Steady Expansion Forecast for Procurement-As-A-Service Market, Projected to Reach $10.85 Billion by 2029

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Procurement-As-A-Service Market Size Valuation Forecast: What Will the Market Be Worth by 2025?
The market size for procurement-as-a-service has seen rapid expansion in the past few years. The anticipated growth from $6.63 billion in 2024 to $7.34 billion in 2025, with a compound annual growth rate (CAGR) of 10.6%, can be accredited to factors such as enhanced efficiency, access to specialization, risk management, improved time-to-market, and superior supplier relationship management.

Procurement-As-A-Service Market Size Forecast: What's the Projected Valuation by 2029?
The market size for procurement-as-a-service is predicted to swiftly expand in the upcoming years, reaching $10.85 billion in 2029 with a compound annual growth rate (CAGR) of 10.3%. This sizable advancement during the forecast period can be linked to various factors such as the need for cost efficiency, the transition towards sustainable practices, increasing complexity in globalization and supply chain processes, emphasis on supplier cooperation and drive for innovation. Key trends expected during this period include the incorporation of cutting-edge technologies, customization and personalization efforts, widespread growth into new markets, integration of artificial intelligence (AI) and machine learning (ML), and the adoption of blockchain technology.

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What Are the Drivers Transforming the Procurement-As-A-Service Market?
Procurement-as-a-service market is poised for expansive growth due to increased reliance on cloud computing. This technology offers users the ability to store and access data and programs over the internet, as opposed to local computer storage. Its increased adoption can be credited to its scalability feature which enables businesses to streamline resources to meet their specific requirements, in a cost-effective way. Procurement-as-a-service harnesses cloud computing's advantages, offering scalable and budget-friendly solutions to help organisations enhance procurement processes, strengthen supplier collaboration, and encourage strategic value development. For example, in 2023, data from Eurostat, a Luxembourg-based intergovernmental entity, indicated that around 42.5% of businesses in the European Union were using cloud computing, registering a growth rate of 4.2% from 2021. In conclusion, the ever-growing dependence on cloud computing plays a crucial role in propelling the procurement-as-a-service market growth.

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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 marketplace are prioritizing the creation of novel solutions like procurement service management platforms to cater to the shifting requirements and obstacles of contemporary procurement processes. The platform provides a comprehensive solution focused on end-users, allowing teams to efficiently reassign staff hours, manage risks effectively, and cultivate smooth cooperation across different functions. For instance, in May 2022, Service Now Inc., a US-based software solutions company, introduced its new procurement service management to streamline and boost procurement processes for businesses of all sizes. The procurement service management smoothly integrates with existing ERP and procurement technology, facilitating quicker value realization and offering real-time benchmarking of SLA threats at the task stage, end-to-end SLA reporting at the process stage of procurement, and insights and embedded analytics to control risk and combat irregular team actions.

Which Segments in the Procurement-As-A-Service Market Offer the Most Profit Potential?
The procurement-as-a-servicemarket 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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