The Procurement as a Service Market Size Report by fortune business insights delivers a detailed market assessment, covering size projections from 2025 to 2032. This report explores crucial market trends, major drivers and market segmentation by [key segment categories].
How Big Is the Procurement as a Service Market Size Expected to Be by 2032?
Global Procurement as a Service Market size was valued at USD 6.40 billion in 2023 and is poised to grow from USD 6.91 billion in 2024 to USD 14.52 billion by 2032, growing at a CAGR of 9.9% during the forecast period(2024-2032)., The market has witnessed steady growth over recent years, driven by evolving consumer demands, technological advancements, and increasing investments across the sector. Rising awareness, improved accessibility, and expanding global reach have further fueled market expansion. As trends continue to shift and innovation accelerates, the market is expected to maintain a positive growth trajectory, presenting new opportunities for both established players and emerging businesses
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Overview of the impact of COVID-19 on this market:
The advent of COVID-19 has brought the world to a standstill. We know that this health crisis has had an unprecedented impact on businesses across industries. However, this too shall pass. Increased support from governments and various companies can help in the fight against this highly contagious disease. Some industries are struggling, while others are thriving. Overall, almost every sector is expected to be affected by the pandemic.
We are working tirelessly to ensure your business continues to thrive and grow during the COVID-19 pandemic. Drawing on our experience and expertise, we will provide industry-wide analysis of the impact of the coronavirus outbreak to help you prepare for the future.
What Are the Primary Drivers Shaping the Procurement as a Service Market?
The Procurement as a Service (PaaS) market is experiencing substantial growth driven by the increasing trend of outsourcing procurement functions to enhance efficiency and reduce operational costs. Businesses are opting for PaaS to access expertise, advanced analytics, and technology solutions without the need for significant internal investments. The growing use of artificial intelligence (AI) and machine learning (ML) in procurement is transforming the market by enabling predictive analytics, supplier risk management, and automated contract analysis, which streamline procurement processes.
Sustainability and ethical sourcing are also major trends reshaping the PaaS market. Companies are under pressure to adopt environmentally responsible procurement practices and ensure compliance with global sustainability standards. PaaS providers are increasingly integrating tools that offer visibility into supply chain emissions, supplier diversity, and sustainability metrics. Additionally, the rise of e-procurement platforms that support real-time data sharing and enhanced vendor collaboration is further driving innovation and adoption in this space.
Who Are the Top Competitors in Key Procurement as a Service Market Segments?
GEP (U.S)
Infosys Limited (India)
Dragon Sourcing (U.K.)
SAP SE (Germany)
Genpact (U.S.)
Kissflow Inc. (India)
Accenture plc. (Ireland)
HCL Technologies Ltd. (India)
WNS (Holdings) Ltd (U.K.)
Tata Consultancy Services Limited (India)
Total IT Global. (U.K.)
Allegis Global Solutions (U.S.)
Wipro, Inc. (India)
IBM Corporation (U.S.)
CA Technologies (U.S.)
Aegis Components Inc. (U.S.)
Corbus LLC (U.S.)
Bain & Company (U.S.)
Hewlett Packard Enterprise Development LP (U.S.)
Synise Technologies Ltd. (India)
Capgemini SE (France)
What Are the Major Trends Shaping the Procurement as a Service Market?
The demand for Procurement as a Service is being fueled by the rising complexity of global supply chains and the need for efficient vendor management. Organizations are leveraging PaaS to streamline sourcing, optimize supplier relationships, and mitigate risks associated with fluctuating market conditions. Additionally, the cost savings achieved through bulk procurement, strategic sourcing, and contract negotiation services offered by PaaS providers are appealing to businesses of all sizes, particularly small and medium enterprises (SMEs).
Another key driver is the increasing reliance on technology to manage procurement processes. Advanced PaaS solutions incorporate digital tools such as cloud-based platforms, automation, and data analytics, enabling businesses to make data-driven decisions. Moreover, the shift toward hybrid and remote work models has emphasized the need for centralized, cloud-based procurement systems that allow teams to collaborate seamlessly. These factors, combined with a growing focus on regulatory compliance and risk mitigation, are propelling the adoption of PaaS across industries such as manufacturing, retail, healthcare, and technology.
Market Segments
Market segmentation involves dividing a broad consumer or business market into sub-groups of consumers based on shared characteristics. These segments can be defined by demographic, geographic, psychographic, and behavioral factors. Understanding these segments allows businesses to tailor their products, services, and marketing strategies to better meet the specific needs of each group. By focusing on distinct market segments, companies can enhance customer satisfaction, improve targeting efficiency, and increase overall competitiveness in the marketplace.
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Key findings of the report:
Comprehensive overview of the Procurement as a Service Market
Important factors that enable, restrict, challenge and provide opportunities for the market
Key Insights and Key Industry Developments
Key players operating in the Procurement as a Service Market
Key strategies adopted by players include new product launches and company collaborations to generate better profits.
Other Market Trends
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Procurement as a Service Market?
2. What is the CAGR expected in the Procurement as a Service Market?
3. What Are the Key Innovations Transforming the Procurement as a Service Market?
4. Which Region Is Leading the Procurement as a Service Market?
Which Regions Are Becoming Hubs for Procurement as a Service Market Innovation?
North America (United States and Canada)
Europe (UK, Germany, France, Italy, Spain, Scandinavia and other European countries)
Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
Latin America (Brazil, Mexico and other Latin American countries)
The Procurement as a Service Market research report provides a complete assessment of the industry. The forecasts included in the report have been determined using proven research philosophy and assumptions.
Research Methodology:
We follow a robust research methodology that includes data triangulation based on bottom-up and top-down approaches and validation of estimated market figures through primary research. The information used to estimate the market size and forecast for various segments at global, regional and country levels is derived from the most reliable published sources and interviews with relevant stakeholders.
The growth rate or CAGR shown in the market during a specific forecast period is calculated based on various factors and their level of impact on the market. These factors include market drivers, restraints, industry challenges, market and technology developments, and market trends.
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Key Table of Contents of Procurement as a Service Market Research Report:
introduction
summation
Market Trends
Key Procurement as a Service Market Insights
Global Market Analysis, Insights and Forecasts
North America Market Analysis, Insights and Forecasts
European Market Analysis, Insights and Forecasts
Asia Pacific Market Analysis, Insights and Forecasts
Middle East and Africa Market Analysis, Insights and Forecasts
Latin America Market Analysis, Insights and Forecasts
Competitive environment
Global Procurement as a Service Market Revenue Share Analysis, By Key Players, 2025
Company Profile
conclusion
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