Procurement as a Service Market: By Component (Category Management, Strategic Sourcing, Spend Management, Process Management, Contract Management and Transactions Management), By Organization Size (Small and Medium-Sized Enterprises  and Large Enterprises), By End User (BFSI, Energy and Utilities, Manufacturing, Retail and Consumer Packaged Goods, IT and Telecom, Travel and Hospitality, Healthcare and Others), and By Geography  

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Procurement as a Service Market size valued at USD 5.28 billion in 2022 and is poised to grow at a CAGR of 7.5% from 2023-2029. The Service Procurement method assists businesses in managing, ensuring supplies, and controlling operational activities. It's utilized for in-depth analysis, decision-making, and reporting of data generated while taking into account the external workers. It improves employee awareness and allows MSP management to keep track of spending. This service can be used in a variety of banking, financial sectors, and other industries. Various factors are driving the procurement as a service industry, including the increased requirement to manage compliance programs and contracts, as well as the growing demand among businesses to expedite procurement operations.

Integration concerns with older systems, on the other hand, may stymie the market's expansion. In the forecast period of 2020-2027, rising demand among organizations to expedite the procurement process, increasing need for such a service to handle compliance programs and contracts, increasing consumer demand, and growing competition between many enterprises are some of the aspects that will probably support the growth of the procurement as a service market. In contrast, the introduction of machine learning and artificial intelligence, as well as the use of analytical solutions, would provide further potential for procurement as a service market to grow throughout the projection period. Strategic sourcing aids firms in implementing their sourcing plan more effectively and saving money. Threats such as the COVID-19 outbreak, international political turmoil, or natural calamities can have a long-term influence on businesses in the procurement industry. As a result, sourcing strategy is an important component for all firms. Strategic sourcing aids firms in achieving efficiency and performance goals by conducting in-depth analyses of internal processes, supplier management, and supply markets. Market vendors assist businesses in comprehending the complexities of a commercial transaction setting and tailoring services to meet unique requirements. These customization possibilities will also assist in maintaining market demand in the future.

Global Procurement As A Service Market Summary

Study Period

2024-2030

Base Year

2023

CAGR

7.5%

Largest Market

North America

Fastest Growing Market

North-America
Procurement as a Service Market Dynamics

Some of the key factors boosting the market growth include rising need for procurement processes solutions among enterprises. However, factors such as rising integrity issues along with increasing data security and privacy concerns are expected to hamper the market in the long term. Enterprises are expanding their operations globally to increase their customer base. Procurement has a major role to play in improving the supply chain transparency, accessing supplier innovation, and delivering enterprise-wide cost reduction. The procurement as a service model not only offers flexibility and cost reduction but also offers subject matter expertise to enterprises. Procurement as a service is the way things are headed because this delivery model puts companies in better control. It will potentially make it easier for organizations to handle strategic procurement. Procurement as a profession continues to grow, but only large organizations can afford to invest in all the capabilities procurement has to offer.

Key Features of the Reports

  • The procurement as a service market report provides granular level information about the market size, regional market share, historic market (2018-2022), and forecast (2023-2029)
  • The report covers in-detail insights about the competitor's overview, company share analysis, key market developments, and key strategies
  • The report outlines drivers, restraints, unmet needs, and trends that are currently affecting the market
  • The report tracks recent innovations, key developments, and startup's details that are actively working in the market
  • The report provides a plethora of information about market entry strategies, regulatory framework, and reimbursement scenario
  • The report analyses the impact of socio-political environment through PESTLE Analysis and competition through Porter's Five Force Analysis in addition to recent technology advancements and innovations in the market

Global Procurement As A Service Market Segmentation

By Component
  • Category Management
  • Strategic Sourcing
  • Spend Management
  • Process Management
  • Contract Management
  • Transactions Management
By Organization Size
  • Small 
  • Medium and
  • Large Sized Enterprises
By End-User
  • BFSI
  • Energy and Utilities
  • Manufacturing
  • Retail and Consumer Packaged Goods
  • IT and Telecom
  • Travel and Hospitality
  • Healthcare
  • Others

Frequently Asked Questions

The procurement as a service market is projected to expand at a CAGR of 7.5% during the forecast period    

Accenture, Capgemini, CA Technologies, GEP, Genpact

North America is the fastest-growing region for procurement as a service market

1.Executive Summary
2.Global Procurement as a Service Market Introduction 
2.1.Global Procurement as a Service Market  - Taxonomy
2.2.Global Procurement as a Service Market  - Definitions
2.2.1.By Component
2.2.2.By Organization Size
2.2.3.By End User
2.2.4.By Region
3.Global Procurement as a Service Market Dynamics
3.1. Drivers
3.2. Restraints
3.3. Opportunities/Unmet Needs of the Market
3.4. Trends
3.5. Product Landscape
3.6. New Product Launches
3.7. Impact of COVID 19 on Market
4.Global Procurement as a Service Market Analysis, 2018 - 2022 and Forecast 2023 - 2029
4.1.  Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029, (Sales Value USD Million)
4.2.  Year-Over-Year (Y-o-Y) Growth Analysis (%) 
4.3.  Market Opportunity Analysis 
5.Global Procurement as a Service Market  By Component, 2018 - 2022 and Forecast 2023 - 2029 (Sales Value USD Million)
5.1. Category Management
5.1.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029, (Sales Value USD Million)
5.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
5.1.3. Market Opportunity Analysis 
5.2. Strategic Sourcing
5.2.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029, (Sales Value USD Million)
5.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
5.2.3. Market Opportunity Analysis 
5.3. Spend Management
5.3.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029, (Sales Value USD Million)
5.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
5.3.3. Market Opportunity Analysis 
5.4. Process Management
5.4.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029, (Sales Value USD Million)
5.4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
5.4.3. Market Opportunity Analysis 
5.5. Contract Management
5.5.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029, (Sales Value USD Million)
5.5.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
5.5.3. Market Opportunity Analysis 
5.6. Transactions Management
5.6.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029, (Sales Value USD Million)
5.6.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
5.6.3. Market Opportunity Analysis 
6.Global Procurement as a Service Market  By Organization Size, 2018 - 2022 and Forecast 2023 - 2029 (Sales Value USD Million)
6.1. Small 
6.1.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029, (Sales Value USD Million)
6.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
6.1.3. Market Opportunity Analysis 
6.2. Medium and
6.2.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029, (Sales Value USD Million)
6.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
6.2.3. Market Opportunity Analysis 
6.3. Large Sized Enterprises
6.3.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029, (Sales Value USD Million)
6.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
6.3.3. Market Opportunity Analysis 
7.Global Procurement as a Service Market  By End User, 2018 - 2022 and Forecast 2023 - 2029 (Sales Value USD Million)
7.1. BFSI
7.1.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029, (Sales Value USD Million)
7.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
7.1.3. Market Opportunity Analysis 
7.2. Energy and Utilities
7.2.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029, (Sales Value USD Million)
7.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
7.2.3. Market Opportunity Analysis 
7.3. Manufacturing
7.3.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029, (Sales Value USD Million)
7.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
7.3.3. Market Opportunity Analysis 
7.4. Retail and Consumer Packaged Goods
7.4.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029, (Sales Value USD Million)
7.4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
7.4.3. Market Opportunity Analysis 
7.5. IT and Telecom
7.5.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029, (Sales Value USD Million)
7.5.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
7.5.3. Market Opportunity Analysis 
7.6. Travel and Hospitality
7.6.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029, (Sales Value USD Million)
7.6.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
7.6.3. Market Opportunity Analysis 
7.7. Healthcare
7.7.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029, (Sales Value USD Million)
7.7.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
7.7.3. Market Opportunity Analysis 
7.8. Others
7.8.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029, (Sales Value USD Million)
7.8.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
7.8.3. Market Opportunity Analysis 
8.Global Procurement as a Service Market  By Region, 2018 - 2022 and Forecast 2023 - 2029 (Sales Value USD Million)
8.1. North America
8.1.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029, (Sales Value USD Million)
8.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
8.1.3. Market Opportunity Analysis 
8.2. Europe
8.2.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029, (Sales Value USD Million)
8.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
8.2.3. Market Opportunity Analysis 
8.3. Asia Pacific (APAC)
8.3.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029, (Sales Value USD Million)
8.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
8.3.3. Market Opportunity Analysis 
8.4. Middle East and Africa (MEA)
8.4.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029, (Sales Value USD Million)
8.4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
8.4.3. Market Opportunity Analysis 
8.5. Latin America
8.5.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029, (Sales Value USD Million)
8.5.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
8.5.3. Market Opportunity Analysis 
9.North America Procurement as a Service Market ,2018 - 2022 and Forecast 2023 - 2029 (Sales Value USD Million)
9.1. Component Analysis 2018 - 2022 and Forecast 2023 - 2029 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
9.1.1.Category Management
9.1.2.Strategic Sourcing
9.1.3.Spend Management
9.1.4.Process Management
9.1.5.Contract Management
9.1.6.Transactions Management
9.2.  Organization Size Analysis 2018 - 2022 and Forecast 2023 - 2029 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
9.2.1.Small 
9.2.2.Medium and
9.2.3.Large Sized Enterprises
9.3.  End User Analysis 2018 - 2022 and Forecast 2023 - 2029 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
9.3.1.BFSI
9.3.2.Energy and Utilities
9.3.3.Manufacturing
9.3.4.Retail and Consumer Packaged Goods
9.3.5.IT and Telecom
9.3.6.Travel and Hospitality
9.3.7.Healthcare
9.3.8.Others
9.4.  Country Analysis 2018 - 2022 and Forecast 2023 - 2029 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
9.4.1.United States of America (USA)
9.4.2.Canada
10.Europe Procurement as a Service Market ,2018 - 2022 and Forecast 2023 - 2029 (Sales Value USD Million)
10.1. Component Analysis  and Forecast  by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
10.1.1.Category Management
10.1.2.Strategic Sourcing
10.1.3.Spend Management
10.1.4.Process Management
10.1.5.Contract Management
10.1.6.Transactions Management
10.2.  Organization Size Analysis 2018 - 2022 and Forecast 2023 - 2029 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
10.2.1.Small 
10.2.2.Medium and
10.2.3.Large Sized Enterprises
10.3.  End User Analysis 2018 - 2022 and Forecast 2023 - 2029 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
10.3.1.BFSI
10.3.2.Energy and Utilities
10.3.3.Manufacturing
10.3.4.Retail and Consumer Packaged Goods
10.3.5.IT and Telecom
10.3.6.Travel and Hospitality
10.3.7.Healthcare
10.3.8.Others
10.4.  Country Analysis 2018 - 2022 and Forecast 2023 - 2029 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
10.4.1.Germany
10.4.2.France
10.4.3.Italy
10.4.4.United Kingdom (UK)
10.4.5.Spain
11.Asia Pacific (APAC) Procurement as a Service Market ,2018 - 2022 and Forecast 2023 - 2029 (Sales Value USD Million)
11.1. Component Analysis  and Forecast  by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
11.1.1.Category Management
11.1.2.Strategic Sourcing
11.1.3.Spend Management
11.1.4.Process Management
11.1.5.Contract Management
11.1.6.Transactions Management
11.2.  Organization Size Analysis 2018 - 2022 and Forecast 2023 - 2029 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
11.2.1.Small 
11.2.2.Medium and
11.2.3.Large Sized Enterprises
11.3.  End User Analysis 2018 - 2022 and Forecast 2023 - 2029 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
11.3.1.BFSI
11.3.2.Energy and Utilities
11.3.3.Manufacturing
11.3.4.Retail and Consumer Packaged Goods
11.3.5.IT and Telecom
11.3.6.Travel and Hospitality
11.3.7.Healthcare
11.3.8.Others
11.4.  Country Analysis 2018 - 2022 and Forecast 2023 - 2029 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
11.4.1.China
11.4.2.India
11.4.3.Australia and New Zealand (ANZ)
11.4.4.Japan
11.4.5.Rest of APAC
12.Middle East and Africa (MEA) Procurement as a Service Market ,2018 - 2022 and Forecast 2023 - 2029 (Sales Value USD Million)
12.1. Component Analysis  and Forecast  by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
12.1.1.Category Management
12.1.2.Strategic Sourcing
12.1.3.Spend Management
12.1.4.Process Management
12.1.5.Contract Management
12.1.6.Transactions Management
12.2.  Organization Size Analysis 2018 - 2022 and Forecast 2023 - 2029 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
12.2.1.Small 
12.2.2.Medium and
12.2.3.Large Sized Enterprises
12.3.  End User Analysis 2018 - 2022 and Forecast 2023 - 2029 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
12.3.1.BFSI
12.3.2.Energy and Utilities
12.3.3.Manufacturing
12.3.4.Retail and Consumer Packaged Goods
12.3.5.IT and Telecom
12.3.6.Travel and Hospitality
12.3.7.Healthcare
12.3.8.Others
12.4.  Country Analysis 2018 - 2022 and Forecast 2023 - 2029 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
12.4.1.GCC Countries
12.4.2.South Africa
12.4.3.Rest of MEA
13.Latin America Procurement as a Service Market ,2018 - 2022 and Forecast 2023 - 2029 (Sales Value USD Million)
13.1. Component Analysis  and Forecast  by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
13.1.1.Category Management
13.1.2.Strategic Sourcing
13.1.3.Spend Management
13.1.4.Process Management
13.1.5.Contract Management
13.1.6.Transactions Management
13.2.  Organization Size Analysis 2018 - 2022 and Forecast 2023 - 2029 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
13.2.1.Small 
13.2.2.Medium and
13.2.3.Large Sized Enterprises
13.3.  End User Analysis 2018 - 2022 and Forecast 2023 - 2029 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
13.3.1.BFSI
13.3.2.Energy and Utilities
13.3.3.Manufacturing
13.3.4.Retail and Consumer Packaged Goods
13.3.5.IT and Telecom
13.3.6.Travel and Hospitality
13.3.7.Healthcare
13.3.8.Others
13.4.  Country Analysis 2018 - 2022 and Forecast 2023 - 2029 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
13.4.1.Brazil
13.4.2.Mexico
13.4.3.Rest of LA
14. Competition Landscape
14.1.  Market Player Profiles (Introduction, Brand/Product Sales, Financial Analysis, Product Offerings, Key Developments, Collaborations, M & A, Strategies, and SWOT Analysis) 
14.2.1.WNS
14.2.2.Wipro
14.2.3.Proxima
14.2.4.Infosys
14.2.5.IBM
14.2.6.GEP
14.2.7.Genpact
14.2.8.Capgemini
14.2.9.CA Technologies
14.2.10.Accenture
15. Research Methodology 
16. Appendix and Abbreviations 
  • WNS
  • Wipro
  • Proxima
  • Infosys
  • IBM
  • GEP
  • Genpact
  • Capgemini
  • CA Technologies
  • Accenture

Adjacent Markets