Procurement-as-a-Service (PaaS) Market Expected to Reach USD 20 Billion by 2031 | Top Players such as - Capgemini, Genpact and Wipro

According to the report published by Allied Market Research "The Procurement-as-a-Service (PaaS) Market Expected to Reach USD 20 Billion by 2031 | Top Players such as - Capgemini, Genpact and Wipro." These players have adopted different strategies such as new product launches collaborations expansion joint ventures agreements and others to increase their market share and maintain dominant shares in different regions.

Procurement management software offers better visibility and with cross functional access among to organizations, increase in need for effective demand and supply management solutions, significant surge in need to improve supply chain visibility and the desire for better transparency of orders and shipment information drive the growth of the global procurement-as-a-service market. The surge in demand for work from home and remote working policies during the pandemic positively impacted the market growth.

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The report offers detailed segmentation of the global procurement-as-a-service market based on component, organization size, industry vertical, and region. The report provides a comprehensive analysis of every segment and their respective sub-segment with the help of graphical and tabular representation. This analysis can essentially help market players, investors, and new entrants in determining and devising strategies based on fastest growing segments and highest revenue generation that is mentioned in the report.

Based on industry vertical, the manufacturing segment held the lion' share in 2021, holding nearly one-fourth of the global market. The retail segment, on the other hand, is expected to maintain its leadership status during the forecast period. In addition, the same segment is expected to cite the fastest CAGR of 14.8% during the forecast period.

Based on component, the strategic sourcing segment held the largest market share in 2021, holding nearly two-fifths of the global market, and is expected to maintain its leadership status during the forecast period. The transaction management segment, on the other hand, is expected to cite the fastest CAGR of 16.0% during the forecast period.

Based on organization size, the large enterprise segment held the dominating market share in 2021, holding more than half of the global market. The small and medium enterprises segment, on the other hand, is expected to maintain its leadership status during the forecast period. In addition, the same segment is expected to cite the fastest CAGR of 13.8% during the forecast period.

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Based on region, the market across North America held the dominating market share in 2021, holding around two-fifths of the global market. The Asia-Pacific region, on the other hand, is expected to maintain its leadership status during the forecast period. In addition, the same region is expected to cite the fastest CAGR of 16.8% during the forecast period.

The key players analyzed in the global procurement-as-a-service market report include Aegis One Consults Ltd, CA Technologies, Capgemini, Corbus India LLP, F-code, Genpact, HCL Technologies Limited, IBM Corporation, Infosys Limited, Proxima Group, TATA Consultancy Services, Wipro, WNS Global, X Changing Solutions, GEP, Simfoni Limited.

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COVID-19 Scenario:

● The outbreak of the COVID-19 pandemic had a positive impact on the growth of the global procurement-as-a-service market, owing to the occurrence of lockdowns in various countries across the globe.

● Lockdowns resulted in the closure of various commercial workplaces and businesses due to the stringent social distancing restrictions imposed by the government.

● Thus, people and companies across the globe were increasingly inclining towards remote working and work-from-home standards, which significantly boosted the growth of the market.

● Moreover, with the outbreak of COVID-19, businesses have been forced to shift their attention and increase their online presence, needing to rely on digital solutions more than ever post the pandemic. Therefore, the market is expected to grow exponentially in the coming years.

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Lastly this report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

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