Prominent Procurement-As-A-Service Market Trend for 2025: Acquire BPO Launches Acquire.AI to Drive AI-Powered Efficiency and Customer Experience in Procurement Outsourcing

What market dynamics are playing a key role in accelerating the growth of the procurement-as-a-service market?
The growth of the procurement-as-a-service market is forecasted to be driven by the increasing adoption of cloud computing. This technology allows access and storage of data and programs through the internet instead of personal computers. The growing acceptance of cloud computing can be attributed to its scalability, letting businesses modify resources according to their needs, and facilitates cost savings. The Procurement-as-a-Service approach uses cloud computing to deliver scalable and economical solutions for firms looking to fine-tune procurement processes, boost supplier collaboration, and foster strategic value creation. Eurostat, a Luxembourg-based intergovernmental organization, mentioned in December 2023 that approximately 42.5% of European Union businesses employed cloud computing in 2023, marking a 4.2% increase from 2021. Hence, the increased use of cloud computing is fueling the expansion of the procurement-as-a-service market.

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How will the growth rate of the procurement-as-a-service market shape industry trends by 2034?
The market size for procurement-as-a-service has seen a swift expansion over the past few years. From $6.63 billion in 2024, it is projected to escalate to $7.37 billion in 2025, with a compound annual growth rate (CAGR) of 11.2%. The growth during the historic period is due to increased efficiency, expert accessibility, risk control, quicker time-to-market, and better management of supplier relationships.

Expectations indicate a swift enlargement of the procurement-as-a-service market in the coming years, with size predictions reaching $11.11 billion by 2029, reflecting a compound annual growth rate (CAGR) of 10.8%. Factors propelling this growth during the forecast period incorporate a surge in the need for cost optimization, a shift towards sustainability, increased globalization, complex supply chains, enhanced supplier collaboration, and an emphasis on innovation. Key market trends within the predicted period take into account the implementation of advanced technologies, specialized customization, market expansion into emerging regions, the integration of artificial intelligence (AI) and machine learning (ML), alongside the adoption of blockchain technology.

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What trends are poised to drive the future success of the procurement-as-a-service market?
Leading enterprises in the procurement-as-a-service arena are concentrating on creating novel solutions such as procurement service management platforms, aimed at addressing the progressing demands and challenges of contemporary procurement procedures. This procurement service management platform serves as a comprehensive solution with a consumer-centric approach that facilitates efficient time reallocation among team members, proactive risk management, and smooth cooperation among departments. For example, in May 2022, Service Now Inc., a prominent software solutions firm in the US, introduced its state-of-the-art procurement service management to bolster and streamline corporate procurement processes across businesses of all scales. This management service smoothly merges with the current ERP and procurement technologies, resulting in rapid value formation, alongside facilitating task-level SLA risk benchmarking, comprehensive SLA reporting at the procurement operation level, as well as insights and penetrated analysis to curb risks and rogue team activities.

Which primary segments of the procurement-as-a-service market are driving growth and industry transformations?
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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Which regions are key players in the growth of the procurement-as-a-service market?
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.

Who are the influential players reshaping the procurement-as-a-service market landscape?
Major companies operating in the procurement-as-a-service market report are accenture* plc; 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.

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

•Market Size Forecast: Examine the procurement-as-a-service market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the procurement-as-a-service market for a structured understanding.
•Key Players Overview: Analyze major players in the procurement-as-a-service market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the procurement-as-a-service market.
•Segment Contributions: Evaluate how different segments drive overall growth in the procurement-as-a-service market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the procurement-as-a-service market.
•Industry Challenges: Identify potential risks and obstacles affecting the procurement-as-a-service market.
•Competitive Landscape: Review strategic developments in the procurement-as-a-service market, including expansions, agreements, and new product launches.

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