The Procurement as-a-Service Market size is projected to reach US$ 6.43 billion by 2031 from US$ 3.70 billion in 2023. The market is expected to register a CAGR of 7.2% in 2023–2031. The rising adoption of next-generation technology among businesses for supply chain management is likely to remain a key procurement as-a-service market trend.
The procurement as-a-service market is growing at a rapid pace due to the growing need for supply chain optimization and the increasing number of importing & exporting activities across the globe. The market is expanding steadily, driven by government initiatives to promote digitalization for automating the workflow. Moreover, the growing collaboration and partnership agreement between players is providing lucrative opportunities for market growth.
Procurement as a service (PaaS) is a model for outsourcing procurement that combines resources (people, tools, and knowledge) to meet an organization's procurement requirements. Many organizations today utilize computers to manage their whole purchase process, from initial inquiry to final invoice. In addition, disruptive technologies are used in digital procurement to facilitate transactional automation. Furthermore, it enables predictive and proactive operations such as strategic sourcing and supplier management, which lowers the operational expenses of an organization. Increasing business need to streamline procurement operations with handle compliance regulations and contracts is driving the market.
Supply chain managers highly adopt procurement management services to monitor the overall operations of the supply chain. These services allow supply chain managers to significantly anticipate potential problems in the supply chain and reallocate resources accordingly. Furthermore, procurement as-a-service is capable of generating reliable data-driven solutions that are used to improve the efficiency of business processes. Procurement management software offers exception-based process management systems that help users to manage steady-state operations and increase cross-functional visibility. As a result, consumers are increasingly investing in procurement management software for maintaining transparency in the supply chain, disclosure of orders, and shipment data.
Technological advancement and rising demand for cloud computing, AI, data analytics, and ML technology among market players to enhance their service offerings are creating opportunities in the market. Moreover, the growing demand for technologically advanced services among consumers encourages market players to develop innovative solutions or add features to their existing portfolios. For instance, in November 2022, Corbus, LLC signed a supply chain procurement partnership agreement with GIS to develop unique solutions. This partnership supports GIS to deliver infrastructure and resources to customers across Europe, Latin America, North America, Asia, and the Middle East and Africa.
Key segments that contributed to the derivation of the procurement as-a-service market analysis are component, enterprise size, and end user.
The geographic scope of the procurement as-a-service market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America.
In terms of revenue, North America accounted for the largest procurement as-a-service market share, due to technological advancement and integration of AI, blockchain, and other technologies for enhancing the supply chain. Significant government investment to promote the digitization of businesses is fueling the market in the region. Growing digitalization encourages market players to adopt digital technologies to streamline their procurement processes is fueling the market in North America.
The regional trends and factors influencing the Procurement as-a-Service Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Procurement as-a-Service Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 3.70 Billion |
| Market Size by 2031 | US$ 6.43 Billion |
| Global CAGR (2023 - 2031) | 7.2% |
| Historical Data | 2021-2023 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Component
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Procurement as-a-Service Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Procurement as-a-Service Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The procurement as-a-service market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for procurement as-a-service and strategies:
The “Procurement as-a-Service Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
The incremental growth expected to be recorded for the global procurement as-a-service market during the forecast period is US$ 2.74 billion.
The global procurement as-a-service market is expected to reach US$ 6.43 billion by 2031.
The key players holding majority shares in the global procurement as-a-service market are Accenture, CAPGEMINI SE, Corbus, LLC, Genpact Ltd., and GEP.
The rising adoption of next-generation technology among businesses for supply chain management is anticipated to play a significant role in the global procurement as-a-service market in the coming years.
The growing need for supply chain optimization and the increasing number of importing & exporting activities across the globe are the major factors that propel the global procurement as-a-service market.
The global procurement as-a-service market was estimated to be US$ 3.70 billion in 2023 and is expected to grow at a CAGR of 7.2% during the forecast period 2023 - 2031.