Comprehensive 2025 Services Procurement Market Overview: Trends, Forecasts, and Growth Drivers

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What Is the Expected CAGR for the Services Procurement Market Through 2025?
In recent times, the services procurement market size has seen robust growth. Its growth is projected to increase from $2.38 billion in 2024 to $2.61 billion in 2025, having a compound annual growth rate (CAGR) of 9.5%. Factors such as the consistent rise in globalization, higher need for specialized skills, a more pronounced emphasis on employee health and well-being, wider adoption of hybrid workforce models, and a surge in demand for industry-specific expertise have contributed to the growth experienced in the historical period.

What's the Projected Size of the Global Services Procurement Market by 2029?
Over the coming years, the services procurement market is projected to experience robust growth, expanding to $3.69 billion in 2029 at a Compound Annual Growth Rate (CAGR) of 9.1%. This progression during the prediction period is largely due to the rising digitalization of business procedures, the increasing necessity for modern solutions, concentration on core competencies, the demand for outsourced services, and the emergence of the gig economy and the contingent workforce. Key trends for the forecast period encompass innovations like e-procurement platforms, vendor management systems (VMS), artificial intelligence (AI) which simplifies the procurement process, service procurement technology, and sustainable supply chain management.

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Top Growth Drivers in the Services Procurement Industry: What's Accelerating the Market?
The surge in digitization adoption is likely to fuel the expansion of the services procurement market. Digitization applies digital technologies to overhaul conventional business processes, operations, and methods of communication. A rise in digitization adoption is attributed to a number of factors, such as all-encompassing IT transformation, which ramps up efficiency and scalability and, concurrently, reduces expenses. Digitization enables automation and the refinement of several procurement processes, be it the identification of suppliers, conception of Request for Proposal (RFP), bidding, or managing contracts. For example, research in March 2023 by the US-based financial agency, International Monetary Fund, showed an average rise of 6% in digitization in developed economies. Moreover, the Government of Canada stated in March 2023 that the global expenditure on digital education had grown from 2.5% of the overall education expenditures before the pandemic, with projected investment growth to 4.3% in 2025. Therefore, the surge in digitization adoption is contributing to the expansion of the services procurement market.

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What Trends Will Shape the Services Procurement Market Through 2029 and Beyond?
Significant businesses in the services procurement market are directing their efforts towards inventing innovative technology solutions with improved procurement abilities, including expedited procurement automation, in order to elevate their offerings and attain a strategic advantage. Expedited procurement automation entails the acceleration and refinement of procurement tasks employing cutting-edge technologies and sophisticated workflows. For instance, ServiceNow Inc., a prominent US-based provider of cloud platform solutions, unveiled its Procurement Service Management (PSM) on its Now Platform in May 2022 to boost sourcing and procurement procedures throughout businesses. This application renders lower-value tasks digital, enabling teams to concentrate on high-level activities and enhance supplier collaboration. With features like expedited procurement automation and comprehensive visibility into procurement processes, Procurement Service Management is designed to increase efficiency and stimulate strategic results in procurement.

What Are the Main 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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Which Top Companies are Driving Growth in the Services Procurement Market?
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.

Which Regions Will Dominate the Services Procurement Market Through 2029?
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.

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