Procurement as a Service Market Size, Share, Growth, Trends, and Global Industry Analysis: By Component (Category Management, Strategic Sourcing, Spend Management, Process Management, Contract Management and Transactions Management), By Organization Size (Small and Medium-Sized Enterprises  and Large Enterprises), By End User (BFSI, Energy and Utilities, Manufacturing, Retail and Consumer Packaged Goods, IT and Telecom, Travel and Hospitality, Healthcare and Others), and Region

Procurement as a Service Market size valued at US$ 6.87 billion in 2023 and is poised to grow at a CAGR of 10.9% from 2024-2030. The Service Procurement method assists businesses in managing, ensuring supplies, and controlling operational activities. It's utilized for in-depth analysis, decision-making, and reporting of data generated while taking into account the external workers. It improves employee awareness and allows MSP management to keep track of spending. This service can be used in a variety of banking, financial sectors, and other industries. Various factors are driving the procurement as a service industry, including the increased requirement to manage compliance programs and contracts, as well as the growing demand among businesses to expedite procurement operations.

Integration concerns with older systems, on the other hand, may stymie the market's expansion. In rising demand among organizations to expedite the procurement process, increasing need for such a service to handle compliance programs and contracts, increasing consumer demand, and growing competition between many enterprises are some of the aspects that will probably support the growth of the market. In contrast, the introduction of machine learning and artificial intelligence, as well as the use of analytical solutions, would provide further potential for procurement as a service market to grow throughout the projection period. Strategic sourcing aids firms in implementing their sourcing plan more effectively and saving money.

Threats such as the COVID-19 outbreak, international political turmoil, or natural calamities can have a long-term influence on businesses in the procurement industry. As a result, sourcing strategy is an important component for all firms. Strategic sourcing aids firms in achieving efficiency and performance goals by conducting in-depth analyses of internal processes, supplier management, and supply markets. Market vendors assist businesses in comprehending the complexities of a commercial transaction setting and tailoring services to meet unique requirements. These customization possibilities will also assist in maintaining market demand in the future.