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According to the latest report by GMI Research, Procurement as a Service Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2020-2027. The Procurement as a Service market examines the impact of the COVID-19 pandemic. The market is likely to experience a sharp fall in 2020 and will then accelerate at a significant growth rate from 2021 onwards. Procurement as a Service is defined as a combination of technology, staff, and expertise who are responsible for handling specific functions of an organization. This process is further streamlined through cloud-based technology. Procurement as a Service enhances the performance and adds value to the business. It also helps the companies to minimize operational cost, improve performance, and increase saving on investment by managing organizations’ core and non-core transaction and expenditure purchases.