Product Code: ETC13393808 | Publication Date: Apr 2025 | Updated Date: Jul 2025 | Product Type: Market Research Report | |
Publisher: 6Wresearch | Author: Shubham Deep | No. of Pages: 190 | No. of Figures: 80 | No. of Tables: 40 |
According to 6Wresearch internal database and industry insights, the Global Service Procurement Market was valued at USD 3.4 Billion in 2024 and is expected to reach USD 9.2 Billion by 2031, growing at a compound annual growth rate of 18.00% during the forecast period (2025-2031).
The Global Service Procurement Market encompasses the processes and technologies used by organizations to source, engage, and manage external service providers for various business needs. This market is driven by the increasing trend of businesses relying on external expertise to complete projects efficiently and cost-effectively. Key factors influencing market growth include the rise of the gig economy, the need for specialized skills, and the adoption of digital platforms for streamlined procurement processes. Service procurement solutions offer benefits such as improved supplier management, enhanced compliance, and better visibility into spending. Major players in the market offer a range of services including vendor management, invoice processing, and contract management to help organizations optimize their service procurement strategies and drive operational efficiency.
The Global Service Procurement Market is experiencing significant growth due to the increasing adoption of technology, particularly cloud-based solutions, which are streamlining the procurement process and providing greater visibility and control over services spending. Another trend is the rise of the gig economy, leading to the growing use of freelance and contingent workers, which in turn is driving the demand for service procurement solutions to efficiently manage these external resources. Additionally, there is a shift towards strategic sourcing and supplier relationship management to optimize costs and enhance service quality. Opportunities in this market include the development of AI and machine learning capabilities to automate processes, improve decision-making, and enhance compliance. Overall, the Global Service Procurement Market is poised for continued expansion as organizations seek innovative solutions to effectively manage their services spend and supplier relationships.
The Global Service Procurement Market faces several challenges, including ensuring compliance with regulations and managing the complexity of service provider relationships. Companies must navigate various legal requirements and labor laws across different regions, leading to potential compliance issues. Additionally, managing multiple service providers can be challenging, as companies need to track performance, costs, and contracts effectively. Another key challenge is ensuring transparency and accountability in the procurement process to avoid risks such as fraud or conflicts of interest. Overall, the complexity of the service procurement market requires companies to adopt robust systems and processes to overcome these challenges and optimize their service procurement strategies effectively.
The Global Service Procurement Market is primarily driven by the increasing adoption of technology and automation in procurement processes, which helps streamline operations and improve efficiency. Companies are turning to service procurement solutions to better manage their contingent workforce, control costs, and ensure compliance with regulations. Additionally, the growing trend of businesses shifting towards a more flexible workforce model, including freelancers and independent contractors, is driving the demand for service procurement platforms that can efficiently source, manage, and pay these external resources. The emphasis on data analytics and insights to make informed decisions, as well as the need for greater visibility and transparency in procurement operations, are also key factors fueling the growth of the global service procurement market.
Government policies related to the Global Service Procurement Market vary by country but generally focus on promoting fair competition, transparency, and efficiency in the procurement process. Many countries have regulations in place to ensure that service providers are selected based on merit and that the procurement process is free from corruption. Additionally, some governments may have specific policies to promote the inclusion of small and minority-owned businesses in the procurement process to foster economic growth and diversity. Compliance with labor laws, environmental regulations, and data privacy requirements are also key aspects of government policies that impact the service procurement market globally. Overall, government policies aim to create a level playing field for service providers and ensure that public funds are spent responsibly and effectively in the procurement of services.
The Global Service Procurement Market is expected to witness significant growth in the coming years due to the increasing adoption of technology and the growing trend of outsourcing non-core activities. Companies are increasingly recognizing the benefits of utilizing specialized service providers to streamline their procurement processes, improve efficiency, and reduce costs. The market is also being driven by the rise of the gig economy, which is enabling businesses to access a wider pool of talent on a project basis. Additionally, the shift towards remote work and the need for flexible workforce management solutions are further driving the demand for service procurement platforms. Overall, the market is poised for steady growth as businesses continue to prioritize cost-effectiveness and efficiency in their procurement operations.
The global service procurement market is experiencing varying trends across different regions. Asia is witnessing rapid growth in service procurement adoption due to the increasing demand for cost-effective services and the presence of a large talent pool. In North America, the market is driven by the focus on enhancing operational efficiency and compliance with regulations. In Europe, the emphasis is on leveraging technology and automation to streamline service procurement processes. The Middle East and Africa are gradually adopting service procurement solutions to improve transparency and supplier relationships. Latin America is experiencing moderate growth, with companies investing in cloud-based platforms for better visibility and control over service spending. Overall, the global service procurement market is evolving with region-specific factors influencing adoption and growth strategies.
Global Service Procurement Market |
1 Executive Summary |
2 Introduction |
2.1 Key Highlights of the Report |
2.2 Report Description |
2.3 Market Scope & Segmentation |
2.4 Research Methodology |
2.5 Assumptions |
3 Global Service Procurement Market Overview |
3.1 Global Regional Macro Economic Indicators |
3.2 Global Service Procurement Market Revenues & Volume, 2021 & 2031F |
3.3 Global Service Procurement Market - Industry Life Cycle |
3.4 Global Service Procurement Market - Porter's Five Forces |
3.5 Global Service Procurement Market Revenues & Volume Share, By Regions, 2021 & 2031F |
3.6 Global Service Procurement Market Revenues & Volume Share, By Component, 2021 & 2031F |
3.7 Global Service Procurement Market Revenues & Volume Share, By Deployment Type, 2021 & 2031F |
3.8 Global Service Procurement Market Revenues & Volume Share, By Organization Size, 2021 & 2031F |
3.9 Global Service Procurement Market Revenues & Volume Share, By Industry Vertical, 2021 & 2031F |
4 Global Service Procurement Market Dynamics |
4.1 Impact Analysis |
4.2 Market Drivers |
4.3 Market Restraints |
5 Global Service Procurement Market Trends |
6 Global Service Procurement Market, 2021 - 2031 |
6.1 Global Service Procurement Market, Revenues & Volume, By Component, 2021 - 2031 |
6.1.1 Overview & Analysis |
6.1.2 Global Service Procurement Market, Revenues & Volume, By Solutions, 2021 - 2031 |
6.1.3 Global Service Procurement Market, Revenues & Volume, By Services, 2021 - 2031 |
6.2 Global Service Procurement Market, Revenues & Volume, By Deployment Type, 2021 - 2031 |
6.2.1 Overview & Analysis |
6.2.2 Global Service Procurement Market, Revenues & Volume, By On-premises, 2021 - 2031 |
6.2.3 Global Service Procurement Market, Revenues & Volume, By Cloud, 2021 - 2031 |
6.3 Global Service Procurement Market, Revenues & Volume, By Organization Size, 2021 - 2031 |
6.3.1 Overview & Analysis |
6.3.2 Global Service Procurement Market, Revenues & Volume, By Small and Medium-sized Enterprises (SMEs), 2021 - 2031 |
6.3.3 Global Service Procurement Market, Revenues & Volume, By Large enterprises, 2021 - 2031 |
6.4 Global Service Procurement Market, Revenues & Volume, By Industry Vertical, 2021 - 2031 |
6.4.1 Overview & Analysis |
6.4.2 Global Service Procurement Market, Revenues & Volume, By Banking, Financial Services, and Insurance, 2021 - 2031 |
6.4.3 Global Service Procurement Market, Revenues & Volume, By Telecom and IT, 2021 - 2031 |
6.4.4 Global Service Procurement Market, Revenues & Volume, By Manufacturing, 2021 - 2031 |
6.4.5 Global Service Procurement Market, Revenues & Volume, By Retail and Consumer goods, 2021 - 2031 |
6.4.6 Global Service Procurement Market, Revenues & Volume, By Government, 2021 - 2031 |
6.4.7 Global Service Procurement Market, Revenues & Volume, By Healthcare and Life Sciences, 2021 - 2031 |
6.4.8 Global Service Procurement Market, Revenues & Volume, By Transportation and Logistics, 2021 - 2031 |
6.4.9 Global Service Procurement Market, Revenues & Volume, By Energy and Utilities, 2021 - 2031 |
7 North America Service Procurement Market, Overview & Analysis |
7.1 North America Service Procurement Market Revenues & Volume, 2021 - 2031 |
7.2 North America Service Procurement Market, Revenues & Volume, By Countries, 2021 - 2031 |
7.2.1 United States (US) Service Procurement Market, Revenues & Volume, 2021 - 2031 |
7.2.2 Canada Service Procurement Market, Revenues & Volume, 2021 - 2031 |
7.2.3 Rest of North America Service Procurement Market, Revenues & Volume, 2021 - 2031 |
7.3 North America Service Procurement Market, Revenues & Volume, By Component, 2021 - 2031 |
7.4 North America Service Procurement Market, Revenues & Volume, By Deployment Type, 2021 - 2031 |
7.5 North America Service Procurement Market, Revenues & Volume, By Organization Size, 2021 - 2031 |
7.6 North America Service Procurement Market, Revenues & Volume, By Industry Vertical, 2021 - 2031 |
8 Latin America (LATAM) Service Procurement Market, Overview & Analysis |
8.1 Latin America (LATAM) Service Procurement Market Revenues & Volume, 2021 - 2031 |
8.2 Latin America (LATAM) Service Procurement Market, Revenues & Volume, By Countries, 2021 - 2031 |
8.2.1 Brazil Service Procurement Market, Revenues & Volume, 2021 - 2031 |
8.2.2 Mexico Service Procurement Market, Revenues & Volume, 2021 - 2031 |
8.2.3 Argentina Service Procurement Market, Revenues & Volume, 2021 - 2031 |
8.2.4 Rest of LATAM Service Procurement Market, Revenues & Volume, 2021 - 2031 |
8.3 Latin America (LATAM) Service Procurement Market, Revenues & Volume, By Component, 2021 - 2031 |
8.4 Latin America (LATAM) Service Procurement Market, Revenues & Volume, By Deployment Type, 2021 - 2031 |
8.5 Latin America (LATAM) Service Procurement Market, Revenues & Volume, By Organization Size, 2021 - 2031 |
8.6 Latin America (LATAM) Service Procurement Market, Revenues & Volume, By Industry Vertical, 2021 - 2031 |
9 Asia Service Procurement Market, Overview & Analysis |
9.1 Asia Service Procurement Market Revenues & Volume, 2021 - 2031 |
9.2 Asia Service Procurement Market, Revenues & Volume, By Countries, 2021 - 2031 |
9.2.1 India Service Procurement Market, Revenues & Volume, 2021 - 2031 |
9.2.2 China Service Procurement Market, Revenues & Volume, 2021 - 2031 |
9.2.3 Japan Service Procurement Market, Revenues & Volume, 2021 - 2031 |
9.2.4 Rest of Asia Service Procurement Market, Revenues & Volume, 2021 - 2031 |
9.3 Asia Service Procurement Market, Revenues & Volume, By Component, 2021 - 2031 |
9.4 Asia Service Procurement Market, Revenues & Volume, By Deployment Type, 2021 - 2031 |
9.5 Asia Service Procurement Market, Revenues & Volume, By Organization Size, 2021 - 2031 |
9.6 Asia Service Procurement Market, Revenues & Volume, By Industry Vertical, 2021 - 2031 |
10 Africa Service Procurement Market, Overview & Analysis |
10.1 Africa Service Procurement Market Revenues & Volume, 2021 - 2031 |
10.2 Africa Service Procurement Market, Revenues & Volume, By Countries, 2021 - 2031 |
10.2.1 South Africa Service Procurement Market, Revenues & Volume, 2021 - 2031 |
10.2.2 Egypt Service Procurement Market, Revenues & Volume, 2021 - 2031 |
10.2.3 Nigeria Service Procurement Market, Revenues & Volume, 2021 - 2031 |
10.2.4 Rest of Africa Service Procurement Market, Revenues & Volume, 2021 - 2031 |
10.3 Africa Service Procurement Market, Revenues & Volume, By Component, 2021 - 2031 |
10.4 Africa Service Procurement Market, Revenues & Volume, By Deployment Type, 2021 - 2031 |
10.5 Africa Service Procurement Market, Revenues & Volume, By Organization Size, 2021 - 2031 |
10.6 Africa Service Procurement Market, Revenues & Volume, By Industry Vertical, 2021 - 2031 |
11 Europe Service Procurement Market, Overview & Analysis |
11.1 Europe Service Procurement Market Revenues & Volume, 2021 - 2031 |
11.2 Europe Service Procurement Market, Revenues & Volume, By Countries, 2021 - 2031 |
11.2.1 United Kingdom Service Procurement Market, Revenues & Volume, 2021 - 2031 |
11.2.2 Germany Service Procurement Market, Revenues & Volume, 2021 - 2031 |
11.2.3 France Service Procurement Market, Revenues & Volume, 2021 - 2031 |
11.2.4 Rest of Europe Service Procurement Market, Revenues & Volume, 2021 - 2031 |
11.3 Europe Service Procurement Market, Revenues & Volume, By Component, 2021 - 2031 |
11.4 Europe Service Procurement Market, Revenues & Volume, By Deployment Type, 2021 - 2031 |
11.5 Europe Service Procurement Market, Revenues & Volume, By Organization Size, 2021 - 2031 |
11.6 Europe Service Procurement Market, Revenues & Volume, By Industry Vertical, 2021 - 2031 |
12 Middle East Service Procurement Market, Overview & Analysis |
12.1 Middle East Service Procurement Market Revenues & Volume, 2021 - 2031 |
12.2 Middle East Service Procurement Market, Revenues & Volume, By Countries, 2021 - 2031 |
12.2.1 Saudi Arabia Service Procurement Market, Revenues & Volume, 2021 - 2031 |
12.2.2 UAE Service Procurement Market, Revenues & Volume, 2021 - 2031 |
12.2.3 Turkey Service Procurement Market, Revenues & Volume, 2021 - 2031 |
12.3 Middle East Service Procurement Market, Revenues & Volume, By Component, 2021 - 2031 |
12.4 Middle East Service Procurement Market, Revenues & Volume, By Deployment Type, 2021 - 2031 |
12.5 Middle East Service Procurement Market, Revenues & Volume, By Organization Size, 2021 - 2031 |
12.6 Middle East Service Procurement Market, Revenues & Volume, By Industry Vertical, 2021 - 2031 |
13 Global Service Procurement Market Key Performance Indicators |
14 Global Service Procurement Market - Export/Import By Countries Assessment |
15 Global Service Procurement Market - Opportunity Assessment |
15.1 Global Service Procurement Market Opportunity Assessment, By Countries, 2021 & 2031F |
15.2 Global Service Procurement Market Opportunity Assessment, By Component, 2021 & 2031F |
15.3 Global Service Procurement Market Opportunity Assessment, By Deployment Type, 2021 & 2031F |
15.4 Global Service Procurement Market Opportunity Assessment, By Organization Size, 2021 & 2031F |
15.5 Global Service Procurement Market Opportunity Assessment, By Industry Vertical, 2021 & 2031F |
16 Global Service Procurement Market - Competitive Landscape |
16.1 Global Service Procurement Market Revenue Share, By Companies, 2024 |
16.2 Global Service Procurement Market Competitive Benchmarking, By Operating and Technical Parameters |
17 Top 10 Company Profiles |
18 Recommendations |
19 Disclaimer |