breakup by Component
- Strategic Sourcing
- Spend Management
- Category Management
- Process Management
- Contract Management
- Transactions Management
Market Breakup by Organisation Size
- Small and Medium Sized Enterprises
- Large Enterprises
Market Breakup by End-Use
- Manufacturing
- Retail and Consumer Packaged Goods
- Banking, Financial Services, and Insurance
- IT and Telecom
- Energy and Utilities
- Travel and Hospitality
- Healthcare
- Others
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global procurement as a service market. Some of the major players explored in the report by Expert Market Research are as follows:
- Accenture Plc
- Infosys Limited
- Gauteng Enterprise Propeller
- Genpact Ltd.
- Proxima Group
- Capgemini SE
- WNS (Holdings) Ltd.
- International Business Machines Corporation
- Wipro Limited
- Others
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