Service Procurement Market Size, Share, Industry Trends and Forecast to 2033
This report provides a comprehensive analysis of the Service Procurement market, covering insights on current trends, segmentation, regional performance, and forecasts from 2023 to 2033.
| Metric | Value |
|---|---|
| Study Period | 2023 - 2033 |
| 2023 Market Size | $45.60 Billion |
| CAGR (2023-2033) | 6.8% |
| 2033 Market Size | $89.62 Billion |
| Top Companies | SAP Ariba, Jaggaer, Coupa Software, Oracle Procurement Cloud |
| Last Modified Date | 15 Nov 2024 |
Service Procurement Market Report (2023 - 2033)
Service Procurement Market Overview
What is the Market Size & CAGR of Service Procurement market in 2023?
Service Procurement Industry Analysis
Service Procurement Market Segmentation and Scope
Request a custom research report for industry.
Service Procurement Market Analysis Report by Region
Europe Service Procurement Market Report:
Europe's Service Procurement market is expected to grow from $15.44 billion in 2023 to $30.34 billion by 2033. The region is characterized by stringent regulations and compliance requirements, leading organizations to focus on more transparent and sustainable procurement practices.Asia Pacific Service Procurement Market Report:
The Asia Pacific region is witnessing robust growth in the Service Procurement market, with a market size projected to grow from $7.79 billion in 2023 to $15.32 billion by 2033. Demand for more efficient procurement processes and the rapid digitization of supply chains are major contributors to this growth. Countries like China and India are leading the charge, investing heavily in infrastructure and service industries.North America Service Procurement Market Report:
The North American market stands out with a significant market size of $16.15 billion in 2023, projected to reach $31.74 billion by 2033. The ongoing digital transformation and focus on cost reductions in procurement are driving investments in advanced service procurement technologies, enhancing the region's market capabilities.South America Service Procurement Market Report:
In South America, the Service Procurement market is expected to increase from $1.44 billion in 2023 to $2.83 billion in 2033. The region faces unique challenges, including economic instability and fluctuating currency values, but the ongoing effort to streamline procurement processes offers growth opportunities that businesses are tapping into.Middle East & Africa Service Procurement Market Report:
The Middle East and Africa market is forecasted to grow from $4.78 billion in 2023 to $9.39 billion in 2033. The increase in demand for professional services and the strategic importance of procurement hubs in this region are contributing to market growth.Request a custom research report for industry.
Service Procurement Market Analysis By Type
Global Service Procurement Market, By Type Market Analysis (2023 - 2033)
In 2023, the market for professional services is valued at $28.48 billion, expected to reach $55.98 billion by 2033, maintaining a market share of 62.46%. Outsourcing follows with a size of $12.38 billion, expected to double to $24.33 billion. Other significant segments include technology services ($4.74 billion to $9.31 billion) and healthcare ($20.44 billion to $40.17 billion), showing consistent growth.
Service Procurement Market Analysis By Industry
Global Service Procurement Market, By Industry Market Analysis (2023 - 2033)
The major industries benefiting from service procurement include healthcare, where the market is anticipated to grow from $20.44 billion in 2023 to $40.17 billion. The IT and telecom sector is also significant, with growth from $4.73 billion to $9.30 billion. Financial services, manufacturing, and retail are also key contributors to the market, highlighting the diverse applications of service procurement across industries.
Service Procurement Market Analysis By Sourcing Strategy
Global Service Procurement Market, By Sourcing Strategy Market Analysis (2023 - 2033)
Direct sourcing dominates with a market size expected to grow from $37.61 billion in 2023 to $73.92 billion by 2033. Outsourced sourcing is anticipated to increase modestly, from $7.99 billion to $15.70 billion, reflecting a trend toward strategic partnerships and collaborative sourcing efforts.
Service Procurement Market Analysis By Technology
Global Service Procurement Market, By Technology Market Analysis (2023 - 2033)
Digital platforms lead the technology segment with a market size set to escalate from $37.61 billion to $73.92 billion by 2033, demonstrating an extraordinary growth trajectory that highlights the increasing reliance on technology in service procurement.
Service Procurement Market Analysis By Company Size
Global Service Procurement Market, By Company Size Market Analysis (2023 - 2033)
Large enterprises hold a substantial market share with an increase expected from $37.61 billion to $73.92 billion by 2033. Small and medium enterprises (SMEs) are also growing, projected to rise from $7.99 billion to $15.70 billion, indicating an expanding market catered to diverse business needs.
Service Procurement Market Trends and Future Forecast
Request a custom research report for industry.
Global Market Leaders and Top Companies in Service Procurement Industry
SAP Ariba:
SAP Ariba is a leading provider of procurement solutions that empower companies to manage their procurement processes efficiently and effectively. Their suite of tools enhances visibility, control, and compliance within the sourcing process.Jaggaer:
Jaggaer specializes in spend management solutions for procurement, enabling organizations to harness data-driven insights and streamline their purchasing processes across multiple industries.Coupa Software:
Coupa Software offers a comprehensive spend management platform that enables businesses to manage their procurement, invoicing, and expenses through a single, integrated solution.Oracle Procurement Cloud:
Oracle’s procurement solutions provide effective tools for procurement planning, enabling organizations to manage sourcing activities and supplier performance effectively.We're grateful to work with incredible clients.
