According to a recent study titled ‘Procurement as-a-Service Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Component; Enterprise Size; End-User Industry, available with Market Study Report, global procurement-as-a-service market was valued at USD 3.137 billion in 2019 and is projected to accrue USD 4.741 billion by the end of the forecast duration, with a y-o-y growth rate of 6.4% through 2027.
 

Global procurement-as-a-service market is primarily driven by growing need to improve and streamline procurement process and reduce associated costs.
 

For the uninitiated, procurement-as-a-service (PaaS) can be defined as an outsourced procurement model which leverages the power of technology, staff, and expertise for optimal procurement function. This service model empowers businesses with better control over their assets and other processes. Moreover, subject matter expertise, product on-demand service for latest technology, flexibility of scaling up and down the support as desired, sharing of procurement complexities with businesses, and reduced costs are the other benefits encouraging the adoption of PaaS.
 

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Furthermore, growing demand for integrated suites with sourcing, contract management, supplier management, proactive risk management, and transactional procure-to-pay capabilities is positively impacting the industry outlook.
 

Based on component terrain, spend management segment attained the largest market share in 2019 and is expected to see modest gains in the coming years.
 

In terms of enterprise size, large enterprise segment accounted for a significant share of global procurement-as-a-service market in 2019, however, SMEs segment is projected to grow at a rapid pace over the forthcoming period.
 

Elaborating on the end-user spectrum, manufacturing segment led the global PaaS market in 2019 and is expected to follow similar growth trends over the forecast timeframe.
 

Considering the regional outlook, North America is slated to hold a strong position in global procurement-as-a-service market over the assessment period. Early technology adoption, continuous innovations, enterprises inclination towards enhancing their procurement operations, and presence of major players are contributing to the regional market growth.
 

Meanwhile, Asia Pacific procurement-as-a-service market is expected to growth rapidly in the forthcoming years. Presence of several manufacturing industries and rapid digitalization across various industry verticals are supporting the regional market expansion.
 

However, COVID-19 outbreak which originated in China in December 2019, has escalated into a global pandemic with China, Iran, Italy, Spain, France, the Republic of Korea, Germany, and the US as the worst affected nations in terms of confirmed cases and mortality rate as of March 2020. Lockdown measures for containing the spread of coronavirus has negatively impacted the PaaS industry as municipalities operate slowly, and majority of manufacturing plants, automotive and semiconductor industries remain suspended.
 

Although, Canada and Mexico aren’t affected as gravely as the US, manufacturing plants, semiconductor industry, and several other businesses in these nations aren’t operating at full capacity, which impedes the procurement-as-a-service market growth.
 

Major players in global procurement-as-a-service market are Wipro Limited, Genpact Ltd., CAPGEMINI SE, WNS (Holdings) Limited, Corbus LLC, HCL Technologies, Infosys Ltd., IBM Corporation, Accenture, and GEP.