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Procurement As a Service (PaaS) Market Size

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

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Procurement As a Service Market Size

Procurement As a Service (PaaS) Market size valued at USD 5 billion in 2022 and is projected to exhibit over 10% CAGR from 2023 to 2032.

Procurement As a Service (PaaS) Market

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Increasing digitization of business operations is expected to have a positive impact on the market growth. Over the recent years, enterprises and organizations have been undertaking extensive initiatives to digitalize their workflow by integrating advanced technologies such as big data analytics, artificial intelligence (AI), and machine learning. Next-generation PaaS market are gaining substantial momentum owing to their ability to enhance the procurement process by streamlining different stages starting with sourcing, negotiation, and purchasing of goods. It provides the infrastructure and software tools needed to develop and deploy applications, thus enabling end-to-end workload management.

Procurement As a Service Market Report Attributes
Report Attribute	Details
Base Year:	2022
Procurement As a Service Market Size in 2022:	USD 5 Billion
Forecast Period:	2023 to 2032
Forecast Period 2023 to 2032 CAGR:	10%
2032 Value Projection:	USD 15 Billion
Historical Data for:	2018 to 2022
No. of Pages:	230
Tables, Charts & Figures:	264
Segments covered:	Component, Organization Size, End-use and Region
Growth Drivers:	Growing digitalization in business operations Rising inclination towards outsourcing Supply chain risk mitigation Helps in cost reduction Industry specific services by market players
Pitfalls & Challenges:	Lack of awareness regarding procurement as a service Shortage of skilled professional

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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’s strong reputation as a hub for technological innovation.

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.