services procurement market, services procurement market share, services procurement market outlook, services procurement market size, services procurement market trends, services procurement market forecast
How much is the services procurement market worth, and how is it expected to expand?
The services procurement market size has grown strongly in recent years. It will grow from $2.38 billion in 2024 to $2.61 billion in 2025 at a compound annual growth rate (CAGR) of 9.5%. The growth in the historic period can be attributed to globalization rising steadily, higher demand for specialized skills, increased focus observed on employee health and well-being, hybrid workforce models being adopted more widely, and increased demand for industry-specific expertise.
The services procurement market size is expected to see strong growth in the next few years. It will grow to $3.69 billion in 2029 at a compound annual growth rate (CAGR) of 9.1%. The growth in the forecast period can be attributed to increasing digitalization in business processes, increasing need of modernized solutions, focus on core competencies, demand for outsourced services, and the rise of the gig economy and contingent workforce. Major trends in the forecast period include innovations such as e-procurement platforms, vendor management systems (VMS), and artificial intelligence (AI) streamline the procurement process, service procurement technology, and sustainable supply chain management.
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Which industry factors have accelerated the services procurement market’s expansion?
The growing adoption of digitization is expected to propel the growth of the services procurement market going forward. Digitization involves the use of digital technologies to transform traditional business operations, workflows, and communication channels. There is a growing adoption of digitization due to several factors, including complete IT transformation, which enhances efficiency and scalability while reducing costs. Digitization automates and streamlines various procurement processes, such as supplier identification, request for proposal (RFP) creation, bidding, and contract management. For instance, in March 2023, according to research by the International Monetary Fund, a US-based financial agency, in advanced economies, digitalization rose by an average of 6%. Furthermore, in March 2023, according to the Government of Canada, a federal administration of Canada, global spending on digital education grew from 2.5% of global education expenditures pre-COVID, with predictions of investment growth, to 4.3% in 2025. Therefore, the growing adoption of digitization is driving the growth of the services procurement market.
What are the primary segments of the services procurement market?
The services procurement market covered in this report is segmented –
1) By Component: Transaction Management, Strategic Sourcing, Process Management, Spend Management, Contract Management, Category Management
2) By Deployment Mode: On-Premises, Cloud
3) By Organization Size: Small And Medium-sized Enterprises (SMEs), Large Enterprises
4) By Industry Vertical: Banking, Financial Services And Insurance (BFSI), Information Technology (IT) And Telecommunications, Manufacturing, Retail And Consumer Goods, Government, Healthcare And Life Sciences, Transportation And Logistics, Energy And Utilities, Other Industry Verticals
Subsegments:
1) By Transaction Management: Purchase Order Management, Invoice Management, Supplier Invoice Processing
2) By Strategic Sourcing: Supplier Discovery, Sourcing Optimization, Supplier Risk Management
3) By Process Management: Workflow Automation, Approval Management, Order Fulfillment
4) By Spend Management: Spend Analytics, Spend Visibility, Cost Optimization
5) By Contract Management: Contract Creation And Negotiation, Contract Execution And Compliance, Contract Renewal And Termination
6) By Category Management: Category Strategy Development, Supplier Performance Management, Category Performance Analysis
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Which firms are leading the services procurement market?
Major companies operating in the services procurement market are Amazon.com Inc., Accenture plc, International Business Machines Corporation, Cisco Systems Inc., Oracle Corporation, SAP Fieldglass, Tata Consultancy Services Limited, Capgemini SE, Infosys Limited, HCL Technologies Limited, Wipro Limited, Palo Alto Networks Inc., Juniper Networks Inc., Bain & Company Inc., Genpact Limited, GEP Solutions Pvt. Ltd., WNS (Holdings) Limited, Coupa Software Incorporated, Upwork Global Inc., PRO Unlimited Inc., Zycus Inc., Field Nation LLC, JAGGAER Inc., WorkMarket Inc., Beeline B.V.
Which market trends are set to define the future of the services procurement market?
Major companies operating in the services procurement market are focused on developing advanced technological solutions with enhanced procurement capabilities, such as accelerated procurement automation, to enhance their offerings and gain a competitive edge in the market. Accelerated procurement automation refers to the process of speeding up and optimizing procurement tasks through the use of advanced technologies and streamlined workflows. For instance, in May 2022, ServiceNow Inc., a US-based leading provider of cloud-based platform solutions, launched Procurement Service Management (PSM) on its Now Platform to enhance sourcing and procurement operations across enterprises. This solution digitizes lower-value tasks, allowing teams to focus on strategic activities and improving supplier collaboration. Procurement Service Management aims to improve efficiency and drive strategic outcomes in procurement with features such as accelerated procurement automation and end-to-end visibility into procurement processes.
Which geographic trends are shaping the services procurement market, and which region has the highest market share?
Europe was the largest region in the services procurement market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the services procurement market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Does The Services Procurement Market Report 2025 Offer?
The services procurement market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
Services procurement refers to the process of acquiring services from external vendors or service providers to meet the needs of an organization. It involves the acquisition of non-physical, intangible resources to fulfill organizational needs and objectives.
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