Services Procurement Market Key Players, Market Analysis, Share, Trends And Forecast To 2033

The Business Research Company recently released a comprehensive report on the Global Services Procurement Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

According to The Business Research Company's, 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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Market Drivers and Trends:

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.

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.

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Major Key Players of the Market:

Amazon.com Inc., Accentur*e 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.

Services Procurement Market 2024 Key Insights:

• 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%.
• Impact Of Digitization On The Services Procurement Market
• Technological Advancements In The Services Procurement Market
• Europe was the largest region in the services procurement market in 2023

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