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Procurement As A Service Market Overview
The global procurement software is likely to be valued at US$ 6,548.9 million in 2022 and is predicted to secure a CAGR of 11.2% during the forecast period. The market is expected to grow at a value of USD 13.58 Billion by 2030.
The procurement-as-a-service market refers to the outsourcing of procurement processes to a third-party provider who manages and optimizes the procurement activities for a company. This can include strategic sourcing, supplier management, contract management, and other related activities. The market is expected to grow in the coming years due to the increasing need for cost-effective and efficient procurement processes.
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Procurement as a Service Market Report Scope
| Parameter | Details |
| Revenue Forecast in 2030: | USD 13.58 Billion |
| Growth Rate: | CAGR of 11.2% from 2022 to 2030 |
| Forecast Period: | 2022-2030 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
The procurement as-a-service market in APAC comprises countries such as China, India, Japan, Australia, South Korea, and the Rest of APAC. In several organizations, it’s difficult to control costs; however, procurement services allow focusing on core categories and competencies, offer higher spending control, enhance service levels, and business relationships. Procurement services are swiftly rising owing to market conditions in the region and the requirement for companies to maintain and mitigate costs without eliminating resources. For many organizations, it is expensive and difficult to maintain domain expertise in every category of spends. Procurement services offers a swift analysis of an organization’s spend and implement changes, bargain with suppliers, and use proven industry best practices
Regional Analysis
The procurement as a service market varies regionally, with North America and Europe being the largest markets due to the presence of established players and the adoption of advanced technologies. The Asia-Pacific region is expected to witness the fastest growth due to the increasing adoption of procurement outsourcing services by businesses and the rise in demand for cost-effective procurement solutions. Other regions, such as Latin America, the Middle East, and Africa, are also expected to see significant growth due to the increasing demand for digital procurement solutions and the need for efficient supply chain management.
Procurement as a Service Market Segmentation
The procurement as a service market can be segmented based on service type, enterprise size, end-user industry, and region.
By service type, the market can be segmented into source-to-contract, procure-to-pay, and others.
By enterprise size, the market can be segmented into small and medium-sized enterprises (SMEs) and large enterprises.
By end-user industry, the market can be segmented into healthcare, manufacturing, retail, IT and telecom, and others.
Geographically, the market can be segmented into North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa.
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Key Players
The key players in the Procurement as a Service (PaaS) market vary depending on the specific services and geographic region, but some prominent companies in the industry include Accenture, IBM Corporation, GEP, Infosys Limited, Genpact, WNS (Holdings) Ltd, Corbus LLC, and HCL Technologies Limited.
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