Major Market Shift in Services Procurement Industry: Technological Advancements In The Services Procurement Market

"What Is the Forecasted Market Size and Growth Rate for the Services Procurement Market?
In recent years, the services procurement market size has experienced robust growth. The market scale is expected to increase from $2.38 billion in 2024 to $2.61 billion in 2025, with a compound annual growth rate (CAGR) of 9.5%. Factors contributing to this growth during the historic period include the steady rise of globalization, increased need for specialized skills, a greater emphasis on employee health and well-being, wider adoption of hybrid workforce models, and a higher demand for industry-specific expertise.

Strong expansion is anticipated in the services procurement market size in the upcoming years, as it's poised to reach $3.69 billion by 2029, flourishing at a compound annual growth rate (CAGR) of 9.1%. This surge during the predicted period is due to the acceleration of digitalization in business operations, the rising necessity for updated solutions, emphasis on primary skills, demand for subcontracted services, and the emergence of the contingent workforce and gig economy. The forecast period will witness substantial trends such as the introduction of e-procurement platforms, vendor management systems (VMS), and artificial intelligence (AI) to streamline the procurement process, advances in service procurement technology, and enhancements in sustainable supply chain management.

What Factors Are Propelling the Expansion of the Services Procurement Market?
The proliferation of digital adoption is projected to fuel the expansion of the services procurement market. This involves the implementation of digital technologies to modify traditional business procedures, operations, and methods of communication. Various factors, including comprehensive IT transformation, are causing an increase in the uptake of digitization, which enhances efficacy and scalability, while simultaneously decreasing costs. Digitization introduces automation and efficiency to several procurement procedures, such as identifying suppliers, generating requests for proposal (RFP), bidding, and managing contracts. For example, as of March 2023, research by the US-based International Monetary Fund documented an average 6% increase in digitization in advanced economies. Moreover, in the same month, the Government of Canada reported a growth in global spending on digital education from 2.5% of worldwide education expenditures pre-COVID, with anticipated investment growth, surging to 4.3% by 2025. Hence, the proliferation of digital adoption is the driving force behind the services procurement market's growth.

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Which Businesses Are at the Forefront of Services Procurement Market Development?
Major companies operating in the services procurement market are 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.

What Are the Latest Innovations in the Services Procurement Market?
Companies at the forefront of the services procurement market are concentrating on the creation of cutting-edge technological solutions featuring enhanced procurement capabilities, inclusive of expedited procurement automation. This is done in a bid to bolster their offerings and maintain a competitive standing in the market. Expedited procurement automation relates to the application of advanced technologies and streamlined workflows for swifter and improved procurement tasks. An illustration of this can be seen in ServiceNow Inc., a leading entity in the provision of cloud-based platform solutions from the US, which in May 2022 instigated the Procurement Service Management (PSM) on its Now Platform. This move was designed to advance sourcing and procurement processes throughout corporations. The solution helps digitalize tasks of lower value, thereby enabling teams to prioritize strategic activities and enhance supplier collaboration. The PSM seeks to boost efficiency and steer strategic outcomes in procurement via features like expedited procurement automation and comprehensive visibility into procurement processes.

How Is the Services Procurement Market Segmented?
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

Subsegments:
1) By Transaction Management: Purchase Order Management, Invoice Management, Supplier Invoice Processing
2) By Strategic Sourcing: Supplier Discovery, Sourcing Optimization, Supplier Risk Management
3) By Process Management: Workflow Automation, Approval Management, Order Fulfillment
4) By Spend Management: Spend Analytics, Spend Visibility, Cost Optimization
5) By Contract Management: Contract Creation And Negotiation, Contract Execution And Compliance, Contract Renewal And Termination
6) By Category Management: Category Strategy Development, Supplier Performance Management, Category Performance Analysis

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Where Is the Services Procurement Market Growth Most Prominent?
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.

What Is Covered In The Services Procurement Global Market Report?

- Market Size Analysis: Analyze the Services Procurement Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Services Procurement Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Services Procurement Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Services Procurement Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.

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