Global Services Procurement Market Report 2024: Trends, Insights, and Projections
Services Procurement Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033
The Business Research Company has updated its global market reports with latest data for 2024 and projections up to 2033
LONDON, GREATER LONDON, UK, June 20, 2024 /EINPresswire.com/ -- The services procurement market, which involves acquiring non-physical, intangible resources from external vendors, has seen robust growth recently. It is projected to grow from $2.19 billion in 2023 to $2.38 billion in 2024, at a compound annual growth rate (CAGR) of 8.9%. This growth is driven by globalization, increasing demand for specialized skills, and the adoption of hybrid workforce models.
Digitization Driving Market Growth
The services procurement market is expected to continue its strong growth trajectory, reaching $3.38 billion by 2028 with a CAGR of 9.2%. This growth will be fueled by increasing digitalization in business processes, the need for modernized solutions, and the rise of the gig economy. Innovations such as e-procurement platforms, vendor management systems (VMS), and artificial
intelligence (AI) are streamlining procurement processes and enhancing efficiency.
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Key Players and Market Trends
Major companies such as Amazon.com Inc., Accenture plc, and Oracle Corporation are leading the charge in developing advanced technological solutions for services procurement. These solutions include accelerated procurement automation, aimed at optimizing procurement tasks and improving overall efficiency. For example, ServiceNow Inc. launched Procurement Service Management (PSM) to digitize procurement operations and enhance sourcing capabilities.
Innovations and Sustainable Practices
Innovations in service procurement technology, including AI-driven analytics and sustainable supply chain management practices, are shaping market trends. These advancements are crucial for organizations looking to achieve cost efficiencies and sustainable procurement practices.
Segments
• Component: Transaction Management, Strategic Sourcing, Process Management, Spend Management, Contract Management, Category Management
• Deployment Mode: On-Premises, Cloud
• Organization Size: Small And Medium-sized Enterprises (SMEs), Large Enterprises
• 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
Regional Insights: Asia-Pacific Leading Growth
Europe dominated the services procurement market in 2023, while Asia-Pacific is expected to be the fastest-growing region through the forecast period. Detailed insights into regional dynamics, market trends, and growth opportunities are available in the comprehensive report.
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Services Procurement Global Market Report 2024 from TBRC covers the following information:
• Market size data for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
The Services Procurement Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on services procurement market size, services procurement market drivers and trends, services procurement market major players, competitors' revenues, market positioning, and market growth across geographies. The services procurement market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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