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Procurement As a Service (PaaS) Market Analysis

Report ID: GMI5532
Published Date: Apr 2023
Report Format: PDF

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Procurement As a Service Market Analysis

Global Procurement as a Service, By Component

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The procurement as a service market share from strategic sourcing component segment accounted for USD 2 billion in 2022. Strategic sourcing solutions are extensively used by organizations to improve supplier relations, optimize costs, and integrate advanced technologies facilitating automation and streamlining of sourcing processes. Recent developments in cloud-based solutions and the growing inclination toward cloud infrastructures are accelerating the development of innovative strategic sourcing solutions based on the cloud. Current automation and digitization trends will spur the adoption of these solutions across organizations seeking access to multiple services.

Global Procurement as a Service Market, By Application

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The procurement as a service market value from manufacturing applications is poised to reach USD 4 billion by 2032. The growing usage of PaaS solutions in the manufacturing sector can be attributed to the ability of the technology to mitigate supply chain risks. Rapid urbanization and the growing global population represent a significant need for massive manufacturing output, thus compelling facilities to deploy advanced supply chain analytics solutions.

Moreover, several companies are foraying into strategic collaborations to introduce novel solutions to help end-users anticipate and mitigate supply chain challenges. For instance, in November 2022, Corbus announced a supply chain procurement collaboration with GIS to provide access to infrastructure and resources for customers in Europe, Latin America, North America, Asia, and the Middle East & Africa.

Procurement As A Service (PaaS) Market, By Region

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North America procurement as a service market size will exceed USD 5 billion by 2032. The region is home to leading technology hubs such as the U.S. and Canada, fostering substantial scope for innovation and the adoption of cutting-edge technologies. With a solid footprint of small and large enterprises, the region is experiencing a notable surge in the adoption of procurement outsourcing. Moreover, governments are making hefty government investments in the digitization of businesses. For instance, in December 2022, the U.S. Department of Defense (DoD) announced a cloud contract worth USD 9 billion for Amazon, Oracle, Microsoft, and Google.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of procurement as a service (PaaS) was worth USD 5 billion in 2022 and is poised to expand at 10% CAGR from 2023 to 2032, owing to the rapid digitization of business operations.

The manufacturing application segment will surpass USD 4 billion by 2032, attributed to the rising automation of the manufacturing sector.

North America market size is projected to cross USD 5 billion by 2032, due to the rapid adoption of cloud computing and the region

Accenture plc, Capgemini, Corbus, LLC., Genpact, GEP, IBM Corporation, Infosys Limited, Proxima Group, Wipro Limited, and Simfoni Limited are some of the major companies operating in the market.