Market Analysis
Market Research Future (MRFR) projects the global Procurement as a Service Market Growth to reach USD 9 Billion at a CAGR of 8.9% from 2020 to 2027 (forecast period).

Multiple Factors to Boost Market Growth
Rising demand among organizations to streamline the procurement process, increasing need for the service to handle compliance policies and contracts, rising consumer demand, and rising competition among enterprises are some of the factors that will likely boost the growth of the procurement as a service market in the forecast period of 2020-2027. On the flip side, the introduction of machine learning and artificial intelligence, as well as the use of analytical solutions, would provide further prospects for the expansion of the procurement as a service market throughout the projection period.

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The Global Market to Regain Stability Post COVID-19 Pandemic
As businesses around the world deal with the effects of the COVID-19 pandemic, the demand for services to minimize supply risks, optimize working capital and cash flow, and maintain profitability will grow. These unpredictable times would most likely favor market growth during the projection period. Although the pandemic had an impact on demand in the second quarter of 2020, with firms shutting down manufacturing operations due to lockdown restrictions and enterprises lowering expenses, demand recovered modestly in 2021. By the end of 2022, the market will have returned to pre-COVID levels, with company operations returning to near-normal levels.

Market Segmentation
The global procurement as a service industry has been segmented into component, organization size, and vertical.
On the basis of components, the global procurement as a service market has been segmented into process management, strategic sourcing, spend management, category management, transaction management.
Based on organization size, the worldwide procurement as a service market has been segmented into large enterprises and SMEs.
On the basis of vertical, the worldwide procurement as a service market has been segmented into BFSI, Government & Defense, Manufacturing, IT & Telecom, Healthcare, Retail, Others.

Regional Analysis
North America to Lead with the Greatest Market Share
Since the region is a key hub for technical advancements and an early user of new technologies, North America is predicted to have the greatest market size in the procurement as a service market. North American businesses are focusing on improving their procurement processes and applying best practices for procurement operations. Procurement outsourcing assists businesses in improving the efficiency of their procurement procedures. It also helps them stay competitive in the industry. The presence of big players in the region boosts the demand for procurement as a service adoption.

Europe to hold the Second Spot
Europe holds the second-largest spot in the market due to the percolation of procurement services across all industry verticals and businesses of all sizes.

Key Players
Accenture Plc, GEP, Genpact LLC, Proxima Procurement Ltd, FCODE, Infosys Ltd, WNS Global, Capgemini SE, Tata Consultancy Services Limited, IBM Corporation, WIPRO Limited, HCL Technologies Ltd, Xchanging Solutions Ltd, CA Technologies.

Competitive Landscape
For many vendors in the procurement as a service market, providing unique and industry-specific solutions will be a long-term strategy. Mergers and acquisitions will remain an important growth strategy for capturing regional expertise and know-how while increasing market share. M&A strategies are aimed at enhancing the company's ability to provide businesses with supply chain transformation services. In addition, the organizations will continue to collaborate with suppliers and address cross-functional business choices in order to ease compliance requirements.
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