What is the global market size of Procurement As A Service Market?

Procurement As A Service Market size was valued at USD 5.52 billion in 2021 and is poised to grow from USD 6.15 billion in 2022 to USD 14.62 billion by 2030, growing at a CAGR of 11.1% in the forecast period (2023-2030).

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 Dynamics

Procurement As A Service Market Drivers

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.
Growing number of small and medium sized companies across the globe is one of the major factors driving the market growth during the forecast period. BFSI, education, energy and utilities, healthcare and life sciences, manufacturing, retail, e-commerce, and IT industries, are directly having a positive impact on the growth and demand of the global procurement as a service market.

Procurement As A Service Market Restraints

Lack of Awareness is likely to impede the market growth

Lack of awareness about procurement software along with limited technical expertise can create hindrances for the growth of the market during the forecast period.
In addition, many industries are unaware to the existence of technology which will narrow down the scope of growth of the market.

Procurement As A Service Market Report Snapshots

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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).

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. '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 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.

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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

Procurement As A Service Market Dynamics

Procurement As A Service Market Report Snapshots

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