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

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.

Asia Pacific is projected to grow at the fastest CAGR during the forecast period owing to a considerable growth in the demand for managing and streamline supply chain operations through digital solutions. Additionally, the growing use of internet for direct and indirect procurement services is facilitating the adoption of procurement services in the region. For instance, in April 2021, Tata Consultancy Services entered into an agreement with Wavin, a Netherlands-based global innovative solutions provider for the building infrastructure industry. In this agreement, QWavin deployed TCS ERP on the cloud platform to expand its services in new growing markets in Indonesia & India.