Key Influencer in the Services Procurement Market 2025: Impact Of Digitization On The Services Procurement Market Driver

What market dynamics are playing a key role in accelerating the growth of the services procurement market?
The growing adoption of digitization is expected to boost the growth of the services procurement market. Digitization refers to the use of digital technologies to transform business operations, workflows, and communication channels. The rise in digitization is attributed to IT transformation, which enhances efficiency and scalability while reducing costs. Digitization streamlines various procurement processes, such as supplier identification, proposal creation, bidding, and contract management. In March 2023, the International Monetary Fund reported that digitalization in advanced economies rose by an average of 6%. Therefore, the increasing adoption of digitization is driving the growth of the services procurement market.

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How will the growth rate of the services procurement market shape industry trends by 2034?
The services procurement market has grown steadily in recent years. It is expected to grow from $2.38 billion in 2024 to $2.61 billion in 2025, with a CAGR of 9.5%. The expansion is driven by globalization, higher demand for specialized skills, increasing focus on employee well-being, the adoption of hybrid workforce models, and growing need for industry-specific expertise.

The services procurement market is expected to grow to $3.69 billion by 2029 at a CAGR of 9.1%. The growth is driven by increased digitalization of business processes, the need for modernized solutions, the focus on core competencies, the demand for outsourced services, and the rise of the gig economy. Trends include the development of e-procurement platforms, vendor management systems (VMS), AI-driven procurement processes, advancements in service procurement technology, and sustainable supply chain management.

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What trends are poised to drive the future success of the services procurement market?
In the services procurement market, companies are advancing technological solutions to enhance procurement capabilities, such as through accelerated procurement automation. For instance, in May 2022, ServiceNow Inc., a US-based provider of cloud solutions, launched Procurement Service Management (PSM) on its Now Platform. This solution automates lower-value procurement tasks, allowing businesses to focus on strategic activities and improving supplier collaboration, driving efficiency in procurement operations.

Which primary segments of the services procurement market are driving growth and industry transformations?
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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Which region dominates the services procurement market?
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.

Who are the influential players reshaping the services procurement market landscape?
Major companies operating in the services procurement market are Amazon.com Inc., accent*ure 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.

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What Is Covered In The Services Procurement Global Market Report?

•Market Size Forecast: Examine the services procurement market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the services procurement market for a structured understanding.
•Key Players Overview: Analyze major players in the services procurement market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the services procurement market.
•Segment Contributions: Evaluate how different segments drive overall growth in the services procurement market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the services procurement market.
•Industry Challenges: Identify potential risks and obstacles affecting the services procurement market.
•Competitive Landscape: Review strategic developments in the services procurement market, including expansions, agreements, and new product launches.

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