Service Procurement Market Outlook, Segments, Geography, Dynamics, and Insights by 2031

Historic Data: 2021-2023   |   Base Year: 2024   |   Forecast Period: 2025-2031

Coverage: Service Procurement Market covers analysis By Component (Solution, Services); Industry (BFSI, Government, IT and Telecom, Manufacturing, Retail, Transportation, Others); Organization Size (SMEs, Large Enterprises); Deployment Type (On-Premise, Cloud) , and Geography (North America, Europe, Asia Pacific, and South and Central America)

  • Report Date : Nov 2025
  • Report Code : TIPRE00007280
  • Category : Technology, Media and Telecommunications
  • Status : Upcoming
  • Available Report Formats : pdf-format excel-format
  • No. of Pages : 150
Page Updated: Jan 2025

The Service Procurement Market is expected to register a CAGR of 11.6% from 2025 to 2031, with a market size expanding from US$ XX million in 2024 to US$ XX Million by 2031.

The Service Procurement Market Report is segmented by Component into the following subsegments: Solutions and Services. It is also segmented by Industry, including BFSI, Government, IT and Telecom, Manufacturing, Retail, Transportation, and others. The Organization Size segmentation includes SMEs and Large Enterprises, as well as Deployment Type, covering On-Premise and Cloud solutions. The global analysis is broken down at the regional level and by major countries. The market evaluation is presented in US$ for the above segmental analysis, with projections through 2031.

Purpose of the Report

The report Service Procurement Market by The Insight Partners aims to describe the present landscape and future growth, top driving factors, challenges, and opportunities. This will provide insights to various business stakeholders, such as:

  • Technology Providers/Manufacturers: To understand the evolving market dynamics and know the potential growth opportunities, enabling them to make informed strategic decisions.
  • Investors: To conduct a comprehensive trend analysis regarding the market growth rate, market financial projections, and opportunities that exist across the value chain.
  • Regulatory bodies: To regulate policies and police activities in the market with the aim of minimizing abuse, preserving investor trust and confidence, and upholding the integrity and stability of the market.

Service Procurement Market Segmentation

Component

  • Solution
  • Services

Industry

  • BFSI
  • Government
  • IT and Telecom
  • Manufacturing
  • Retail
  • Transportation
  • Others

Organization Size

  • SMEs
  • Large Enterprises

Deployment Type

  • On-Premise
  • Cloud

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Service Procurement Market: Strategic Insights

service-procurement-market
  • Get Top Key Market Trends of this report.
    This FREE sample will include data analysis, ranging from market trends to estimates and forecasts.

Service Procurement Market Growth Drivers

  • Digital Transformation in Procurement: Digital Transformation in Procurement is the key driver of the procurement automation market as companies are likely to go digital for organizing and managing the processes of procurement and building up the relationship with the suppliers and also building up a compliance process.
  • Cost Management and Efficiency Needs: It implies that, in order to maximize procuring costs alongside increasing efficiencies in operations, companies are likely to turn toward automation by exploiting their data better.
  • Global Supply Chain Challenges: Due to these factors, global supply chain challenges have made businesses design better procurement strategies and guarantee the continuity of their supplies through the use of technology.

Service Procurement Market Future Trends

  • Automating Procurement: AI and Robotic Process Automation Increasing adoption of artificial intelligence (AI) and RPA to standardize procurement activities—from the selection of suppliers to a purchase order.
  • Cloud-Based Solutions for Procurement: Real-time activities are recorded in cloud-based procurement systems, even as regards collaborative activities for teams, suppliers, and vendors.
  • Sustainability and Ethical Sourcing: With the need for more openness with regard to sources of products and the sustainability of suppliers, companies are beginning to understand the inclusion of sustainability metrics in procurement systems.

Service Procurement Market Opportunities

  • Adoption of Procurement Tech in SMEs: Small and medium-sized enterprises are embracing procurement technology in a move to remain ahead of the game and, in turn, provide transparency about their supply chains.
  • Integration into ERP System: An opportunity exists to integrate the service procurement system with an ERP solution for better information flow and decision-making.
  • Supplier management with advanced analytics: Advanced Analytics for Supplier Management Advanced analytics can provide businesses with better-sophisticated capabilities to analyze the performance of suppliers, predict risks concerning suppliers, and improve supplier relationships.

Service Procurement Market Regional Insights

The regional trends and factors influencing the Service Procurement Market throughout the forecast period have been thoroughly explained by the analysts at The Insight Partners. This section also discusses Service Procurement Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Service Procurement Market Report Scope

Report Attribute Details
Market size in 2024 US$ XX million
Market Size by 2031 US$ XX Million
Global CAGR (2025 - 2031) 11.6%
Historical Data 2021-2023
Forecast period 2025-2031
Segments Covered By Component
  • Solution
  • Services
By Industry
  • BFSI
  • Government
  • IT and Telecom
  • Manufacturing
  • Retail
  • Transportation
  • Others
By Organization Size
  • SMEs
  • Large Enterprises
By Deployment Type
  • On-Premise
  • Cloud
Regions and Countries Covered North America
  • US
  • Canada
  • Mexico
Europe
  • UK
  • Germany
  • France
  • Russia
  • Italy
  • Rest of Europe
Asia-Pacific
  • China
  • India
  • Japan
  • Australia
  • Rest of Asia-Pacific
South and Central America
  • Brazil
  • Argentina
  • Rest of South and Central America
Middle East and Africa
  • South Africa
  • Saudi Arabia
  • UAE
  • Rest of Middle East and Africa
Market leaders and key company profiles
  • Beeline
  • Coupa Software
  • Enlighta
  • PeopleFluent
  • Pro Unlimited Inc.
  • TargetRecruit
  • Smart ERP Solutions Inc.
  • Upwork
  • VectorVMS

  • Service Procurement Market Players Density: Understanding Its Impact on Business Dynamics

    The Service Procurement Market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.


    service-procurement-market-cagr

    • Get the Service Procurement Market top key players overview

    Key Selling Points

    • Comprehensive Coverage: The report comprehensively covers the analysis of products, services, types, and end users of the Service Procurement Market, providing a holistic landscape.
    • Expert Analysis: The report is compiled based on the in-depth understanding of industry experts and analysts.
    • Up-to-date Information: The report assures business relevance due to its coverage of recent information and data trends.
    • Customization Options: This report can be customized to cater to specific client requirements and suit the business strategies aptly.

    The research report on the Service Procurement Market can, therefore, help spearhead the trail of decoding and understanding the industry scenario and growth prospects. Although there can be a few valid concerns, the overall benefits of this report tend to outweigh the disadvantages.


    Frequently Asked Questions

    1

    What are the options available for the customization of this report?

    Some of the customization options available based on request are additional 3-5 company profiles and country-specific analysis of 3-5 countries of your choice. Customizations are to be requested/discussed before making final order confirmation, as our team would review the same and check the feasibility.
    2

    Which are leading players in Service Procurement Market?

    The key vendors of Service Procurement Market comprise Beeline, Coupa Software, Enlighta, PeopleFluent, Pro Unlimited Inc., TargetRecruit, Smart ERP Solutions Inc., Upwork, VectorVMS, WorkMarket, Inc,
    3

    What are the deliverable formats of the Service Procurement Market?

    The report can be delivered in PDF/PPT format; we can also share excel dataset based on the request.
    4

    What is the expected CAGR in Service Procurement Market?

    The market is expected to register a CAGR of 11.6% during 2023-2031.
    5

    What are the future trends of Service Procurement Market ?

    The future trends in the Service Procurement Market are stronger AI-driven procurement solutions to aid in better decision-making, growth of cloud-based procurement platforms, and employing blockchain technology for transparency and reduced fraud within the procurement processes.
    6

    What are driving factors impacting the Service Procurement Market?

    The dominating drivers include the increasing dependency of people on digital platforms for procurement and the move toward cloud-based procurement solutions.
    Ankita Mittal
    Manager,
    Market Research & Consulting

    Ankita is a dynamic market research and consulting professional with over 8 years of experience across the technology, media, ICT, and electronics & semiconductor sectors. She has successfully led and delivered 100+ consulting and research assignments for global clients such as Microsoft, Oracle, NEC Corporation, SAP, KPMG, and Expeditors International. Her core competencies include market assessment, data analysis, forecasting, strategy formulation, competitive intelligence, and report writing.

    Ankita is adept at handling complete project cycles—from pre-sales proposal design and client discussions to post-sales delivery of actionable insights. She is skilled in managing cross-functional teams, structuring complex research modules, and aligning solutions with client-specific business goals. Her excellent communication, leadership, and presentation abilities have enabled her to consistently deliver value-driven outcomes in fast-paced and evolving market environments.

    • Historical Analysis (2 Years), Base Year, Forecast (7 Years) with CAGR
    • PEST and SWOT Analysis
    • Market Size Value / Volume - Global, Regional, Country
    • Industry and Competitive Landscape
    • Excel Dataset

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