- Procurement as a Service is a crucial tool used to streamline and optimize procurement processes, enhancing operational efficiency, cost-effectiveness, and supplier management. It plays a vital role in improving procurement decision-making, fostering better supplier relationships, and ensuring regulatory compliance across various industries
- The market is experiencing robust growth, driven by the increasing demand for cost-efficient procurement solutions, advancements in automation and artificial intelligence technologies, a heightened focus on strategic sourcing, and the growing complexity of global supply chains
- Europe is expected to dominate the procurement as a service market with a share of 40.5% due to presence of major market players, advanced digital infrastructure, and strong government support for digital transformation initiatives
- Asia-Pacific is expected to be the fastest growing region in the procurement as a service market during the forecast period due to rapid digitalization, significant investments in technological advancements, and an expanding middle class in emerging economies
- Large enterprises segment is expected to dominate the market with a market share of 70.5% due to their greater need for scalable, cost-efficient solutions. Large enterprises typically have complex procurement processes, involving multiple suppliers and higher volumes of transactions, which makes outsourcing these functions more attractive
