Procurement-as-a-Service Market was valued at USD 3.4 Billion in 2022, and is expected to reach USD 5.30 Billion by 2029, exhibiting a CAGR of 6.5% during the forecast period (2023-2029)

Procurement-as-a-Service Market Overview:

The Procurement-as-a-Service Market study gives a comprehensive view of the competition, including the market share and company profiles of the major global competitors. The scope of the research includes a full examination of the Procurement-as-a-Service Market , as well as the reasons for variations in the industry's growth between regions.

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Market Scope:

Following the completion of market engineering, which included market statistics computations, market size estimations, market forecasts, market breakdown, and data triangulation, extensive primary research was done to gather information and verify and validate important numbers. To undertake market estimating and forecasting for the overall market segments and sub-segments described in this research, top-down and bottom-up tactics, as well as different data triangulation procedures, were often employed throughout the market engineering process. Extensive qualitative and quantitative analysis is performed on all data obtained during the market engineering process in order to provide essential information throughout the report.

Segmentation:

On the basis of component, the procurement as-a-service market is segmented into strategic sourcing, spend management, category management, process management, contract management, transaction management. The spend management segment dominated the component segment with 21.8% of market share in 2022 and is expected to grow at a CAGR 5.52% during the forecast period. An effective spend management supports a company to guarantee that the supplier data is kept up to date so that procurement executives are provided with the right information.

Key Players:

Market leaders are identified by primary and secondary research, and market revenue is calculated using primary and secondary research. The core study included in-depth interviews with key thought leaders and industry experts such as experienced front-line personnel, CEOs, and marketing executives. In-depth interviews with important thought leaders and industry experts, such as experienced front-line personnel, CEOs, and marketing executives, were conducted as part of primary research, while secondary research included a review of the major manufacturers' annual and financial reports. Secondary data is utilized to calculate percentage splits, market shares, growth rates, and global market breakdowns, which are then verified against primary data.

The biggest players in the Procurement-as-a-Service Market are as follows:

1. Accenture
2. Infosys
3. GEP
4. Genpact
5. Proxima
6. WNS Denali
7. Capgemini
8. IBM
9. Wipro
10. HCL Technologies
11. Tata Consultancy Services(TCS)
12. Xchanging
13. Aegis Components Inc.
14. Corbus LLC
15. Bain & Company
16. CA Technologies
17. Hewlett Packard Enterprise Development LP
18. Skybox Security Inc.
19. Palo Alto Networks, Inc
20. Cisco Systems, Inc.


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Regional Analysis:

Individual market influencing components and changes in market laws impacting current and future market trends are also covered in the Procurement-as-a-Service Market analysis regional overview. Current and future trends are studied in order to evaluate the overall market potential and find profitable patterns in order to get a firmer footing. The geographical market evaluation is based on the current environment and anticipated trends.

COVID-19 Impact Analysis on Procurement-as-a-Service Market :

Due to a break in operations, end-user sectors where Procurement-as-a-Service Market are used suffered a drop in growth from January 2020 to May 2020 in a number of countries, including China, Italy, Germany, the United Kingdom, the United States, and Spain, France, and India. As a result, the revenues of enterprises in these industries fell significantly, as did the demand for Procurement-as-a-Service Market manufacturers, impacting the growth of the Procurement-as-a-Service Market in 2020. Lockdowns and a surge in COVID-19 events globally have severely reduced end-user business demand for Procurement-as-a-Service Market .

Key Questions Answered in the Procurement-as-a-Service Market Report are:

In 2021, which segment held the highest proportion of the Procurement-as-a-Service Market ?
What is the Procurement-as-a-Service Market 's competitive landscape?
What are the primary drivers assisting Procurement-as-a-Service Market growth?
Which region has the most market share in the Procurement-as-a-Service Market ?
What will be the Procurement-as-a-Service Market 's CAGR throughout the projected period (2023-2029)?
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