Services Procurement Market Size Forecasted To Achieve $3.69 Billion By 2029 With Steady Growth

The Services Procurement Market Report by The Business Research Company delivers a detailed market assessment, covering size projections from 2025 to 2034. This report explores crucial market trends, major drivers and market segmentation by [key segment categories].

What Is the Services Procurement Market Size and Projected Growth Rate?
The services procurement market has expanded at a strong pace. It will increase from $2.38 billion in 2024 to $2.61 billion in 2025, achieving a CAGR of 9.5%. Growth has been driven by the ongoing effects of globalization, growing need for specialized talent, increased attention to workforce well-being, widespread adoption of hybrid work models, and demand for tailored industry knowledge.

The services procurement market is expected to grow to $3.69 billion by 2029, at a CAGR of 9.1%. Key drivers of this growth include increased digitalization in business processes, demand for modernized solutions, outsourcing of services, and the expansion of the gig economy. Significant trends include the use of e-procurement platforms, vendor management systems, AI-driven procurement processes, and the focus on sustainable supply chain management.

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What Are the Major Segments in the Services Procurement Market?
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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What Are The Driving Services Procurement Market Evolution?
The growing adoption of digitization is expected to drive the growth of the services procurement market. Digitization, which involves the transformation of traditional business processes through digital technologies, is being increasingly adopted to enhance efficiency. Digitization is automating procurement activities such as supplier identification and contract management. In 2023, digitalization in advanced economies increased by an average of 6%, contributing to the growth of the services procurement market.

Which Firms Dominate The Services Procurement Market Segments?
Major companies operating in the services procurement market are Amazon.com Inc., accenture* 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 Trends Are Driving Growth in The Services Procurement Market?
Companies in the services procurement market are developing advanced solutions with improved procurement capabilities, such as accelerated procurement automation, to enhance their market competitiveness. Accelerated procurement automation refers to using advanced technologies to speed up procurement tasks. For instance, in May 2022, ServiceNow Inc., a US-based cloud solutions provider, introduced Procurement Service Management (PSM) on its Now Platform to digitize procurement processes, enhancing efficiency and improving supplier collaboration.

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Which Is The Largest Region In 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.

Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Services Procurement Market?
2. What is the CAGR expected in the Services Procurement Market?
3. What Are the Key Innovations Transforming the Services Procurement Industry?
4. Which Region Is Leading the Services Procurement Market?

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