Overview and Scope
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.
Sizing and Forecast
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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Segmentation & Regional Insights
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
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.
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Major Driver Impacting Market Growth
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.
Key Industry Players
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.
The services procurement market report table of contents includes:
1. Executive Summary
2. Services Procurement Market Characteristics
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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31. Services Procurement Market Other Major And Innovative Companies
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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