Procurement as a Service (PaaS) Market Global Industry Analysis and Forecast (2024-2032) By Component (Strategic Sourcing, Spend Management, Process Management, Category Management, Contract Management, Transaction Management), Enterprise Size (SMEs, Large Enterprises), Vertical (BFSI, Manufacturing, Retail, IT & Telecom, Healthcare, Others): According to the report, Procurement as a Service (PaaS) Market Size Was Valued at USD 6.84 Billion in 2023, and is Projected to Reach USD 17.94 Billion by 2032, Growing at a CAGR of 11.2% From 2024-2032.

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Market Overview

The Procurement as a Service (PaaS) business model, sometimes referred to as Procure to Pay as a Service, is a form of outsourcing in which procurement tasks are assignable to a third-party service provider. In fact, it eliminates the need for an outside entity to handle sourcing, purchasing, supplier management, contract negotiation, and awarding.

  • The technology platforms and technological know-how that PaaS providers often employ can be leveraged to improve or streamline their clients' procurement procedures. Reduced control, high outsourcing costs, protecting sensitive information, and problems arising from a lack of awareness of cultural variations are some of the hazards connected with this paradigm.

Procurement as a Service (PaaS) Market Top Key Player

  • Basware Corporation (Finland)
  • BirchStreet Systems (United States)
  • BravoSolution (Italy)
  • BuyerQuest Holdings Inc. (United States)
  • Coupa Software (United States)
  • Determine, Inc. (United States)
  • GEP (United States)
  • IBM (United States)
  • Ivalua Inc. (France)
  • Jaggaer (United States)
  • OpusCapita Group (Finland)
  • Oracle Corporation (United States)
  • Proactis Holdings (United Kingdom)
  • SAP Ariba (Germany), and Other key Players

Procurement as a Service (PaaS) Market Trend Analysis:

Market Drivers

  • Integration of AI and Machine Learning: Using AI and machine learning in systems to change how businesses source products and handle procurement is one of the biggest developments in the PaaS market. PaaS providers can offer sophisticated analytics, forecasts, and automated techniques to enhance procurement procedures and boost their effectiveness at every stage of the buy fabric by relying on contemporary AI and machine learning technology.
  • In this instance, PaaS platforms can improve sourcing strategies, supplier selections, and contract negotiations by extracting, patterning, and trending data that can be acquired from numerous platforms utilizing superior algorithms.

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Key Benefits for Industry Participants & Stakeholders:

  • Industry drivers, restraints, and opportunities covered in the study
  • Neutral perspective on the market performance
  • Recent industry trends and developments
  • Competitive landscape & strategies of key players
  • Historical, current, and projected market size, in terms of value
  • In-depth analysis of the Procurement as a Service (PaaS) Market 

Procurement as a Service (PaaS) Market Segmentation

By Component

  • Strategic Sourcing
  • Spend Management
  • Process Management
  • Category Management
  • Contract Management
  • Transaction Management

By Enterprise Size

  • SMEs
  • Large Enterprises

By Vertical

  • BFSI
  • Manufacturing
  • Retail
  • IT & Telecom
  • Healthcare
  • Others

Regional Analysis:

  • North America (U.S., Canada, Mexico)
  • Eastern Europe (Bulgaria, The Czech Republic, Hungary, Poland, Romania, Rest of Eastern Europe)
  • Western Europe (Germany, U.K., 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, Saudi Arabia, Bahrain, Kuwait, Qatar, UAE, Israel, South Africa)
  • South America (Brazil, Argentina, Rest of SA)

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Key questions answered in the Procurement as a Service (PaaS) Market are:

  • Which is the fastest growing region in the Procurement as a Service (PaaS) Market?
  • What is the growth rate of the Procurement as a Service (PaaS) Market?
  • What are the upcoming opportunities and trends for the Procurement as a Service (PaaS) Market?
  • What segments are covered in the Procurement as a Service (PaaS) Market?
  • What are the recent industry trends that can be implemented to generate additional revenue streams for the Procurement as a Service (PaaS) Market?
  • Which are the factors expected to drive the Procurement as a Service (PaaS) Market growth?

Introspective Market Research is a trusted partner for comprehensive market research studies. We are committed to providing businesses worldwide with comprehensive market research studies that offer valuable insights and strategic guidance

Our study dives deep into the complete market ecosystem of the Procurement as a Service (PaaS) market, elucidating the functions and interdependencies of various market stakeholders. Through comprehensive segmentation analysis and geographical coverage, we facilitate a profound understanding of regional trends. Additionally, we explore external factors that impact the market dynamics.

Key Benefits Of Report: 

  • This study comprises analytical depiction of the Procurement as a Service (PaaS) Market size with current trends and future estimations to depict the imminent investment pockets.
  • The overall potential is determined to understand the profitable trends to gain a stronger foothold.
  • The Procurement as a Service (PaaS) Market analysis report presents information related to key drivers, restraints, and opportunities with a detailed impact analysis.
  • The current growth and Procurement as a Service (PaaS) Market forecast is quantitatively analyzed from 2017 to 2032 to benchmark the financial competency.
  • Porter’s five forces analysis illustrates the potency of the buyers and suppliers in the industry.

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