Procurement as a Service Market Overview:

The procurement as a Service market industry is projected to grow from USD 6.8 Billion in 2023 to USD 16.11 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 11.20% during the forecast period (2023 - 2032). 

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Key Players:

Key Companies in the Procurement as a Service market include,

• CA Technologies
• Accenture
• Corbus
• Infosys
• Aegis
• GAP
• Xchanging

From the name itself, it is pure that procurement as a service is a technological system that offers an advanced level of procurement services to all sizes of organizations. Procurement as a service is afraid handling of compliance policies and contracts. Procurement is one of the most significant and complex business processes and procurement as a service deal with the same fluently. The recent outburst of coronavirus has proven to be a bane for the market. The epidemic has led to the suspension of business activity on account of the coronavirus epidemic and has resulted in disturbances in global supply chains, border limits, and travel boundaries by government bodies. Mandatory containment procedures and health safety compliances have put vast pressure on remote operations across an extensive array of industry verticals which further derailed the market growth rate. However, software companies are currently growing their focus on in-demand technologies and re-exploring advanced ways to serve their clients.

Regional Analysis:

North America dominates the procurement as a service market owing to the increasing number of initiatives by the government as well as private organizations for digital transformation along with acceptance of cloud services while the Asia-Pacific region will assume to grow in the estimated period of 2022-2030 owing to the growing advancement in technology along with the increasing need to prevent cybercrimes.    

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Market Segmentation:

The global Procurement as a Service Market has been segmented into component, and organization size

Based on the component, the industry is divided into strategic sourcing, process management, spend management, category management, contract management, and transaction management.

Based on organization size, the market is segmented into large enterprises and small and medium enterprises. The industry verticals covered in the study contain BFSI, manufacturing, retail, IT and telecom, healthcare, and others.

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