Services Procurement Market Outlook 2024-2033: Trends and Projections

The services procurement global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.

Services Procurement Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.

Market Size –
The services procurement market size has grown strongly in recent years. It will grow from $2.19 billion in 2023 to $2.38 billion in 2024 at a compound annual growth rate (CAGR) of 8.9%. 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 $3.38 billion in 2028 at a compound annual growth rate (CAGR) of 9.2%. 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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Scope Of Services Procurement Market
The Business Research Company’s reports encompass a wide range of information, including:

1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.

2. Drivers: Examination of the key factors propelling market growth.

3. Trends: Identification of emerging trends and patterns shaping the market landscape.

4. Key Segments: Breakdown of the market into its primary segments and their respective performance.

5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.

6. Macro Economic Factors: Assessment of broader economic elements impacting the market.

Services Procurement Market Overview

Market Drivers –
Major Driver Impacting Market Growth

Market Trends –
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.

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

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Regional Insights –
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.

Key Companies –
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.

Table of Contents

1. Executive Summary
2. Services Procurement Market Report Structure
3. Services Procurement Market Trends And Strategies
4. Services Procurement Market – Macro Economic Scenario
5. Global Services Procurement Market Size and Growth
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32. Global Services Procurement Market Competitive Benchmarking
33. Global Services Procurement Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Services Procurement Market
35. Services Procurement Market Future Outlook and Potential Analysis
36. Appendix

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