The global service procurement market is forecast to reach USD 1,494.9 Million by 2026, according to a new report by Reports and Data. Service procurement can be considered as strategic outsourcing. In simplified terms, it is the process of acquiring services from external sources that are required for the operation of an organization. The service procurement market is forecasted to witness considerable growth during the forecast period. Continuous emphasis on increasing the productivity among different end-user industries for gaining a competitive advantage, the associated rise in the number of freelancers and contractual workers are some of the primary factors augmenting the growth of the service procurement market. There are various benefits associated with service procurement, which are increasing its acceptance and incorporation among end-user industries.
Major players in the Service Procurement Market include Microsoft Corporation, IBM Corporation, Slack technologies, Inc., VMware, Inc., Facebook, Inc., Igloo, Inc., 8x8, Inc., Fuze Inc., Vonage Networks LLC, Atlassian Corporation PLC , Adobe Systems, Cisco Systems, Google, Jive Software , Mitel Networks , Salesforce.Com, SAP, Tibco Software.
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The global Service Procurement market is forecast to reach USD 1,494.9 Million by 2026, according to a new report by Reports and Data. Service Procurement can be considered as strategic outsourcing. In simplified terms, it is the process of acquiring services from external sources that are required for the operation of an organization. The Service Procurement market is forecasted to witness considerable growth during the forecast period. Continuous emphasis on increasing the productivity among different end-user industries for gaining a competitive advantage, the associated rise in the number of freelancers and contractual workers are some of the primary factors augmenting the growth of the Service Procurement market. There are various benefits associated with Service Procurement, which are increasing its acceptance and incorporation among end-user industries.
Some Key Highlights From the Report
In June 2021, Amcor launched dual chamber pouch in Europe for drug and medical device combination packaging. The Dual Chamber Pouch (DCP) of Amcor has already been tested and commercialized in the U.S. The new packaging solution is expected to support healthcare customers in meeting the complex requirements of Service Procurement. It utilizes a high strength foil laminate that protects contents from moisture, light, and oxygen ingress to support drug efficacy and extend shelf life.
Segments covered in the report:
This report forecasts revenue growth at a global, regional & country level, and provides an analysis on the industry trends in each of the sub-segments from 2016 to 2026.
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For the purpose of this study, Reports and Data have segmented the market on the basis of Deployment, Offerings, Organization Size, End User and region:
Segments Covered in the report:
This report forecasts revenue growth at a global, regional & country level, and provides an analysis of the industry trends in each of the sub-segments from 2020 to 2026. For the purpose of this report, Reports and Data have segmented the global Service Procurement market according to Type, Component, Organization Size, Deployment Type, End-users, and Region:
Type Outlook (Revenue, USD Million; 2020-2026)
· Direct Procurement
· Indirect Procurement
Component Type Outlook (Revenue, USD Million; 2020-2026)
· Solutions
· Resource tracking and sourcing
· Freelancer management
· Contingent workforce management
· Service governance
· Reporting and analytics
· Services
· Maintenance and Support
· Integration and Deployment
· Consulting
Organization size Type Outlook (Revenue, USD Million; 2020-2026)
· Large Enterprises
· Small and Medium-Sized Enterprises
Deployment Type Outlook (Revenue, USD Million; 2020-2026)
· On-premises
· Cloud
End-users Type Outlook (Revenue, USD Million; 2020-2026)
· Energy and Utilities
· Banking, Financial Services, and Insurance [BFSI]
· IT & Telecommunication
· Transportation and Logistics
· Manufacturing
· Government
· Healthcare
· Retail and Consumer Goods
· Others
Regional Outlook (Revenue, USD Billion; 2016-2026)
· North America
· U.S.
Europe
· UK
· France
Asia Pacific
· China
· India
· Japan
· MEA
· Latin America
· Brazil
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Procurement Service MarketThe global procurement service market is valued at USD 4.93 billion in 2018 and is rising at a CAGR of 8.9% with a forecast of USD 9 billion by 2025.All enterprises utilize procurement services and have traditionally managed them in-house.
The changing economic landscape with its emphasis on e-procurement, supply chain management, and efficient p2p systems has made it more cost-effective to outsource these services to businesses dedicated to providing procurement solutions.As this industry grows, it becomes more cost-effective for all businesses to avail procurement services and that is a big factor in this market’s growth.An excellent supporting infrastructure is provided by various IT companies who have expanded their profile to offer procurement services with the largest enterprises setting up their own procurement service units.MARKET USPAn increasing number of enterprises outsourcing all their procurement services related requirements to third-party vendors leading to rapid market growth.SEGMENTATIONBy ComponentStrategic Sourcing: The largest market by segment.
Strategic sourcing overlooks the collation of information pertinent to an organization to maximize its profitability.
It is utilized by all the industries across sectors.Spend Management: This is the fastest-growing segment.
Category management benefits businesses of all sizes and with its sphere of application encompassing virtually all industries, this segment is slated to grow.Process Management: With an overarching aim to align and attune an organization’s entire machinery to the goals of the organization, process management is an excellent way for an enterprise to shape up and eliminate all wasteful procedures and ventures.
Essential for enterprises which offer many services and products.Transaction Management: IT, travel, hospitality, and banking place emphasis on transaction management.By Organization SizeLarge Enterprises: A very large segment, large enterprises often become cumbersome and utilizing procurement services, they can streamline themselves to better their profitability.SMEs: Often critical to their survival, procurement services are an excellent way for SMEs to build up profitability and streamline their strategic capabilities.Regional analysisNorth America: The largest regional market for procurement as a service, North America has a well-entrenched services industry, a high degree of digitalization, and a highly competitive business environment, all factors which serve to drive the procurement as a service market.US: Most of the leading companies providing procurement as a service are headquartered in the US.
OverviewThe procurement as a service market size is projected to grow at a CAGR of 8.9% during the forecast period.
As per the procurement as a service market research report, the global market for procurement as a service is projected to grow swiftly by US$9 billion by 2025.
Additionally, the market on the basis of vertical, is segmented into government & defense, healthcare, IT & telecom, manufacturing, retail, BFSI, and others.
However, according to the procurement as a service market research report, unique solutions for all business verticals along with dynamic economic landscape will propel growth throughout the forecast period.
The procurement as a service market research report provides an extensive understanding of the procurement as a service market based on the information and forecasts till 2025.Regional OverviewNorth America, Europe, Asia Pacific and the rest of the world regional market for procurement as a service are predominantly covered in the global procurement as a service market research report.
The procurement as a service market research report also covers regional markets from the rest of the world alongside procurement as a service markets of Africa and the Middle East.Complete Report Details @ https://www.marketresearchfuture.com/reports/procurement-service-market-8293Competitive LandscapeDemands across industry verticals and components are presumed to drive the procurement as a service market growth worldwide.
