Steady Expansion Forecast for Procurement-As-A-Service Market, Projected to Reach $11.11 Billion by 2029

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Procurement-As-A-Service Market Size Valuation Forecast: What Will the Market Be Worth by 2025?
In recent times, the market size for procurement-as-a-service has seen a swift expansion. Rising from $6.63 billion in 2024, it is predicted to reach $7.37 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 11.2%. The considerable growth during the historic span can be credited to increased efficiency, expertise accessibility, risk management, market entry time reduction and enhanced supplier relationship handling.

Procurement-As-A-Service Market Size Forecast: What's the Projected Valuation by 2029?
The market size of procurement-as-a-service is predicted to experience swift expansion in the coming years, eventually reaching $11.11 billion by 2029, with a compound annual growth rate (CAGR) of 10.8%. The development during this projected period could be due to the increasing need for cost optimization, an emphasis on sustainability, globalization, the complexity of supply chains, and a collaborative approach with suppliers and innovations. Key trends expected within the same timeframe consist of the incorporation of cutting-edge technologies, tailoring and individualized experiences, branching into budding markets, the integration of artificial intelligence (AI), machine learning (ML) techniques, and the adoption of blockchain technology.

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What Are the Drivers Transforming the Procurement-As-A-Service Market?
The growth of the procurement-as-a-service market is forecasted to be driven by the increasing use of cloud computing. This technology gives users the convenience of accessing and storing data and programming over the internet, thus eliminating the need for local storage on their personal computers. It offers scalability which allows businesses to easily adjust resources to match their needs and to save on costs. By harnessing cloud computing, Procurement-as-a-Service offers scalable, cost-effective solutions to organizations, helping them streamline procurement processes, advance partnerships with suppliers, and promote the creation of strategic value. For example, Eurostat, an intergovernmental organization based in Luxembourg, reported in December 2023 that around 42.5% of businesses in the European Union employed cloud computing in 2023, indicating a growth of 4.2% compared to 2021. Henceforth, the procurement-as-a-service market is being propelled by the growing acceptance of cloud computing.

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What Long-Term Trends Will Define the Future of the Procurement-As-A-Service Market?
Leading firms in the procurement-as-a-service market are focusing on creating novel solutions like procurement service management systems designed to cater to the changing needs and hurdles of contemporary procurement processes. This approach provides a unified, user-friendly solution that permits teams to efficiently redistribute employee hours, manage potential risks productively, and promote smooth teamwork across different departments. For example, in May 2022, Service Now Inc., an American software solution provider, introduced its innovative procurement service management solution. This is designed to streamline and enhance procurement procedures for businesses of all scales. The procurement service management interfaces flawlessly with current ERP and procurement technologies, ensuring quicker time-to-value while also offering real-time SLA risk benchmarking at the task stage, end-to-end SLA reporting at the procurement process stage, and insights and integrated analytics to restrain risk and renegade team actions.

Which Segments in the Procurement-As-A-Service Market Offer the Most Profit Potential?
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 Firms Dominate the Procurement-As-A-Service Market by Market Share and Revenue in 2025?
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.

Which Regions Offer the Highest Growth Potential in 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.

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