Service Procurement Market Expected to Grow $1,011.6 Million by 2022

According to research report "Service Procurement Market by Solution (Contingent Workforce Management, Freelancer Management, Services Governance, MSA Management), Service, Deployment Type, Organization Size, Industry Vertical, and Region - Global Forecast to 2022", published by marketsandmarkets, global service procurement market size is expected to grow from USD 579.5 Million in 2017 to USD 1,011.6 Million by 2022, at a Compound Annual Growth Rate (CAGR) of 11.8% during the forecast period.

Increasing number of freelancers in the job market and growing impetus on workforce analytics are major factors driving the growth of the service procurement market. Moreover, effective management of spending on contractual workers is expected to drive the service procurement market.

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Rapid adoption of services procurement solutions, owing to strong and well-established economies, is expected to make North America the largest regional market.

North America consists of developed economies, the US and Canada. In this region, organizations are rapidly adopting and willing to invest in emerging technologies, such as analytics, big data, and cloud platforms. North America has the first-mover advantage of adopting new technologies, such as a smartphones and cloud platform. Moreover, development of reporting and analytics and increasing necessity of freelancers and contingent workforce have opened new avenues for better managing workforce to yield better results in this region. 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 optimized infrastructure costs.

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The BFSI vertical is expected to gain a larger market share during the forecast period.

The BFSI vertical includes commercial banks, insurance companies, non-banking financial companies, stock brokerage firms, and payment gateway providers. This vertical deals with critical financial data; hence, it is a good contributor in the service procurement market. Due to continuous changes in project requirements, companies require workforce with special skills. Services procurement solutions for the BFSI vertical help financial and insurance companies in acquiring relevant skilled employees according to client requirements.

The large enterprises segment is expected to gain a larger market share during the forecast period.

Organizations with more than 1,000 employees are categorized as large enterprises. Large enterprises have their customers across various regions and hold high market shares, technical expertise, and effective business strategies. Large enterprises control a number of different systems at a higher level of complexity. The market size of the service procurement market is high in case of large enterprises, as compared with SMEs. The number of solution vendors catering to large enterprises is growing, as large enterprises spend significant amount in acquiring skilled workers, contingent workforce management, freelancers, and relevant workforce.

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Major vendors in the services procurement solution market include SAP Fieldglass (US), Beeline (US), DCR Workforce (US), PRO Unlimited (US), PeopleFluent (US), Provade (US), PIXID (France), Upwork (US), Field Nation (US), WorkMarket (US), Superior Group (US), Enlighta (US), and TargetRecruit (US).

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