Procurement As a Service Market: Regional Trend & Growth Forecast To 2032

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Procurement As a Service Market Trends, Analysis
Forecast, 2032
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• Industry Insights

• Procurement as a service (PaaS) market is slated
  to witness lucrative gains through 2032, owing to
  the surging inclination of businesses towards
  outsourcing. Outsourcing procurement services
  brings operational expenses down while
  streamlining business operations. Many
  organizations across the globe are investing in
  outsourcing their non-core functions, such as
  procurement, to specialized service providers to
  focus on their core business functions, which is
  positively affecting the industry landscape.
• On the basis of components, the PaaS industry
  from the transaction management segment is slated
  to grow at a considerable CAGR from 2023 to 2032.
  PaaS providers invest considerable amounts into
  security technology and developing custom
  software to mitigate the risk of online fraud
  during transactions. Surging cases of
  cyberattacks attributed to rising automation in
  transaction management processes have escalated
  the need for dependable solutions, further
  bolstering the demand for reliable PaaS solutions.

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• Regarding the end-user, procurement as a service
  industry from the BFSI sector is poised to accrue
  notable gains through 2032. The rising number of
  cyberattacks and data breaches in the BFSI sector
  has propelled the demand for reliable procurement
  as a service technology for risk mitigation.
  Moreover, the surging deployment of cloud-based
  technologies in the BFSI sector has further
  propelled the need for an effective and
  dependable procurement as a service platform. In
  fact, in October 2022, Banco Santander, S.A., a
  Spanish multinational financial services firm,
  inked a deal with Google Cloud to help its
  clients transform from mainframe systems to the
  cloud.
• The PaaS market from the large enterprise segment
  accounted for a valuation of over USD 5 billion
  in 2022, owing to the rising adoption of IoT and
  AI applications. PaaS providers offer scalable
  procurement solutions to large organizations
  which help effectively deploy AI and IoT
  technology. Additionally, by offering enhanced
  onboarding, monitoring, and performance
  management services, PaaS providers can help
  these enterprises streamline their supplier
  management procedures.

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• Regional Analysis

• Europe procurement as a service market is
  anticipated to register lucrative gains through
  2032, owing to the strong presence of market
  leaders such as Capgemini, Sastrify, and others,
  indulged in product innovations. In fact, the
  governments in the region are investing
  significant amounts in the digitalization of
  businesses, which is also expected to create a
  strong impetus for regional expansion.

• Competitive Analysis

• 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.

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