According to the research report titled ‘Global Procurement as a Service Market Size study, by Component (Strategic Sourcing, Spend Management, Process Management, Category Management, Contract Management, Transaction Management) by Organization (SMEs, Large enterprises)by Vertical(BFSI, Manufacturing, Retail, IT & Telecom, Healthcare and Others) and Regional Forecasts 2021-2027’, available with MarketStudyReport, global procurement as a service market size was valued approximately USD 5.78 billion in 2020 and is projected to reach USD 10.04 billion by 2027 at a strong CAGR of 8.2% throughout.
 

Increasing digitalization and technological advancements across various industries are largely boosting the global procurement as a service market growth. For instance, Accenture launched SynOps in January 2019, a human-machine operated engine to help organizations achieve intelligent operations across key business functions such as finance and accounting, marketing, and procurement by leveraging data, advanced analytics, and Artificial Intelligence (AI).
 

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For the unversed, procurement is the process of buying goods or services for a business, and usually refers to expenditure. Whereas, procurement as a service is an approach that uses technology to handle an organization's procurement activities.
 

Growing customer cognizance, rising need to improve procurement functions and rising integration of technology that allows strategic sourcing & supplier management for decreasing operational costs will continue to enhance the industry outlook in the forthcoming years.
 

Worldwide procurement as a service market is segmented based on component (category management, strategic sourcing, spend management, process management, contract management, transaction management), organization (SMES, large enterprises), and vertical (BFSI, IT & telecom, manufacturing, retail, healthcare and others).
 

With respect to geographical aspect, industry size spans across North America (U.S., Canada), Europe (UK, Germany, Spain, France, Italy, ROE), Asia Pacific (Japan, China, South Korea, India, Australia, RoAPAC), and Latin America (Mexico and Brazil).
 

Among the aforementioned regions, Europe currently accounts for the largest market share owing to widespread increased usage of digital technologies across the region. While, Latin America is expected to develop significantly between 2021 and 2027, attributable to growing customer awareness of developments in procurement functions.
 

Considering the competitive landscape, Tata Consultancy Services Ltd., WNS Ltd., Wipro Ltd., Infosys Ltd., Genpact Ltd., GEP, IBM Corp., HCL Technologies Ltd., and Accenture plc are the major companies influencing the global procurement as a service market trends.