Market Overview:
The Procurement as a Service (PaaS) market estimated at USD 6.15 Billion in the year 2022, is projected to reach a revised size of USD 14.17 Billion by 2030, growing at a CAGR of 11% over the analysis period 2023-2030.
Procurement as a Service (PaaS) is the outsourcing a portion or the entire process to a company that provides access to procurement services and software on demand. Procurement as a Service takes care of the organization’s procurement functions. Procurement as services includes the service layer, technology layer, intelligence & analytics, and compliance & risk management. The PaaS model have benefits for organizations for instance: helps to organizations with the selection of categories for sourcing and for handle the procurement arrangement of this category PaaS assigns the category expert. It reduces the cost of operations also helps processes such as supplier management to become proactive, and strategic sourcing to become predictive. The PaaS model provides greater value for organizations. Therefore, it becomes common for all sizes of businesses to do their strategic and transactional procurement activities. Moreover, procurement organizations are demanded integrated suites that contain sourcing, contract management proactive risk management. The growing digitalization around the world increase the adoption of procurement as a service. The PaaS model various benefits which provide growth for the market such as cost-efficient and offers development tools and templet that fuel the demand for PaaS services among the several organizations.
Prominent Key Players – Covered in the report:
IBM, WNS, Infosys, Accenture, HCL Technologies, Capgemini, Proxima, Wipro, Genpact, GEP, Xchanging (DXC Technology), Aegis, CA Technologies, Corbus, TCS and other major players.
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Market Dynamics and Factors Influencing Growth:
Drivers:
Growing Adoption of the Procurement as a Service Model Among the Various Organizations. Procurement as a service (PaaS) is a fastest growing market, rising demand for efficient demand and supply management solutions helps to rising the demand of procurement market. This is the internal process that helps businesses adjust their supply and demand levels through strategic marketing and purchasing. Procurement is an important process in any organization. It helps to ensure that the right products are available at the right time, and it also helps to keep costs down. By using procurement techniques ensuring the quality of your products remains high. This increasing adoption of procurement as a service model helps to various organization over the forecast period.
Restraints:
Lack of Awareness Regards the Procurement of Software mainly effect the Managing Supplier Relationships and also result in costly pay-per-solicitation, limited outreach, redundant data entry, and association with vendors that can affect organization with procurement fraud, scandals, product failure. This lack of awareness of Procurement of software is the restraining factor for the market.
Opportunities:
Adoption of Advanced Technologies Such as AI and IoT. Digital transformation and the use of new technologies, such as AI and IoT, have impacted the management of the companies’ operation. According to Web of Science (WoS) database, identified an important relationship between AI, IoT, and OM through industry which has its main objectives the improvement in OM. This research brings a practical contribution to business managers, for instance the identification of the main barriers and expected benefits when adopting AI and IoT in their operations.
The Report Will Include A Major Chapter
- Patent Analysis
- Regulatory Framework
- Technology Roadmap
- BCG Matrix
- Heat Map Analysis
- Price Trend Analysis
- Investment Analysis
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Segmentation of the Procurement as a Service (PaaS) Market:
Type: Segmentation into Strategic Sourcing, Spend Management, Category Management, Process Management, Contract Management/Transactions Management extracts reveals the traction strategic sourcing Procurement as a Service (PaaS) Strategic sourcing helps to collect data and build a strategy. It Determine the right engagement model and research award supplier This is a driving factor for market expansion.
Application: BFSI segment takes precedence, this industry has started to reduce the use of paper of their GO GREEN initiative and to provide speedier services to their customers. BFSI industry that involves many process changes for instance: moving funds from one user to another can take place through various methods each with its own cost and benefits.
By Type
- Strategic Sourcing
- Spend Management
- Category Management
- Process Management
- Contract Management/Transactions Management
By Organization Size
- Large Enterprises
- SMEs
By Application
- Manufacturing
- BFSI
- Retail & Consumer Goods
- IT & Telecom
- Energy & Utilities/Healthcare
For this report, Introspective Market Research has segmented the Procurement as a Service (PaaS) Market based on region:
Regional Outlook (Revenue in USD Million; Volume in Units, 2023-2030)
Asia-Pacific is expected to growing the demand of Procurement as a service market over the forecast period. Procurement as a service is capturing this area due to many people are using the internet. Furthermore, China and India, where supply markets are rigid, the demand for new sources of supply has emerged swiftly. Procurement as a service is driving growth over the forecast period as organizations.
North America in the global procurement as a service market is expected to growing over the forecast period. By public sector organizations the adoption of procurement as a service, which allows for greater cost transparency and control. Rising profile of supply chain efficiency is driving the regional market of North America.
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North America
- US
- Canada
- Mexico
Eastern Europe
- Bulgaria
- The Czech Republic
- Hungary
- Poland
- Romania
- Rest of Eastern Europe
Western Europe
- Germany
- UK
- France
- Netherlands
- Italy
- Russia
- Spain
- Rest of Western Europe
Asia Pacific
- China
- India
- Japan
- South Korea
- Malaysia
- Thailand
- Vietnam
- The Philippines
- Australia
- New Zealand
- Rest of APAC
Middle East & Africa
- Turkey
- Bahrain
- Kuwait
- Saudi Arabia
- Qatar
- UAE
- Israel
- South Africa
South America
- Brazil
- Argentina
- Rest of SA
Scope of the Report:
The latest research on the Procurement as a Service (PaaS) Market provides a comprehensive overview of the market for the years 2023 to 2030. It gives a comprehensive picture of the global Procurement as a Service (PaaS) industry, considering all significant industry trends, market dynamics, competitive landscape, and market analysis tools such as Porter’s five forces analysis, Industry Value chain analysis, and PESTEL analysis of the Procurement as a Service (PaaS) Market. Moreover, the report includes significant chapters such as Patent Analysis, Regulatory Framework, Technology Roadmap, BCG Matrix, Heat Map Analysis, Price Trend Analysis, and Investment Analysis which help to understand the market direction and movement in the current and upcoming years. The report is designed to help readers find information and make decisions that will help them grow their businesses. The study is written with a specific goal in mind to give business insights and consultancy to help customers make smart business decisions and achieve long-term success in their particular market areas.
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