Procurement As a Service Market to reach $15 Bn by 2032, Says Global Market Insights Inc.

Major procurement as a service market participants include Accenture plc, Capgemini, Corbus, LLC., Genpact, GEP, HCL Technologies Ltd, IBM Corporation, Infosys Limited, Proxima Group, Tata Consultancy Services Limited, Wipro Limited, WNS (Holdings) Ltd., Simfoni Limited, Pcura Consulting Pvt. Ltd., Sastrify & Vizient Inc.

Selbyville, Delaware, April 19, 2023 (GLOBE NEWSWIRE) --

The procurement as a service market valuation is predicted to cross USD 15 billion by 2032, as reported in a research study by Global Market Insights Inc.

The rising number of small- and medium-sized enterprises (SMEs) worldwide is expected to fuel the market demand. SMEs extensively deploy advanced cloud solutions to improve productivity, operational efficiency, and cost-cutting. PaaS solutions have emerged as a promising tool for helping small businesses reduce expenditures by providing access to specialized procurement resources, reducing administrative overheads, offering negotiable packages, improving compliance, and boosting spending visibility.

Additionally, industry players are integrating advanced technologies to enhance customer experience and improve procurement processes such as invoice processing, supplier management, and purchase order generation whilst cutting costs.

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Procurement as a service market from transaction management will surpass USD 4 billion by 2032. Organizations are seeking specialized expertise and scalable solutions to enhance data accuracy and visibility, thus fueling the adoption of PaaS solutions for transaction management. Ongoing digitization and automation of transaction management processes are providing lucrative scope for PaaS providers to introduce novel solutions. Recent advancements in artificial intelligence (AI), and robotic process automation (RPA) are allowing providers to automate transaction management. As a result, PaaS solutions are expected to gain substantial traction among customers seeking faster and more cost-efficient processes.

The procurement as a service market from BFSI applications segment accounted for  USD 1 billion in 2022. The digitization of banking and finance services including rapid penetration of digital banking, mobile wallet, and telebanking is driving the market growth. Several BFSI partnerships are enabling enterprises to strengthen operations across the corporate sector with automated workflows.

For instance, in August 2022, Yes Bank collaborated with IBSFINtech to offer digital services designed for the corporate sector. Businesses are increasingly investing in robust decision-making tools and automated interventions supported by seamless bank connectivity. PaaS is also helping BSFI organizations with automation, procurement operations, compliance, supplier management, cost savings, scalability, and risk management, further driving product consumption.

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Asia Pacific procurement as a service (PaaS) market is poised to witness over 10% CAGR from 2023 to 2032, due to the surging demand for digital solutions capable of streamlining and managing supply chain operations. Increasing internet usage in highly populated countries such as India and China will proliferate the use of advanced digital technologies. Moreover, several government are initiating efforts to accelerate the digitization of the transportation, food & beverage, and manufacturing sectors. For instance, in August 2022 the Government of Assam, India unveiled a State Public Procurement Portal (SPPP), offering Assam Government Departments access to all tender-related data.

Prominent participants operating across the PaaS market include Accenture plc, Capgemini, Corbus, LLC., Genpact, GEP, HCL Technologies Ltd, IBM Corporation, Infosys Limited, Proxima Group, Tata Consultancy Services Limited, Wipro Limited, WNS (Holdings) Ltd., Simfoni Limited, Pcura Consulting Pvt. Ltd., Sastrify & Vizient Inc. These companies are focusing on strategic partnerships, mergers, and acquisitions as key strategies to consolidate their competitive lead. For instance, in May 2022, Bain & Company acquired a UK-based supply chain and procurement consultancy firm, Proxima, to provide cost-effective, and differentiated solutions catering to end-to-end procurement needs right from strategy to implementation.

Partial chapters of report table of contents (TOC):

Chapter 2   Executive Summary
2.1    Procurement as a service industry 3600synopsis, 2018-2032
2.2    Business trends
2.2.1    Total Addressable Market (TAM), 2023-2032
2.3    Regional trends
2.4    Component trends
2.5    Organization size trends
2.6    End-use trend

Chapter 3   Procurement As a Service Market Insights
3.1    Impact of COVID-19
3.2    Russia- Ukraine war impact
3.3    Industry ecosystem
3.3.1    Platform provider
3.3.2    Service provider
3.3.3    Cloud-service provider
3.3.4    Distributor
3.3.5    End-user
3.3.6    Vendor matrix
3.4    Technology & innovation landscape
3.5    Patent analysis
3.6    Key initiative and news
3.7    Regulatory landscape
3.8    Industry impact forces
3.8.1    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
3.8.2    Industry pitfalls & challenges   Lack of awareness regarding procurement as a service   Shortage of skilled professional
3.9    Growth potential analysis
3.10    Porter's analysis
3.11    PESTEL analysis

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About Global Market Insights Inc.

Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.


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