Major Market Shift in Procurement-As-A-Service Industry: Innovation In Procurement-As-A-service With Supplier Collaboration And Relationship Management Solutions

"What Is the Forecasted Market Size and Growth Rate for the Procurement-As-A-Service Market?
The procurement-as-a-service market has grown rapidly in recent years. It will increase from $6.63 billion in 2024 to $7.37 billion in 2025, at a CAGR of 11.2%. The growth is attributed to efficiency improvements, access to expertise, risk mitigation, faster time-to-market, and better supplier relationship management.

The procurement-as-a-service market is expected to see rapid growth, reaching $11.11 billion by 2029 at a CAGR of 10.8%. Growth is attributed to the demand for cost optimization, the shift towards sustainability, globalization, and supply chain complexity, and a focus on supplier collaboration and innovation. Major trends include the integration of advanced technologies, customization and personalization, expansion into emerging markets, the adoption of artificial intelligence (AI) and machine learning (ML), and blockchain technology.

What Factors Are Propelling the Expansion of the Procurement-As-A-Service Market?
The increasing adoption of cloud computing is projected to boost the growth of the procurement-as-a-service market in the future. Cloud computing enables businesses to store, access, and manage data remotely over the internet, providing cost-effective and scalable solutions. Procurement-as-a-Service utilizes cloud technology to enhance procurement efficiency, facilitate collaboration with suppliers, and drive strategic cost savings. For instance, in December 2023, Eurostat, an intergovernmental organization, reported that 42.5% of enterprises in the European Union used cloud computing in 2023, reflecting a 4.2% increase from 2021. Consequently, the rising adoption of cloud computing is fueling the procurement-as-a-service market.

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Which Businesses Are at the Forefront of Procurement-As-A-Service Market Development?
Major companies operating in the procurement-as-a-service market report are ; 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.

What Are the Latest Innovations in the Procurement-As-A-Service Market?
Major companies in the procurement-as-a-service market are developing cutting-edge solutions such as procurement service management platforms to address the evolving complexities of modern procurement. These platforms provide a comprehensive and user-friendly solution that enhances employee time management, risk mitigation, and cross-functional collaboration. For example, in May 2022, ServiceNow Inc., a US-based software solutions provider, launched its new procurement service management system. This solution streamlines and optimizes procurement for businesses of all sizes. It integrates seamlessly with existing ERP and procurement technologies, delivering faster time-to-value and real-time risk benchmarking at the task level. It also enables end-to-end SLA reporting, embedded analytics, and insights to mitigate risks and prevent rogue team behavior.

How Is the Procurement-As-A-Service Market Segmented?
The procurement-as-a-service market covered in this report is segmented -

1) By Component: Category Management, Contract Management, Transaction Management, Strategic Sourcing, Spend Management, Process Management
2) By Organization Size: Large Enterprise, Small And Medium Enterprises
3) By Vertical: Manufacturing, Retail And Consumer Packaged Goods, Banking, Financial Services, And Insurance (BFSI), Information Technology (IT) And Telecommunications, Energy And Utilities, Healthcare, Travel And Hospitality, Others Verticals

Subsegments:
1) By Category Management: Supplier Selection, market Research And Analysis, Category Strategy Development
2) By Contract Management: Contract Creation And Negotiation, Contract Compliance And Risk Management, Contract Renewal And Termination
3) By Transaction Management: Order Processing, Invoice Management, Payment Processing
4) By Strategic Sourcing: Supplier Discovery, Supplier Relationship Management, Sourcing Strategy Development
5) By Spend Management: Spend Analytics, Budgeting And Forecasting, Cost Reduction Strategies
6) By Process Management: Workflow Automation, Procurement Process Optimization, Reporting And Analytics

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Where Is the Procurement-As-A-Service Market Growth Most Prominent?
North America was the largest region in the procurement-as-a-service market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the procurement-as-a-service market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

What Is Covered In The Procurement-As-A-Service Global Market Report?

- Market Size Analysis: Analyze the Procurement-As-A-Service Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Procurement-As-A-Service Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Procurement-As-A-Service Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Procurement-As-A-Service Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.

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