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Procurement As A Service Market Showing Impressive Growth during Forecast Period 2022 - 2032 | InfosysGEP, Genpact, Proxima

09-22-2023 07:58 PM CET | IT, New Media & Software

Press release from: Global Insight Services

Procurement As A Service Market Showing Impressive Growth

New York, Procurement as a Service (PaaS) is a cloud-based application that enables organizations to manage and automate their procurement processes. PaaS includes a suite of tools for managing supplier relationships, sourcing, contract management, and spend analysis. It offers a self-service portal for suppliers, a catalog of goods and services, and a marketplace for sourcing and procuring goods and services. PaaS is delivered as a subscription service and is typically priced on a per-user, per-month basis.

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Key Trends

There are a few key trends in Procurement As A Service technology. The first is the move to cloud-based solutions. This is because cloud-based solutions offer a number of advantages over on-premise solutions, including lower costs, scalability, and flexibility.

Another trend is the use of artificial intelligence (AI) and machine learning (ML) to automate procurement processes. This can help organizations save time and money by reducing the need for manual labor. Additionally, AI and ML can help organizations make better decisions by analyzing large data sets to identify patterns and trends.

Finally, there is a trend towards mobile-first solutions. This is because more and more people are using their smartphones and tablets to access information and applications. Mobile-first solutions are designed to be used on these devices, which makes them more user-friendly and convenient.

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Key Drivers

There are several key drivers of the Procurement As A Service market.

First, the shifting focus of organizations from traditional procurement models to as-a-service models is a key driver of market growth. This shift is being driven by the need for organizations to increase agility and flexibility while reducing costs. As a result, organizations are increasingly turning to Procurement As A Service providers for help in managing their procurement processes.

Another key driver of the Procurement As A Service market is the growing trend of outsourcing procurement functions. This trend is being driven by the need for organizations to focus on their core competencies, while leaving the procurement function to experts. As a result, more and more organizations are outsourcing their procurement functions to Procurement As A Service providers.

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Market Segments

The Procurement as a Service market report is bifurcated on the basis of component, organization size, industry vertical, and region. On the basis of component, it is segmented into strategic sourcing, spend management, contract management, and others. Based on organization size, it is analyzed across large enterprises and SMEs. By industry vertical, it is divided into energy & utilities, healthcare, travel & hospitality, and others. Region-wise, it is studied across North America, Europe, Asia-Pacific, and rest of the World.

Key Players

The Procurement as a Service market report includes players such as InfosysGEP, Genpact, Proxima, WNS, Capgemini, IBM, Wipro, and HCL.

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About Global Insight Services:
Global Insight Services (GIS) is a leading multi-industry market research firm headquartered in Delaware, US. We are committed to providing our clients with highest quality data, analysis, and tools to meet all their market research needs. With GIS, you can be assured of the quality of the deliverables, robust & transparent research methodology, and superior service.

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