Procurement Technologies and Services Market Growth Driven by Digitalization in BFSI, Manufacturing, and Healthcare

InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the " Procurement Technologies and Services Market- (By Component (Strategic Sourcing, Contract Management, Spend Management, Category Management, Transactions Management, Process Management), By Application (Manufacturing, Energy, BFSI, Healthcare, Travel and Hospitality, Others)), Trends, Industry Competition Analysis, Revenue and Forecast To 2034."

According to the latest research by InsightAce Analytic, the Procurement Technologies and Services Market is valued at USD 7.5 Bn in 2024, and it is expected to reach USD 19.8 Bn by the year 2034, with a CAGR of 10.5% during the forecast period of 2025-2034.

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Procurement technologies and services encompass a broad spectrum of digital solutions and professional services designed to enhance the efficiency, strategic effectiveness, and overall performance of an organization's sourcing and purchasing operations. These solutions enable end-to-end automation and optimization of procurement processes, including requisition management, supplier evaluation and selection, purchase order issuance, invoicing, and payment processing. Core components of this market include e-procurement platforms, spend analytics tools, contract lifecycle management systems, supplier relationship management solutions, and electronic auction applications.

The primary goals of these technologies are to streamline procurement workflows, reduce costs, ensure regulatory compliance, improve operational transparency, and foster stronger collaboration with suppliers. The global procurement technology and services market is anticipated to witness robust growth in the coming years, driven by the accelerating adoption of digital transformation and automation across procurement functions. Moreover, the increasing emphasis on cost efficiency and strategic spend management is expected to further bolster market expansion and technology adoption.

List of Prominent Players in the Procurement Technologies and Services Market:
• Infosys Limited
• GEP Solutions Pvt. Ltd. (GEP Worldwide LLC)
• Genpact Limited
• Proxima Group plc
• WNS (Holdings) Limited
• Capgemini SE
• International Business Machines Corporation
• Wipro Limited
• HCL Technologies Limited
• Tata Consultancy Services Limited
• Xchanging plc (now part of DXC Technology Company)
• Aegis Limited (now often Startek, Inc.)
• Corbus, LLC
• CA, Inc. (a Broadcom Inc. company)

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Market Dynamics
Drivers:
The procurement technologies and services market is experiencing substantial growth, driven by several strategic factors. Increasing complexity in global supply chains, heightened demand for cost optimization, and ongoing advancements in digital technologies are prompting organizations across various sectors to adopt modern procurement solutions. Tools such as spend analytics, e-sourcing platforms, and supplier relationship management systems are being leveraged to enable data-driven decision-making, minimize operational inefficiencies, and enhance overall productivity.

Additionally, stricter regulatory requirements and growing emphasis on sustainability and ethical sourcing are encouraging enterprises to implement solutions that provide comprehensive traceability and compliance capabilities. The widespread shift toward cloud-based procurement platforms further supports market expansion, offering scalability, cost efficiency, and seamless integration with existing Enterprise Resource Planning (ERP) systems.

Challenges:
Despite favorable market conditions, several barriers hinder broader adoption, particularly among small and medium-sized enterprises (SMEs). High costs associated with implementation and integration, combined with limited IT infrastructure, present significant challenges. Resistance to organizational change and reliance on legacy procurement systems further impede digital transformation efforts. Moreover, concerns regarding data security and privacy, particularly in cloud environments, constrain companies from sharing sensitive procurement and supply chain information, limiting widespread adoption of these technologies.

Regional Trends:
North America is expected to maintain a leading position in the global procurement technologies and services market, supported by rapid adoption of innovative solutions, a well-established ecosystem of providers, and strong government initiatives promoting procurement efficiency and cost management. The Asia-Pacific region, however, is projected to register the fastest growth over the forecast period.

This expansion is driven by rising demand for effective supplier management solutions in complex and dynamic supply chains. Emerging economies such as China and India are witnessing accelerated adoption of digital procurement platforms, particularly among SMEs, facilitated by supportive government programs and digitalization initiatives. Collectively, these factors indicate a strong growth trajectory for the procurement technologies and services market across the Asia-Pacific region.

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Segmentation of Procurement Technologies and Services Market-
By Component-
• Strategic Sourcing
• Contract Management
• Spend Management
• Category Management
• Transactions Management
• Process Management
By Application-
• Manufacturing
• Energy
• BFSI
• Healthcare
• Travel and Hospitality
• Others
By Region-
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• South East Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Mexico
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of the Middle East and Africa

Read Overview Report- https://www.insightaceanalytic.com/report/procurement-technologies-and-services-market/3106

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This release was published on openPR.