WILMINGTON, DE, UNITED STATES, November 1, 2023 /EINPresswire.com/ — According to a new report published by Allied Market Research, titled, “Procurement-as-a-Service (PaaS) Market, by Component (Strategic Sourcing, Spend Management, Process Management, Category Management, Contract Management, Transaction Management), by Organization Size (Large Enterprise, Small and Medium Enterprises), by Industry Vertical (BFSI, Manufacturing, Retail, IT and Telecom, Healthcare, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031″.

The procurement-as-a-service market size was valued at $6.2 billion in 2021, and is estimated to reach $20 billion by 2031, growing at a CAGR of 12.5% from 2022 to 2031.

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Procurement-as-a-service (PaaS) offers advanced tools for inventory and procurement management to business enterprises. Furthermore, procurement-as-a-service (PaaS) can provide a systematic strategy for optimizing the output of a company’s supply chain network in order to achieve peak performance.

The growth in market competition and the demand for work from home & remote working policies during the period of the COVID-19 pandemic aided in propelling the growth of the global remote and automated solutions such as procurement solutions and services during the period, hence empowering the demand for procurement-as-a-service industry. Moreover, the sudden economic imbalance and supply chain challenges during the period positively impacted the need for procurement-as-a-service industry. However, data privacy and sharing risks associated with third-party procurement as service vendors can hamper the procurement-as-a-service market forecast. On the contrary, the integration of advanced tools such as machine learning and data analytics with procurement management suite is expected to offer remunerative opportunities for expansion of the procurement-as-a-service market size during the forecast period.

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Competitive Analysis:
The competitive environment of Procurement-as-a-Service (PaaS) Industry is further examined in the report. It includes details about the key players in the market’s strengths, product portfolio, Procurement-as-a-Service (PaaS) Market share and size analysis, operational results, and market positioning. It comprises the actions taken by the players to grow and expand their presence through agreements and entering new business sectors. Mergers and acquisitions, joint ventures, and product launches are some of the other techniques used by players.

Key Players:
Accenture, Plc
Aegis One Consults Ltd
CA Technologies
Capgemini
Corbus India LLP
F-code
Genpact
HCL Technologies Limited
IBM Corporation
Infosys Limited
Proxima Group
TATA Consultancy Services
Wipro
WNS Global
X Changing Solutions
GEP
Simfoni Limited and Many More

Region wise, North America generated the highest revenue in 2021.

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Governments and businesses have implemented work from home or are shifting work to employees in less affected areas to maintain business continuity during the pandemic. However, the situation has accelerated the adoption of advanced technologies such as artificial intelligence (AI), automation, and virtualization to control costs while improving the customer experience.

Moreover, there is a surge in demand for online shopping, which has led to the need for food & beverage, manufacturing, and logistics companies to invest more in the automation of supply chains. For instance, as per the different studies in 2020, there has been around a 28% increase in online purchases across the globe, which is mainly driven by the pandemic. In addition, there is around a 60% increase in the trend of buying online and picking up service from the store. More number of companies are investing in procurement-as-a-service (PaaS) solutions during the pandemic. For instance, in July 2020, Honeywell conducted a survey that confirmed that the company is focusing on investing in warehouse execution software, with around 48% of respondents confirming it. Such investments drive the growth of the procurement-as-a-service industry.

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