Procurement-as-a-Service (PaaS) Market

Evolve Business Intelligence has published a research report on the Global Procurement-as-a-Service (PaaS) Market, 2024–2034. The global Procurement-as-a-Service (PaaS) Market is projected to exhibit a CAGR of around 12.56% during the forecast period of 2024 to 2034.

Evolve Business Intelligence has recognized the following companies as the key players in the global Procurement-as-a-Service (PaaS) Market: CA Technologies, Accenture, Corbus, Infosys, Aegis, GAP, Genpact, TCS, Proxima and HCL Technologies.

Market Highlights

The Global Procurement-as-a-Service (PaaS) Market is projected to be valued at USD 22.36 Billion by 2034, recording a CAGR of around 12.56% during the forecast period. Procurement-as-a-Service (PaaS) refers to the outsourcing of procurement functions to specialized service providers who offer expertise, technology, and operational support. PaaS providers typically handle sourcing, category management, supplier management, procurement analytics, and transactional procurement. This model helps businesses streamline their procurement processes, reduce costs, and improve efficiency.

The Procurement-as-a-Service (PaaS) market is expanding rapidly as businesses seek flexible, cost-effective, and technologically advanced procurement solutions.

Segmental Analysis

The global Procurement-as-a-Service (PaaS) Market has been segmented based on Application, Deployment Type, Technology and End Use.

Based on Component, the Procurement-as-a-Service (PaaS) Market is segmented into Transaction Management, Strategic Sourcing, Process Management, Spend Management, Category Management, Contract Management. The Strategic Sourcing is anticipated to dominate the market.

Based on Organization Size, the global Procurement-as-a-Service (PaaS) Market has been divided into Large Scale Enterprise & Small-Medium Enterprise. The Large Scale Enterprise segment is anticipated to dominate the market.

Based on Vertical, the global Procurement-as-a-Service (PaaS) Market has been divided into Travel and Hospitality, Manufacturing, Healthcare, Retail, Consumer Goods Market, Energy & Utilities, Banking, Insurance and Financial Services & IT & Telecom. The Manufacturing segment is anticipated to dominate the market.

Regional Analysis

The Procurement-as-a-Service (PaaS) Market is divided into five regions: North America, Europe, Asia-Pacific, South America, and the Middle East, & Africa. North America has historically held a significant market share. This is largely due to the region’s advanced technological infrastructure, high adoption rates of cloud-based solutions, and a mature outsourcing industry and the presence of numerous leading technology and consulting firms further strengthens the region’s market position. Europe is experiencing steady growth in the PaaS market. Factors such as stringent regulatory requirements and a focus on sustainability are influencing procurement practices and increasing adoption of cloud-based solutions. Asia-Pacific region is projected to experience the fastest growth in the PaaS market. Rapid industrialization, particularly in countries like China and India, is a major driver. Increasing adoption of digital transformation initiatives and a growing focus on streamlining procurement processes are also contributing factors and Rising number of SMEs and large enterprises seeking to optimize procurement and growing awareness of the benefits of PaaS. Latin America region is Increasing adoption of Procurement BPO to optimize costs. Growth in nearshore outsourcing hubs for procurement services and expansion of multinational corporations seeking streamlined procurement processes. Middle East and Africa region has government-driven digital procurement initiatives. Rising investments in infrastructure and smart city projects and Increased outsourcing in sectors like oil & gas and telecom.