Global Service Procurement Market – Size, Outlook, Trends and Forecast (2024 – 2032)

Service procurement involves direct purchasing and sourcing business services to promote the company itself. Global service procurement market size was valued at $579.8 million in 2017 and is estimated to reach $1,415.18 million by 2025 with the CAGR of 11.8% during 2019-2025. The service procurement market growth is driven by several factors such as increasing number of freelancers in the market, rising focus on workforce analytics, creating opportunities with technological advancements and efficient potential management of spending on contractual workers. However, lack of online order management, accessing corporate facilities by temporary workers, complex system for service process selection and fluctuations in pricing models are hampering the market growth. Rising temporary workers rate in the service sector and increasing solution adoption among service providers are estimated to boost the market growth shortly.

Research Study Objectives:

• Define, estimate, and forecast the Service Procurement Market statistics by component, organisation size, deployment mode, end users and regions concerning the individual growth drivers, market trends and their contribution toward the service procurement market growth
• Provides comprehensive information regarding the key factors influencing the market growth (Drivers, Restraints & Challenges, and Opportunities)
• Estimate & forecast the market size of all the segments concerning geographies including North America, Europe, Asia Pacific (APAC), South America and the Middle East and Africa (MEA).
• Recent competitive developments including M&A (mergers and acquisitions), partnerships, and product innovations are provided in the service procurement market analysis report.
• Analysis and conclusions on the future service procurement market outlook.

Top-down and bottom-up approaches are used to validate the service procurement market size and are used to estimate the size of other dependent submarkets. Key players in the market are identified through various secondary sources; databases including Bloomberg Businessweek, Hoovers, Factiva, journals and associations and the market revenues are estimated and are thoroughly validated through primary and secondary research. Secondary research involves the study of annual and financial reports of top players in the market, whereas primary research includes extensive interviews with the KoL’s such as CEOs, directors, board members, VP’s, sales managers, engineers, marketing executives, technicians, account managers, investors, strategic decision makers and others. The service procurement market shares and breakdowns are determined using secondary sources and are verified by the primary sources. All possible parameters/factors that are affecting the service procurement market demand are covered in the research study are verified through primary research, analysed and interpreted to get the final qualitative and quantitative data. This data is collected and added with detailed analysis from Envision Inteligence and presented in this report.

The scope of the Report

The service procurement market segmentation is as follows:

By Component

• Solutions
  • Contingent Workforce Management
  • Freelancer Management
  • Statement of Work Procurement
  • Services Governance and Master Service Agreement Management
  • Analytics and Reporting
  • Resource Sourcing and Tracking

By Enterprise Size

• Small and Medium Enterprises
• Large Enterprises

By Deployment Mode

• Cloud
• On-Premises

By End Users

• Banking, Financial Services, and Insurance
• Telecom and IT
• Manufacturing
• Retail and Consumer Goods
• Government
• Healthcare and Life Sciences
• Transportation and Logistics
• Energy and Utilities
• Others

Geographical Analysis:

Service procurement market is segmented by geography into North America, South America, Europe, APAC and Middle East & Africa. U.S., Canada, Mexico and Costa Rica are analysed under North American region which is usually turning as the hotspot in the market. The South American region is further segregated into Brazil, Argentina, Chile, Columbia and some other emerging economies. In Europe, the market is extensively examined by covering U.K., Germany, France, Italy, Spain, Netherlands, Poland, Switzerland and some other promising economies. APAC is further categorised by countries into China, India, Japan, South Korea, Australia & New Zealand, Malaysia, Singapore and many other emerging nations. In the Middle East & African region, Saudi Arabia, UAE, Iran, Iraq, Qatar, South Africa, Algeria, Morocco, Nigeria and so on countries are evaluated to understand the market growth lucidly.

Customization Options:

With the given research report, Envision Inteligence offers customisations as per the client’s specific requirements. The following customisation options offered for the service procurement market include:

• Scope Revision
• Geographic Analysis
• Company Profiles
• Historical Data & Forecasting
• Key Contact Persons in companies

Global Service Procurement Market Research Report Includes:

• An executive summary condensing the whole report such that essential authority can rapidly twist up doubtlessly acquainted with brief overview and conclusion.
• To have a complete market analysis through industry value chain analysis, Porter’s Five Force Model, PESTLE, SWOTanalysis, and Y-o-Y analysis.
• Regional and global diversity is analysed with the major countries and the unions. Scrutinizing the revenue generation on Year-On-Year
• Identifying DROC in the current market and their impact on altering market dynamics.
• Competitive landscape analysis to identify the merger and acquisition which will have a comparative financial study with significant competitors.
• Expertise investment opportunities by an analyst to the individual and organisation to have a better foothold in the market.
• Identify the latest developments, market shares and strategies that are employed by the significant world mobile applications, such as
  • SAP Fieldglass, Inc.
  • Beeline
  • DCR Workforce
  • Pro Unlimited, Inc.
  • Field Nation

Along with these companies, many other companies are considered in the report while analysing the global service procurement market competitive strategies and environment. These companies held substantial share-owning to the nature of the industry whereas, the rest of the market shares are marginal chunks to regional and local level manufacturers. Other players also have considerable presence owing to its robust brand image, geographical reach and stable customer base.