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Procurement-As-A-Service Market 2024-2033 : Market Size, Top Segments, Leading Region Forecast
Procurement-As-A-Service Global Market Report 2024
According to The Business Research Company's, The procurement-as-a-service market size has grown rapidly in recent years. It will grow from $6.00 billion in 2023 to $6.63 billion in 2024 at a compound annual growth rate (CAGR) of 10.6%. The growth in the historic period can be attributed to efficiency improvement, access to expertise, risk mitigation, time-to-market and supplier relationship management.
The procurement-as-a-service market size is expected to see rapid growth in the next few years. It will grow to $10.03 billion in 2028 at a compound annual growth rate (CAGR) of 10.9%. The growth in the forecast period can be attributed to demand for cost optimization, shift towards sustainability, globalization and supply chain complexity, focus on supplier collaboration and focus on innovation. Major trends in the forecast period include integration of advanced technologies, customization and personalization, expansion into emerging markets, artificial intelligence (AI) and machine learning (ML) integration, and blockchain technology adoption.
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Market Drivers and Trends:
The rising adoption of cloud computing is expected to propel the growth of the procurement-as-a-service market going forward. Cloud computing is a technology that allows users to access and store data and programmers over the internet instead of on their computers. The rising adoption of cloud computing is attributed to scalability, allowing businesses to adjust resources according to their needs and save on costs easily. Procurement-as-a-Service leverages cloud computing to provide scalable and cost-effective solutions for organizations to optimize procurement processes, enhance collaboration with suppliers, and drive strategic value creation. For instance, in December 2023, according to Eurostat, a Luxembourg-based intergovernmental organization, around 42.5% of European Union enterprises used cloud computing in 2023, an increase of 4.2% compared to 2021. Therefore, the rising adoption of cloud computing is driving the growth of the procurement-as-a-service market.
Major companies operating in the procurement-as-a-service market focus on developing innovative solutions, such as procurement service management platforms, to meet modern procurement processes' evolving needs and challenges. The procurement service management platform offers a comprehensive, user-centric solution enabling teams to reallocate employee time efficiently, manage risk effectively, and foster seamless collaboration across functions. For instance, in May 2022, Service Now Inc., a US-based software solutions provider, launched its new procurement service management. It helps in streamlining and enhancing procurement processes for businesses of all sizes. Procurement service management integrates seamlessly with existing ERP and procurement technologies to deliver faster time-to-value while providing real-time benchmarking of SLA risks at the task level, reporting of end-to-end SLAs at the procurement process level, and insights and embedded analytics to limit risk and rogue team behaviors.
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• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
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• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
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Major Key Players of the Market:
International Business Machines Corporation (IBM), Cisco Systems Inc., Oracle Corporation, SAP SE, Jabil Inc., Hewlett Packard Enterprise Company, Tata Consultancy Services Limited, Capgemini SE, Infosys Limited, HCL Technologies Limited, Wipro Limited, Palo Alto Networks Inc., Bain & Company Inc., Genpact Limited, GEP Worldwide, WNS Global Services, Coupa Software Inc, Zycus Inc., Xchanging Limited, Simfoni Limited., Ivalua Inc., Corbus LLC, Scoutbee GmbH, Aegis Components Inc.
Procurement-As-A-Service Market 2024 Key Insights:
• The procurement-as-a-service market size is expected to see rapid growth in the next few years. It will grow to $10.03 billion in 2028 at a compound annual growth rate (CAGR) of 10.9%.
• The Impact Of Cloud Computing On The Procurement-As-A-Service Market
• Innovation In Procurement-As-A-service With Supplier Collaboration And Relationship Management Solutions
• North America was the largest region in the procurement-as-a-service market in 2023
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