Service Procurement Market Growth Prospects 2022 and Projected to Reach US$ 1011 Million

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The Service Procurement Market size is expected to grow from US$ 579.5 Million in 2017 to US$ 1,011.6 Million by 2022, at a Compound Annual Growth Rate (CAGR) of 11.8% during the forecast period. This market is driven by growing impetus on workforce analytics, and opportunities created with technological advancements for temporary workers to grow in the services sector.

“On-premises deployment mode is expected to hold a larger market size during the forecast period.”
The on-premises deployment refers to the installation of application on an organization’s premises, rather than at are mote facility. On-premises solutions are delivered on a one-time license fee, along with a service agreement. As this deployment requires huge infrastructure and its own data center, organizations that can afford this cost usually deploy on-premises solutions. Therefore, Small and Medium-sized Enterprises (SMEs) often face the dilemma of choosing between hosted and on-premises solutions.

“Asia Pacific is projected to grow at the highest CAGR and North America is expected to hold the largest market size during the forecast period.”
North America has the first-mover advantage in the adoption of new technologies, such as analytics, big data, and cloud platforms. Companies are willingly investing in North America. The factors driving the growth of the service procurement market in North America are stable economy, technology enhancements, and infrastructure costs. APAC consists of growing economies and has a favorable market for vendors of services procurement solutions. India, China, Australia, and Japan are major contributors to the growth of service procurement market in APAC.

The break-up of profiles of primary participants is given below as:
• By company type: Tier 1 – 35%, Tier 2 – 45%, and Tier 3 – 20%
• By designation: C-level – 35%, Director level – 25%, and Others – 40%
• By region: North America – 48%, Europe – 22%, APAC – 22%, Latin America –4%, and MEA–4%

Study Objectives:
The main objective of this report is to define, describe, and forecast the service procurement market on the basis of segments (component, deployment type, organization size, vertical, and region). The report provides detailed information regarding the major factors (drivers, restraints, opportunities, and industry-specific challenges) influencing the growth of the market. The report forecasts the market size with respect to 5 main geographic regions, namely, North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and Latin America. The report profiles key players and comprehensively analyzes their core competencies.

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Top Key Players in the “Service Procurement Market” include are SAP Fieldglass (US), Beeline (US), DCR Workforce (US), PRO Unlimited (US), PeopleFluent (US), Provade (US), PIXID (France), Upwork (US), Field Nation (US), Work Market (US), Superior Group (US),Enlighta (US), and Target Recruit (US).

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This release was published on openPR.