Procurement as a service (PaaS) refers to the outsourcing of non-core procurement activities and processes to third-party service providers. PaaS enables organizations to streamline and automate procurement functions while focusing on strategic sourcing initiatives. It reduces procurement cycle time and facilitates cost savings through economies of scale. PaaS offers scalability, flexibility and access to advanced technologies.
The Global Procurement as a Service Market is estimated to be valued at US$ 15.12 Bn in 2024 and is expected to exhibit a CAGR of 11.% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the procurement as a service market are Accenture plc, Aegis One Consults Ltd, CA Technologies, Capgemini, Corbus India LLP, F-code, GEP, Genpact, HCL Technologies Limited, IBM Corporation, Infosys Limited, Proxima Group, Simfoni Limited, Tata Consultancy Services (TCS), Wipro. The growing adoption of cloud-based procurement solutions among SMEs presents significant opportunities for market players. Procurement analytics and machine learning functionalities are gaining traction as they enable precise demand forecasting and supply chain optimization.
The increasing deployment of artificial intelligence and cognitive computing in procurement is expected to drive market growth. AI aids in automating repetitive tasks like invoice processing and contract management. Cognitive technologies offer capabilities like natural language processing for extracting insights from contracts and purchase orders.
Market Drivers
The rising need to enhance procurement processes and contain costs is a key factor propelling the procurement as a service market. Automating and digitizing procurement activities enhances visibility, efficiency and compliance. It reduces manual errors, maverick spending and procurement cycle time. The growing adoption of mobile procurement applications is also fueling market expansion. Mobile apps empower employees to manage procurement on-the-go from any location. This enhances flexibility, collaboration and real-time decision making.
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