Service Procurement Market Size & Share, By Component (Solutions, Services), Vertical (Telecom and IT, Manufacturing), Regional Forecast, Industry Players, Growth Statistics Report 2024-2032

Market Outlook:

Service Procurement Market size surpassed USD 787.01 Million in 2023 and is anticipated to exceed USD 2.07 Billion by end of the year 2032, witnessing more than 11.4% CAGR between 2024 and 2032.

• Base Year Value (2023): USD 787.01 Million
• CAGR (2024-2032): 11.4%
• Forecast Year Value (2032): USD 2.07 Billion
• Historical Data Period: 2019-2023
• Largest Region: Europe
• Forecast Period: 2024-2032

Market Dynamics:

Growth Drivers & Opportunity:

1. Increasing demand for specialized service providers and expertise in various industries.

2. Adoption of advanced technology and digital platforms for efficient service procurement processes.

3. Growing trend towards outsourcing non-core functions to focus on core competencies.

4. Rise in the number of freelancers and independent contractors providing specialized services.

Report Scope

Report Coverage	Details
Segments Covered	Component, Vertical
Regions Covered	• North America (United States, Canada, Mexico) • Europe (Germany, United Kingdom, France, Italy, Spain, Rest of Europe) • Asia Pacific (China, Japan, South Korea, Singapore, India, Australia, Rest of APAC) • Latin America (Argentina, Brazil, Rest of South America) • Middle East & Africa (GCC, South Africa, Rest of MEA)
Company Profiled	DCR Workforce, SAP Field glass, People fluent, Up work, Work market, Enlighta, Beeline, PRO Unlimited, Superior Group, Provade,

Industry Restraints:

1. Lack of transparency and visibility in the service procurement process leading to inefficiencies.

2. Compliance and regulatory challenges in managing service providers and contracts.

3. Concerns related to data security and confidentiality in outsourcing service procurement activities.

Regional Forecast:

North America (U.S., Canada):

- The service procurement market in North America is expected to be driven by the increasing adoption of technology and automation in procurement processes.

- The U.S. is the largest market for service procurement in North America, attributed to the presence of major service providers and high adoption rates of cloud-based procurement solutions.

- Canada is also witnessing an uptake in service procurement solutions, with a focus on improving operational efficiency and cost savings.

Asia Pacific (China, Japan, South Korea):

- In Asia Pacific, China remains a key market for service procurement, driven by the rapid expansion of the service industry and the adoption of digital procurement platforms.

- Japan and South Korea are also significant players in the service procurement market, with a growing focus on leveraging advanced analytics and AI-driven solutions to streamline procurement processes and enhance supplier management.

Europe (United Kingdom, Germany, France):

- The service procurement market in Europe is witnessing steady growth, with the United Kingdom leading in terms of market share and adoption of integrated procurement platforms.

- Germany and France are also key markets for service procurement, driven by the increasing demand for strategic sourcing and supply chain optimization solutions.

Segmentation Analysis:

In terms of segmentation, the global service procurement market is analyzed on the basis of Component, Vertical.

Service Procurement Market Analysis

Component

The service procurement market can be segmented based on components like software and services. The software segment includes various software applications that are used for procuring services, such as vendor management systems, e-procurement software, and contract management software. These software applications help organizations to streamline and automate their service procurement process, enhancing efficiency and reducing operational costs. On the other hand, the services segment consists of various professional services provided by consulting firms and service providers, such as implementation, integration, and training services. These services are critical in helping organizations to effectively utilize and leverage the software applications for service procurement.

Vertical

The service procurement market can also be segmented based on verticals, including industries such as healthcare, IT and telecommunications, BFSI (banking, financial services, and insurance), manufacturing, and retail. In the healthcare vertical, service procurement is crucial for managing healthcare services, such as medical equipment maintenance, facility management, and staffing services. Similarly, in the IT and telecommunications industry, service procurement is essential for sourcing IT services, such as software development, maintenance, and support services. The BFSI vertical relies on service procurement for managing financial and insurance services, including legal, audit, and compliance services. In the manufacturing and retail verticals, service procurement plays a vital role in managing supply chain, logistics, and procurement services. Each of these verticals has unique service procurement requirements and challenges, making it essential for organizations to tailor their service procurement strategies accordingly.

In conclusion, segment analysis of the service procurement market based on components and verticals provides valuable insights into the diverse nature of service procurement and the specific needs of different industries. Understanding these segments enables organizations to develop targeted strategies and solutions to effectively manage their service procurement processes and drive business success.

Competitive Landscape:

The Service Procurement Market is highly competitive, with several companies vying for market share in the global space. Key players in the market are focused on offering a wide range of services to cater to the diverse needs of businesses across various industries. The competitive landscape is characterized by continuous product innovations, strategic partnerships, mergers and acquisitions, and expansion into new geographic regions. The top players in the Service Procurement Market are constantly seeking to differentiate themselves and gain a competitive edge in the market.

Top Market Players:

1. SAP Fieldglass

2. Beeline

3. Upwork

4. PRO Unlimited

5. DCR Workforce

6. Oracle

7. Geometric Results Inc.

8. Ariba

9. IQNavigator

10. Zycus