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.
The outsourced procurement approach that handles the organization's procurement responsibilities is called Procurement as a Service (Paas). The service layer, technology layer, information & analytics, and compliance & risk management are the essential components of procurement as services. The Platform as a Service (PaaS) model provides a number of advantages to enterprises, including aiding in the selection of categories for sourcing and managing the procurement arrangement of said category by assigning the category expert to the business. It also lowers operating costs and aids in the pro-active and predictive development of procedures like supplier management and strategic sourcing. For enterprises, the Paas model offers better value and flexibility. Consequently, it becomes standard practice for companies of all sizes to handle both transactional and strategic procurement.
Key Players for the Procurement as a Service (PaaS) Market:
IBM, WNS, Infosys, Accenture, HCL Technologies, Capgemini, Proxima, Wipro, Genpact, GEP, Xchanging (DXC Technology), Aegis, CA Technologies, Corbus, TCS
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Segmentation Analysis of the Procurement as a Service (PaaS)
By Product Type
By Organization Size
By Industry Vertical
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COVID-19 Impact on the Procurement as a Service (PaaS) Market
The COVID-19 pandemic started in China in December 2019 and has since quickly spread to other countries. The world is changing in many ways as a result of the COVID virus's ongoing spread. The government of some nations enforces lockdowns and harsh laws pertaining to social distancing, travel restrictions, manufacturing plant closures, and supply chain disruptions. These elements had a major impact on market expansion. Since many companies offer work-from-home options during the epidemic, there is a greater need for the Paas service model. In addition, there will be a rise in online transactions throughout the COVID-19 period, which will enhance demand for the PaaS model. Thus, the Procurement as a Service (PaaS) market has benefited from the spread of Covid-19.
By Region
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Dec 04, 2023