Services Procurement Market Expansion Continues, with Forecast Valuation of $3.64 Billion by 2029

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What Is the Expected CAGR for the Services Procurement Market Through 2025?
Over the past few years, the services procurement market has seen robust growth. Its size is projected to increase from $2.38 billion in 2024 to $2.61 billion in 2025, with a compound annual growth rate (CAGR) of 9.6%. Factors contributing to the growth during the historic period include the consistent rise of globalization, rising demand for specialized skills, growing attention to employee health and well-being, wider adoption of hybrid workforce models, and heightened demand for industry-specific expertise.

What's the Projected Size of the Global Services Procurement Market by 2029?
The market for services procurement is projected to experience significant expansion in the forthcoming years, reaching a market size of $3.64 billion in 2029, with a CAGR of 8.7%. This anticipated growth within the projection period can be connected to the surge in business process digitalization, the increasing requirement for modern solutions, emphasis on core competencies, and growing demand for outsourced services, along with the emergence of the gig economy and contingent workforce. The upcoming trends for this forecast period encompass innovations such as e-procurement platforms, vendor management systems (VMS), and artificial intelligence (AI) that enhance 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 services procurement market is projected to experience significant growth in the face of widespread digitization. Digitization, which involves the adoption of digital technologies to redefine standard business operations and communications, is being increasingly accepted due to several factors. It includes a comprehensive IT transformation that amplifies efficiency and scalability while minimizing costs. Digitization automates and optimizes numerous procurement processes, like supplier identification, creating request for proposal (RFP), bidding, and management of contracts. As per the International Monetary Fund, a financial organization based in the US, the use of digitization in developed economies increased by an average of 6% in March 2023. Moreover, the Government of Canada reported in the same month that global digital education spending, predictably escalating, rose from 2.5% of global educational expenses before COVID to 4.3% in 2025. Consequently, the rising acceptance of digitization is propelling the advancement of the services procurement market.

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What Trends Will Shape the Services Procurement Market Through 2029 and Beyond?
Key industry players in the services procurement market are honing their focus on creating technologically sophisticated solutions with improved procurement features including accelerated procurement automation, in a bid to elevate their service offerings and achieve an edge over competition. Accelerated procurement automation constitutes the enhancement and quickening of procurement tasks through the utilization of state-of-the-art technology and streamlined workflows. For example, ServiceNow Inc., a prominent US-based provider of cloud platform solutions, unveiled its Procurement Service Management (PSM) on its Now Platform in May 2022. This tool aims to boost sourcing and procurement within corporations by digitalizing less significant tasks, thereby enabling teams to dedicate their efforts to strategic operations and foster improved supplier collaboration. By incorporating elements such as accelerated procurement automation and comprehensive visibility into procurement processes, Procurement Service Management aspires to heighten efficiency and facilitate strategic outcomes 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 2024. 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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