Procurement As A Service Market Updates

Global Procurement As A Service Market size was valued at USD 6.15 billion in 2023 and is poised to grow from USD 6.83 billion in 2024 to USD 15.86 billion by 2032, growing at a CAGR of 11.1% during the forecast period (2025-2032).

Global procurement as a service market is moderately competitive in nature. Partnership, expansion, acquisition are the major key strategies opting by several key players of the market. For instance, in 2020, Epicor Software Corporation announced the launch of Epicor Commerce Connect Express, a new portal replacing its existing Epicor Commerce Connect Solution. It is designed for businesses that need an effective and immediate way to improve productivity, offer high quality online experiences, and stay connected to their customers and suppliers. 'GEP (United States) ', 'Infosys Limited (India) ', 'SAP SE (Germany) ', 'Genpact (United States) ', 'Kissflow Inc. (India) ', 'Accenture plc (Ireland) ', 'HCL Technologies Ltd. (India) ', 'WNS (Holdings) Ltd (United Kingdom) ', 'Tata Consultancy Services Limited (India) ', 'Total IT Global (United Kingdom) ', 'Allegis Global Solutions (United States) ', 'Wipro, Inc. (India) ', 'IBM Corporation (United States) ', 'Capgemini (France) ', 'Corbus LLC (United States) ', 'Simfoni Limited (United Kingdom) ', 'Pcura Consulting Pvt Ltd (India)'

Increasing number of market collaboration has led to the rise in the funds to be allocated in the growth & development of technology and machinery against fraudulent activities. Furthermore, growth in the investment for research and development would carve the way for innovations in the sector.

Rising urbanization, globalization, and modernization across the globe is fueling the market growth. And, introduction to machine learning and artificial intelligence with the adoption of analytical services among small and medium sized companies mainly in the developing countries.

Europe dominated the global procurement as a service market in 2022 accounting for more than 48% share of the global revenue. The increasing focus of procurement service providers to offer customized service plans with more efficiency to their consumers and growing demand from European manufacturing companies to enhance the procurement process are key factors driving the market growth in the region. In addition, increasing need of modernized solutions that enables organizations make data driven decisions for managing their procurement operations is also an expected factor contributing to the market growth.