The Impact Of Cloud Computing On The Procurement-As-A-Service Market: Key Factor Driving The Growth In The Procurement-As-A-Service Market

The Procurement-As-A-Service Market Report by The Business Research Company delivers a detailed market assessment, covering size projections from 2025 to 2034. This report explores crucial market trends, major drivers and market segmentation by [key segment categories].

What Is the Expected Procurement-As-A-Service Market Size During the Forecast Period?
The market size of procurement-as-a-service has seen a fast-paced expansion in the past few years. It is projected to scale up from $6.63 billion in 2024 to $7.37 billion in 2025, marking a compound annual growth rate (CAGR) of 11.2%. This substantial growth in the historic period is primarily driven by factors like enhanced efficiency, availability of expertise, risk control measures, reduced time-to-market, and effective management of supplier relationships.

The market for procurement-as-a-service is projected to experience a swift expansion in the coming years. By 2029, it's predicted to surge to $11.11 billion, with a compound annual growth rate (CAGR) of 10.8%. The anticipated growth during the forecast period can be credited to factors such as the need for cost efficiency, a lean towards sustainability, increasing complexity of global supply chains, an emphasis on collaboration with suppliers, and dedication to innovation. Key trends forecasted for this period comprise of the incorporation of leading-edge technologies, increased customization and personalization, incursion into developing markets, the implementation of artificial intelligence (AI) and machine learning (ML), and the adoption of blockchain technology.

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What Are the High-Growth Segments in the Procurement-As-A-Service Market?
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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What Key Drivers Are Expected to Influence Future Procurement-As-A-Service Market Growth?
The anticipated growth of the procurement-as-a-service market is being driven by the increasing popularity of cloud computing. Cloud computing offers a platform for users to store and access data and programs via the internet instead of their own machines. The continued uptake of cloud computing is due to its scalability, giving companies the flexibility to adapt resources based on their requirements and effortlessly cut costs. The use of cloud computing in procurement-as-a-service gives businesses scalable and economical solutions to refine procurement operations, bolster supplier cooperation, and foster strategic value creation. Eurostat, an Intergovernmental organization based in Luxembourg, reported in December 2023 that around 42.5% of European Union businesses used cloud computing in 2023. This represented a 4.2% increase from 2021. The growing use of cloud computing is, therefore, spearheading the expansion of the procurement-as-a-service market.

Which Companies Hold the Largest Share Across Different Procurement-As-A-Service Market Segments?
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.

What Trends Are Driving Growth in The Procurement-As-A-Service Market?
Leading firms in the procurement-as-a-service market are prioritizing the creation of innovative solutions such as procurement service management platforms to address the changing requirements and obstacles of modern procurement procedures. The platform for procurement service management is a comprehensive, user-friendly solution that allows efficient staff time reallocation, effective risk management, and promotes smooth collaboration across functions. For example, Service Now Inc., an American software solutions provider, unveiled its new procurement service management in May 2022. This service aids in the improvement and simplification of procurement processes for businesses, regardless of size. Procurement service management easily integrates with current ERP and procurement technologies, providing quicker time-to-value. It also offers real-time SLA risk benchmarking at the task level, end-to-end SLA reporting at the procurement process level, and insights and embedded analytics to curb risk and rogue team activities.

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What Are the Emerging Geographies for The Procurement-As-A-Service Market Growth?
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.

Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Procurement-As-A-Service Market?
2. What is the CAGR expected in the Procurement-As-A-Service Market?
3. What Are the Key Innovations Transforming the Procurement-As-A-Service Industry?
4. Which Region Is Leading the Procurement-As-A-Service Market?

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