Global procurement as a service market

Procurement As A Service Market Size, Share, Growth Analysis, By Component(Category Management, Strategic Sourcing, Spend Management, Contract Management), By Vertical(BFSI, Manufacturing, Retail, Healthcare), By Region - Industry Forecast 2024-2031


Report ID: SQMIG45C2056 | Region: Global | Published Date: July, 2001
Pages: 260 | Tables: 67 | Figures: 75

Procurement As A Service Market Insights

Procurement As A Service Market size was valued at USD 5.52 billion in 2019 and is poised to grow from USD 6.15 billion in 2023 to USD 14.62 billion by 2031, growing at a CAGR of 11.1% in the forecast period (2024-2031).

The emergence of high-scale digitalization and advancement in the process of automating critical business, such as sourcing and procurement is gaining traction, and this is projected to have in the favour of the global procurement as a service market growth. Technology integrations into procurement functions is enabling strategic sourcing and supplier management to become more proactive and efficient; it is anticipated to enable cost reduction of cost and improve the profitability of business.

The significance of global procurement service providers has shifted from negotiation contracts to the exclusive business partnerships and strategic agreements to ensure and consolidate short-and-long-term business continuity. For instance, in 2019, Proactis announced a partnership with global change-ready technology and implementation specialist Agilyx Group to provide a wide range of management solutions and services to Agilyx customers.

Cloud offers flexibility with ease is subsequently helping service provides of procurement through lower storage data costs. This further helps service providers in improving business operations and creating custom solutions available to the end users of the global procurement as a service market. In addition, AI is also having its way into the procurement service business with a unique selling point (USP) of providing data analytics while enhancing operations.

US Procurement As A Service Market Market is poised to grow at a sustainable CAGR for the next forecast year.

$5,300
BUY NOW GET FREE SAMPLE
Want to customize this report?

Our industry expert will work with you to provide you with customized data in a short amount of time.

REQUEST FREE CUSTOMIZATION

FAQs

Procurement As A Service Market size was valued at USD 5.52 billion in 2019 and is poised to grow from USD 6.15 billion in 2023 to USD 14.62 billion by 2031, growing at a CAGR of 11.1% in the forecast period (2024-2031).

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. 'Accenture', 'GEP', 'IBM', 'Infosys', 'Proxima', 'WNS', 'Capgemini', 'Genpact', 'TCS', 'HCL Technologies', 'Corbus', 'Xchanging', 'Aquanima', 'Denali', 'Wipro', 'KPMG', 'DSSI', 'HP', 'Nitor Partners', 'CGI'

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 procurement as a service market in 2022 accounting for more than 48% share of the 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.

Request Free Customization

Want to customize this report? This report can be personalized according to your needs. Our analysts and industry experts will work directly with you to understand your requirements and provide you with customized data in a short amount of time. We offer $1000 worth of FREE customization at the time of purchase.

logo-images

Feedback From Our Clients

Global procurement as a service market

Report ID: SQMIG45C2056

$5,300
BUY NOW GET FREE SAMPLE