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Supply Chain Analytics Market is expected to cross USD 30 Bn by 2032 

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Global Logistics, Global Trade Daily

Supply Chain Analytics Market is expected to cross USD 30 Bn by 2032 

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The Supply Chain Analytics Market is set to grow from its current market value of more than $6 billion to over $ 30 billion by 2030; as reported in the latest study by Global Market Insights, Inc.

Supply Chain Analytics Market is anticipated to grow considerably through 2032 owing to the rising demand for supply chain analytics software and solutions. Product merits such as data visualization, stream processing, social media integration, natural language processing, location intelligence, and the supply chain’s digital twin are slated to increase its adoption during the next decade.

Overall, the supply chain analytics market is segmented in terms of component, solution, service, organization size, deployment model, application, and region.

Based on components, the service segment is anticipated to demonstrate sturdy growth. The rising emergence of managed services across diverse industry verticals is anticipated to drive segmental expansion.

In terms of solutions, the procurement analytics segment is projected to exhibit a 20% market share by 2032. Procurement analytics assist organizations in optimizing working capital, identifying price variance by division or geography, identifying any variance from the agreed KPIs and defined process, understanding the existing supplier base’s performance, and identifying opportunities to integrate further.

Based on service, the managed service segment was valued at over USD 600 million in 2022. The managed services help in product development, supply chain planning, sourcing and procurement, manufacturing strategy and operations, logistics and distribution, sustainability, and supply chain monitoring and control.

Considering the organization size, the SME segment held a 25% market share in 2022. The segment is expected to grow considerably in the next ten years, owing to the shifted focus of SMEs to manage their supply chain operations by leveraging cost-effective solutions and limiting capital expenditure.

Based on the deployment model, the cloud deployment model is anticipated to experience robust growth through 2032. Cloud-based deployment models help enterprises opt for monthly SaaS subscription fees and avoid large capital expenditures on hardware and software licenses. Besides, big data and artificial intelligence are also transforming the supply chain by offering real-time tracking technologies.

In terms of application, the manufacturing segment is slated to grow considerably through 2032. Since supply chain management assists the manufacturing industry in saving time, reducing distribution, production, purchasing, and overall supply chain cost, improving product quality, meeting deadlines, and supporting the company’s infrastructure, they are being increasingly adapted across various industries.

Regionally, the Europe supply chain analytics market is anticipated to hold a 20% market share during 2023-2032. The presence of leading e-commerce companies in the European economies that have put pressure on sales channels for faster delivery and optimum supply chain management will augment the regional market growth.

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Global Trade Daily

Oil Filled Transformer Market Revenue to reach $37 Bn by 2032

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As per the report by Global Market Insights, Inc. “Worldwide Oil Filled Transformer Market was valued at USD 37 billion in 2022 and will surpass a revenue collection of USD 37 billion by 2032 with an annual growth rate of 6.5% over 2023 to 2032.” 

The market growth can be attributed to the ongoing refurbishment of existing grid networks and rising investment regarding the expansion of the current T&D network to fulfill the increasing power demand. In addition, with utilities shifting their focus to grid upgrades and expansions, national renewable targets and efforts toward replacing conventional electrical networks are expected to offer favorable business prospects in the coming years.

Overall, the oil-filled transformer market is bifurcated in terms of core, product, winding, mounting, modes of cooling, substation connectivity, rating, application, and region.

Based on core, the shell segment is expected to register a 6% CAGR by 2032. Shell core transformers have been gaining traction in the market given their features like improved efficiencies, high output, and reduced losses compared to the conventional closed-core units, which will support the segment’s expansion.

Considering the product, the power transformer segment is expected to witness considerable growth through 2032. The growth will be attributed to rising infrastructural spending, coupled with norms related to the expansion and refurbishment of existing grid networks.

With respect to winding, the auto-transformer segment is slated to hold over 7% of the oil-filled transformer market share during 2023-2032. Compared to its counterparts, auto-transformer offers effective transformation and operational flexibility, which is projected to escalate the product demand in the future.

On the basis of mounting, the PAD segment is set to witness notable gains through 2032. Reduced land requirement, improved aesthetics, enhanced safety, and suitable installation costs are some of the key features offered by PAD mounting, which is expected to increase the product adoption.

Considering the modes of cooling, the Oil Natural Air Natural (ONAN) mode of cooling will hold a considerable share owing to its increasing adoption and applicability in transformers up to 30 MVA.

With respect to substation connectivity, the transmission segment is projected to achieve an installed capacity of over 600,000 units by 2032. Increasing investments by several governments to ensure adequate grid infrastructure will be a positive factor driving the segmental expansion.

By rating, the > 5 MVA to ≤ 10 MVA segment will exhibit appreciable growth owing to the ongoing residential expansion and rapid urbanization across the globe.

Considering the application, the commercial and industrial segment is expected to witness massive growth, credited to the rising demand for medium voltage networks across industrial and commercial establishments.

Regionally, the Latin America oil-filled transformer market held a market share of USD 1.5 billion in 2022 and is expected to grow considerably through 2032, owing to the rising focus on expanding the T&D network in the region.

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Global Trade Daily

Virtual Production Market size to reach US$ 8 Bn by 2032

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As per the report by Global Market Insights Inc. “Worldwide virtual production market was valued at USD 2 billion in 2022 and will surpass a revenue collection of USD 8 billion by 2032 with an annual growth rate of 15% from 2023 to 2032.”

The demand for immersive and interactive experiences in the entertainment industry, including virtual reality (VR) and augmented reality (AR) applications, has surged, leading to increased adoption of virtual production techniques. The Cambria VR headset from Meta (previously Facebook) is scheduled to go on sale in 2023. Cambria will be a premium headset intended for both consumers and corporate customers.

Advancements in technology, such as real-time rendering and motion capture, have revolutionized filmmaking and content creation, enabling filmmakers to produce high-quality visuals efficiently and cost-effectively. The COVID-19 pandemic accelerated the shift towards virtual production, as it offered a safer and more flexible alternative to traditional on-set shooting.

The overall virtual production market is classified based on component, type, end-user, and region.

Based on the component, the hardware segment will contribute significantly to the market over 2023-2032. As virtual production techniques become more advanced and complex, the need for powerful and efficient hardware is paramount. High-performance graphics cards, processors, and memory modules are crucial for real-time rendering and rendering-intensive tasks. Motion capture systems and camera tracking devices are also in high demand to capture real-world movements and integrate them seamlessly into virtual environments. As the demand for visually captivating and immersive content grows, hardware components play a vital role in driving the virtual production market forward.

By type, the virtual production industry size from the post-production segment will show a high growth rate through 2032. As virtual production techniques become more prevalent, the need for skilled professionals to integrate virtual elements seamlessly into live-action footage is essential. Post-production tasks like compositing, visual effects, and color grading play a crucial role in enhancing the final output’s quality and realism. As content creators and filmmakers embrace virtual production for its efficiency and creative possibilities, the demand for post-production services in the virtual production market continues to grow.

In terms of end-user, the commercial ads segment of the virtual production market will depict notable growth over 2023-2032. Brands and advertisers are embracing virtual production techniques to create visually stunning and innovative ads that captivate audiences. Virtual production allows for cost-effective and efficient production processes while offering endless creative possibilities. With the growing competition in the advertising industry, brands seek to stand out and deliver engaging content, driving the increased adoption of virtual production in commercial ads and contributing to the market’s expansion in this segment.

Regionally, the Europe virtual production market will gain traction during the forecast period due to the region’s film and television industry embracing virtual production. Using techniques for their ability to enhance creativity, streamline production workflows, and reduce costs in the industry supports growth. Additionally, European content creators and filmmakers are increasingly focused on delivering visually immersive and high-quality content to meet the expectations of tech-savvy audiences.

 

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Global Trade Daily

Tax Management Market is Expected to Surpass USD 50 Bn By 2032

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The tax management market is set to grow from its current market value of more than $20 billion to over $50 billion by 2032; as reported in the latest study by Global Market Insights, Inc. 

Tax Management Market is anticipated to demonstrate positive trajectory through 2032, owing to the increasing integration of tax management software with cloud-based ERP systems. Tax software providers are constantly developing next-generation ERP projects to collaborate with finance institutions and acquire access to taxable data through updated, standardized procedures and linked systems.

Besides, increasing cognizance of digital tax administration indicates a significant shift in tax experts’ perspectives on technological innovations which will also positively favor the industry outlook.

Overall, the tax management market is segmented in terms of component, deployment model, tax, organization size, application, and region.

Based on the component, the services segment is expected to account for significant returns by 2032. Tax software offers services that help users file federal and state income tax returns quickly and accurately. These services are offered through on-premises, online, and desktop versions. Besides, the increasing need for tax management services will prove to be beneficial for the industry expansion.

By deployment model, the on-premises segment will register positive growth. According to reports, more than 20% of end-users are still working on the traditional model of tax filing, thus propelling the segmental adoption.

Considering the tax, the direct tax segment is poised to grow considerably. The segmental growth is driven majorly by personal and corporate tax across developing countries.

Based on organization size, the tax management market from the large enterprises segment is slated to record substantial growth through 2032 as these businesses are constantly collaborating and partnering with tax management solution providers to make compliance easy. Besides, tax management solutions enable large enterprises to focus on creating year-end documentation and updates in the dynamic world of tax compliance.

In terms of application, the healthcare segment will gain appreciable proceeds from 2023-2032. Increasing taxes on products that have negative health impacts such as tobacco, alcohol, and sugar-sweetened beverages (SSBs) will positively assist the segment. In addition, the rising concern among consumers about skin health issues will drive the market during the forecast period.

Regionally, the Asia Pacific tax management market is expected to depict over 10% CAGR through 2032. Increasing spending on retail and consumer goods, coupled with the growing shift of SMEs to the cloud and the rising awareness of the tax management industry, will drive the market during the forecast period.

Source: https://www.gminsights.com/industry-analysis/tax-management-market 

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Global Trade Daily, Technology

AI as a Service Market revenue to cross USD 75 Bn by 2032 

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As per the report by Global Market Insights, Inc. “Worldwide AI as a Service Market was valued at USD 6 billion in 2022 and will surpass a revenue collection of USD 75 billion by 2032 with an annual growth rate of 25% over 2023 to 2032.”

Increasing data availability and advancements in cloud computing are cited as chief drivers of the industry. The proliferation of data and the rise of cloud computing are stimulating AI models as businesses are now generating vast volumes of high-quality data to train effectively. Cloud computing platforms provide the necessary infrastructure to store, process, and analyze this data, making it easier for AIaaS providers to offer their services at scale. Moreover, the ease of integration with existing systems facilitates the adoption of AI across various industries and is contributing to market growth.

The AI as a Service market from the large enterprises segment accounted for a significant revenue share in 2022, attributed to fluctuating demands for AI services based on the business cycles, seasonal variations, or specific projects in these organizations. AI as a service offers scalability and flexibility, allowing organizations to adjust their AI usage based on their needs. In addition, the ability to offload the burden of AI development, deployment, and maintenance to specialized providers aids large firms to save costs & effort.

The AI as a Service market from the private cloud segment will depict a considerable growth from 2023 to 2032, owing to greater control and customization over AI solutions. Private cloud services enable businesses to tailor AI models and algorithms to their specific needs, ensuring compliance and security of proprietary information. Moreover, it allows organizations to deploy AI services closer to their data sources, reducing latency and ensuring optimal performance. 

Asia Pacific AI as a Service market is projected to amass substantial gains by 2032. Countries such as China, Japan, South Korea, and Singapore invest heavily on AI R&D, pursuing digital transformation initiatives across various sectors such as healthcare, finance, manufacturing, and retail. This transformation provides intelligent solutions for automation, data analytics, customer engagement, and personalized services, which will spur the regional market progression in the upcoming years.

Some of the leading companies operating in the AI as a Service market include Alphabet Inc. (Google LLC), Alibaba.Com, Amazon Web Services, Inc., CognitiveScale, Inc., Baidu, Craft.AI, IBM Corporation, DATAIKU SAS, Intel Corporation, Oracle Corporation, Microsoft Corporation, Salesforce.com Inc., and SAP SE. These companies engage in a range of product diversification tactics and strategic partnerships to stay ahead in the industry.

In March 2023, Oracle Corporation, an IT services company, partnered with Nvidia to roll out new AI technology. The new cloud computing service based on Oracles chips and software offerings, intended to aid Nvidia in expanding its AI generative chip product line.

In March 2023, Baidu, a Chinese IT behemoth, launched its AI bot in response to ChatGPT by Open.AI. The ERNIE Bot service will help the company to remain at the forefront in the AI services market and attain a competitive edge in the country.

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Global Trade Daily, Technology

Electronic Manufacturing Services & their Role in Powering the Modern Era of Technology

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In the age of rapid technological advancement, smart technologies and devices have become integral parts of our daily lives, revolutionizing how we communicate, work, and interact with the world around us. From smart homes and wearable gadgets to connected vehicles and IoT-enabled industrial equipment, these innovations are shaping the future. According to an IoT forecast published by Cisco, in 2023, the number of interconnected devices owned globally was 3.6 per person.

At the heart of bringing these cutting-edge products to market lies the electronic manufacturing services (EMS) market, which is projected to record over 5% CAGR over 2023-2032, as per a report published by Global Market Insights Inc. Smart technologies demand intricate designs and miniaturization to pack advanced functionalities into compact form factors. 

EMS companies possess the expertise to translate complex designs into tangible products. Whether a smart thermostat with a sleek interface or a fitness tracker with sensors that monitor various parameters, EMS providers excel in creating products that seamlessly blend functionality with aesthetics. With the advent of Industry 4.0 and the increasing demand for cutting-edge technologies, electronics manufacturing services will play a crucial role in shaping the future across various industries, including healthcare, renewable energy, and automotive.

EMS emerges as a key smart manufacturing tool

The Fourth Industrial Revolution, also known as Industry 4.0, has ignited widespread change across various industries worldwide. One of the most notable transitions is the increasing adoption of automation, as companies strive to optimize production lines for heightened efficiency, reduced costs, and elevated product quality.

For EMS providers, this translates to harnessing cutting-edge technologies such as automation, the Internet of Things (IoT), 5G, and key Industry 4.0 principles. These innovations empower the creation of smart factories that elevate efficiency, resilience, and customer contentment through seamless integration of machines, processes, and systems. This environment fosters continuous data collection, analysis, and action. By employing this data-centric approach, more informed decisions are made, leading to streamlined processes and enhanced performance.

In March 2022, Huawei, a global front-runner in Information and Communication Technology (ICT), inaugurated the Huawei Local EMS (Electronic Manufacturing Service) Factory in Brazil—a groundbreaking moment marking the nation’s first foray into 5G-powered smart manufacturing. The state-of-the-art facility was equipped with artificial intelligence, cloud, and IoT technologies, to ensure improved production efficiency and productivity. The launch essentially underscored the fusion of advanced tech and manufacturing prowess, propelling the Brazilian manufacturing landscape into a realm of heightened sophistication and innovation, and paving new pathways of success for the EMS industry.

EMS in healthcare technology

The influence of the EMS industry is not limited to consumer electronics; it encompasses the development of several groundbreaking technologies poised to shape the future. Electronics manufacturing service providers play a significant role in producing components for electric vehicles, renewable energy systems, and advanced medical devices, to name a few.

The healthcare sector in particular is at a pivotal juncture in recent years, facing the challenge of handling increased demand, backlogged appointments, staff strikes, and capacity constraints due to several global events, most notably the COVID-19 pandemic. In response to this, many healthcare organizations are embracing digitization, implementing advanced medical technologies and connected devices, and unlocking new possibilities, such as remote patient monitoring (RPM). Based on a report from Global Market Insights Inc, the medical and healthcare segment accounted for over 5% share of the electronic manufacturing services market in 2022. Much of this progress is attributed to government initiatives promoting the digitization and electrification of medical equipment worldwide.

For instance, the World Health Organization (WHO) and European Commission announced the inception of a digital health partnership in June 2023, wherein WHO will adopt the European Union’s system of digital COVID-19 certification. This will pave the way for a global system that enhances mobility and safeguards global citizens against ongoing and future health threats, including pandemics. This initiative represents the foundational step towards the WHO Global Digital Health Certification Network (GDHCN), aimed at delivering improved health for all through an array of digital healthcare products.

The integration of technology, particularly the Internet of Things (IoT) connectivity, is revolutionizing healthcare, offering convenient ways to monitor patient health. RPM technologies hold promise as solutions for the self-management of patient conditions and providing continuous health insights to medical practitioners. Electronics developers are taking note of this trends and actively working to establish targeted EMS facilities for the production of advanced tech-based solutions for the medical domain.

For instance, in August 2021, US-based Kimball Electronics launched a dedicated business unit, Kimball Medical Solutions, offering multifaceted manufacturing solutions for medical customers. Leveraging the full extent of Kimball Electronics’ capabilities, the new business unit was designed to serve as a single-source partner for all medical manufacturing needs, expediting speed to market throughout the product lifecycle and providing comprehensive electronics manufacturing, precision injection-molded plastics, contract manufacturing, assembly, and packaging services.

All in all, the electronics manufacturing services (EMS) market is witnessing an exciting era of transformation and growth. The integration of advanced medical technologies and IoT-driven solutions is revolutionizing patient care, while governments’ initiatives drive digitization and electrification further. As the EMS industry embraces digitization, collaboration, and innovation, smarter factories, enhanced efficiency, and groundbreaking products will power a dynamic landscape that will continue to drive progress and propel businesses into a new era of success.

 

sourcing trade
Global Trade Daily

Trade Management Market Size to Surpass US$ 2 Bn by 2032 

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As per the report by Global Market Insights, Inc. “Worldwide Trade Management market was valued USD 900 million in 2022 and will surpass a revenue collection of USD 2 billion by 2032 with an annual growth rate of 5% over 2023 to 2032.”

Trade Management Market is expected to record high CAGR during 2023-2032 owing to the rising demand for greater visibility and transparency, driven by increasing regulatory requirements, growing consumer awareness around social and environmental issues, and the need for greater operational efficiency. Businesses are moving towards technology-based solutions that provide real-time visibility into their supply chains to fulfil this demand.

This has generated huge demand for solutions such as GPS tracking systems, RFID tags, and other sensor-based technologies that empower businesses to monitor the movement of goods and track their location at every stage of the supply chain.

The solution segment will gain momentum during 2023-2032, driven by the presence of increasing trading partners and compliance requirements and regulations. This has enabled businesses to offer trade management solutions to help manage their trade operations and mitigate the risks associated with global trade.

The cloud-based trade management solutions segment will register sturdy growth during the forecast period. Increasing investments by major cloud providers in developing regions will assist the segmental growth in the ensuing years. Besides, cloud-based software offers easy upgrades, easy access, maintenance packages, and flexible pricing models that will likely spur its adoption.

Considering the size, the small/medium enterprises segment will depict considerable growth rate by 2032 end. Increasing economic development across the domestic sector, rising industrial development, and expanding globalization will fuel the demand for trade management solutions in small/medium companies.

The retail industry will showcase positive curve during 2023-2032. Retail trade management is used to maintain the import and export process record, including industrializing the steps required to import and export goods, supervising file exchanges with exchange partners, and delivering a significant record of essential import order information.

The Asia Pacific trade management industry is experiencing rapid growth owing to the increasing population and growing economies. Besides, the increasing logistics and e-commerce sector, especially in China, is expected to influence regional growth positively. In addition, the initiative “Made in China” has attracted a huge amount of FDI, which will also positively influence regional growth.

Some of the key players profiled in the Trade Management market report include Avecom, Calysta Inc, KnipBio, Quorn Foods, Alltech, Arbiom, Lonza Group, AG CHEMI group, IPK Gatersleben, Nutreco N.V., Biomin Holdings Gmbh, Quality Liquid feeds, and Devenish Nutrition Limited

Source: https://www.gminsights.com/industry-analysis/trade-management-market

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Global Trade Daily, Technology

Mobile Mapping Market Size to Surpass US$ 100 Bn by 2032

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As per the report by Global Market Insights, Inc. “Worldwide Mobile Mapping market was valued USD 20 billion in 2022 and will surpass a revenue collection of USD 100 billion by 2032 with an annual growth rate of 15% over 2023 to 2032.”

The mobile mapping market is set to witness robust growth between 2023 and 2032, primarily owing to the increasing demand for mobile mapping in telecommunication and transportation sectors, since expanding telecommunication infrastructure requires accurate land-based maps for the construction of cable networks. Besides, the rising usage of optic fibers to run smart cities will also fuel the market demand during the next decade.

In addition, key providers operating in the mobile mapping market are also engaging in expanding their portfolios and entering meaningful mergers and acquisitions to strengthen their overall position. Citing an instance, in May 2022, Leica Geosystems launched Leica Pegasus TRK, a new mobile mapping system. As per reports, the new solution relies on AI for its mobile mapping functions and uses expandible imagery systems and laser scanning for measuring, recording, and visualizing environments.

The mobile mapping industry has been segmented in terms of component, hardware, software, services, application, end-user, and region.

The services segment is set to account for more than 15% market share by 2032. The segmental growth can be accredited to the ongoing development of technologies such as laser scanners, cameras, IMUs, and GPS/GNSS. Besides, increasing awareness about the utility and benefits of mobile mapping technology in the BFSI and retail sectors will also drive the market demand.

The market is likely to be defined through the imaging devices segment, which will witness significant growth during 2023-2032. Imaging devices are increasingly adapted in various mobile mapping applications including construction, defense, disaster management, and others.

The GIS data collection segment is anticipated to register more than 15% CAGR between 2023-2032. GIS data is widely collected for defense-related mapping works. This implies that increasing defense budget by countries across the world would potentially bolster the demand for the mobile mapping. For instance, in the USA, the military budget was valued at whopping USD 800.67 billion in 2021, depicting a 2.86% hike from 2020.

The mobile mapping industry will hold more than 25% market share by 2032 end. The regional market growth will be driven by the introduction of favorable government policies by countries such as Italy, Germany, and the UK, aimed toward promoting the usage of georeferencing. Besides, the rising popularity of smartphones and increasing demand for self-driving cars will also spur the product demand. As per reports, smartphone penetration rate in the United Kingdom stands at 79.3%, followed by France and Germany with 78.8% penetration, respectively.

The Mobile Mapping market consists of Google LLC, Apple Inc., Microsoft Corporation, Alibaba Group, Baidu Inc. 

 

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Global Trade Daily, Market insight

Wealth Management Platform Market is Projected to Surpass USD 10 Bn By 2032

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The wealth management platform market is set to grow from its current market value of more than $3 billion to over $10 billion by 2032; as reported in the latest study by Global Market Insights, Inc.

Wealth Management Platform Market is expected to exhibit massive growth during 2023-2032 owing to the emergence of innovative technologies including AI and blockchains. These advancements have been assisting key players in revolutionizing new operating models to offer credits to several individuals and businesses. The data-driven AI wealth management platform is also slated to speed up the digital investment process, augmenting market expansion.

In addition, several initiatives taken by the government and regulations to escalate the use of wealth management platforms will drive industry growth by 2032. Besides, increasing government inclination towards credit seekers to increase the financial inclusion of people will spur the industry expansion.

Overall, the wealth management platform market is segmented in terms of advisory mode, deployment model, application, end-use, and region.

Based on advisory mode, the human advisory segment held more than 60% market share in 2022 and is projected to exhibit massive growth through 2032. The growth can be attributed to the wealth management sector’s growing security concerns, encouraging HNWIs (high-net-worth individuals) to turn to human advisory services.

By deployment model, the cloud-based wealth management systems are expected to depict commendable CAGR through the forecast timeframe. Cloud-based wealth management systems are gaining strong traction among finance-based enterprises owing to their benefits including easier setup, flexibility required for remote work, and lower investment in infrastructure. The cost-effectiveness and scalability offered by the cloud platforms will further support segment expansion in the future.

On the basis of application, the performance management segment will grow significantly as the system helps align the employees with the corporate goals. Performance management tools enable firms to perform fair, periodic inspections while expediting the performance management process, which will further aid the segment in future growth.

Considering the end-use, the investment management firms segment accounted for more than 25% market share in 2022 and is expected to demonstrate sturdy growth owing to the rising number of high-net-worth individuals along with small business owners. Besides, the wealth management platform assists investment management firms in planning new policies, attracting new investments, and obtaining insights as per clients’ requirements.

In the regional context, the Asia Pacific wealth management platform market is anticipated to register notable gains through the estimated timeframe. The growth can be accredited to the constantly increasing digital transformation of the financial institutions in the region. In addition, consulting companies in APAC are collaborating with wealth management software providers to focus on the rising digital transformation of financial institutions, which will boost wealth management platform penetration in the region.

procurement
Global Logistics, Global Trade Daily

Procurement as a Service Market is Expected to Cross USD 15 Bn by 2032

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The Procurement as a service market is set to grow from its current market value of more than $5 billion to over $15 billion by 2032; as reported in the latest study by Global Market Insights, Inc.

Procurement as a service (PaaS) market is slated to witness lucrative gains through 2032, owing to the surging inclination of businesses towards outsourcing. Outsourcing procurement services brings operational expenses down while streamlining business operations. Many organizations across the globe are investing in outsourcing their non-core functions, such as procurement, to specialized service providers to focus on their core business functions, which is positively affecting the industry landscape.

On the basis of components, the PaaS market from the transaction management segment is slated to grow at a considerable CAGR from 2023 to 2032. PaaS providers invest considerable amounts into security technology and developing custom software to mitigate the risk of online fraud during transactions. Surging cases of cyberattacks attributed to rising automation in transaction management processes have escalated the need for dependable solutions, further bolstering the demand for reliable PaaS solutions.

On the basis of organization size, the PaaS market from the large enterprise segment accounted for a valuation of over USD 5 billion in 2022, owing to the rising adoption of IoT and AI applications. PaaS providers offer scalable procurement solutions to large organizations which help effectively deploy AI and IoT technology. Additionally, by offering enhanced onboarding, monitoring, and performance management services, PaaS providers can help these enterprises streamline their supplier management procedures.

Regarding the end-user, procurement as a service market from the BFSI sector is poised to accrue notable gains through 2032. The rising number of cyberattacks and data breaches in the BFSI sector has propelled the demand for reliable procurement as a service technology for risk mitigation. Moreover, the surging deployment of cloud-based technologies in the BFSI sector has further propelled the need for an effective and dependable procurement as a service platform. In fact, in October 2022, Banco Santander, S.A., a Spanish multinational financial services firm, inked a deal with Google Cloud to help its clients transform from mainframe systems to the cloud.

On the regional front, Europe procurement as a service market is anticipated to register lucrative gains through 2032, owing to the strong presence of market leaders such as Capgemini, Sastrify, and others, indulged in product innovations. In fact, the governments in the region are investing significant amounts in the digitalization of businesses, which is also expected to create a strong impetus for regional expansion.