The procurement as a service market is expected to experience steady growth, with an annual increase of 7.5%. By the year 2033, it is projected to reach a total value of US$ 14,741.4 million. This market involves outsourcing procurement processes to third-party service providers, offering benefits such as cost reduction and increased efficiency.
PaaS providers offer a range of helpful services like finding good suppliers, keeping track of those suppliers, managing contracts, handling purchase orders, and dealing with invoices. They make these services available through online platforms, so businesses can easily use them from anywhere and at any time.
Technology is getting really smart these days. Things like AI, machine learning, and robots are making PaaS (Platform as a Service) solutions even better. These solutions can now do things like automate tasks, analyze data, and make things clearer. Lots of businesses want better ways to buy stuff, and that's why they're using digital and cloud-based tools to do it.
Furthermore, the global supply chain is quite intricate and always changing, which makes it difficult for companies to handle their procurement needs internally. When companies decide to outsource their procurement to experts in the field, they benefit from the specialized knowledge and experience of these service providers. This helps in building stronger relationships with suppliers, reducing risks, and ensuring that they follow all the necessary rules and regulations.
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The procurement as a service market in the United States was valued at around US$ 2.2 billion in 2021 and is expected to reach US$ 2.4 billion in 2022. The COVID-19 pandemic has accelerated the adoption of procurement as a service in the public sector, as organizations recognize the drawbacks of traditional procurement processes and seek digital transformation. This trend is driving the market in the United States, with a projected valuation of US$ 4.7 billion by 2033.
Europe holds a significant share of 21.4% in the procurement as a service market. The region benefits from a strong economy, technological advancements, and high adoption of digital solutions. Europe's mature cloud infrastructure, emphasis on data security, and privacy regulations contribute to the growing adoption of PaaS among businesses.
India is experiencing significant growth of 11.2% in the procurement as a service industry. The country's fast-growing economy, globalization, and integration into the global supply chain drive the adoption of digital technologies, including PaaS. By outsourcing procurement activities, they can reduce operational costs and focus on core competencies.
The manufacturing vertical drives the market, as companies aim to provide quality products at optimal prices, reduce production time, and manage expenses. The manufacturing segment registered a CAGR of 7.3% during the historical period.
Large enterprises hold a significant share of 60.3% in the procurement as a service market. With complex procurement requirements and extensive operations, these organizations turn to PaaS solutions to optimize their procurement processes. PaaS offerings, including advanced supplier management features, help large enterprises strengthen supplier relationships, mitigate risks, and make informed procurement decisions.
Competitive Landscape:
Procurement as a service provider performs merger and acquisition strategies to gain expertise and market share. The key companies operating in the procurement as a service market include Accenture, Infosys, GEP, Genpact, Proxima, WNS Denali, Capgemini, IBM, Wipro, HCL Technologies, Tata Consultancy Services(TCS), Xchanging, Aegis Components Inc., Corbus LLC, Bain & Company, CA Technologies, Hewlett Packard Enterprise Development LP, Skybox Security Inc, Palo Alto Networks, Inc and Cisco Systems, Inc.
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