Procurement Technologies and Services Market Size is valued at USD 7.5 Bn in 2024 and is predicted to reach USD 19.8 Bn by the year 2034 at a 10.5% CAGR during the forecast period for 2025-2034.
Procurement Technologies and Services comprises tools, platforms, and services that focus on enhancing and optimizing the procurement process, which encompasses the sourcing, purchase, and management of goods and services for companies. These solutions improve efficiency, diminish expenses, guarantee compliance, and promote supplier connections. These technologies comprise a range of software systems, such as e-procurement platforms, supplier management systems, spend analysis tools, contract lifecycle management, and e-auction platforms, that automate and optimize the procurement lifecycle, from requisition and supplier selection to order processing and payment. Over the course of the forecast period, the procurement technologies and services market is expected to develop due to the increasing need for automated procurement processes and management solutions. Furthermore, the need to implement a spend optimization method and the push to reduce costs are driving the market for procurement technologies and services expansion.
Additionally, major providers of procurement technologies and services seek to boost market expansion through alliances and the acquisition of start-up businesses located in various nations across the globe. However, the necessity for many industries to be aware of these technologies, problems integrating them with current systems, growing privacy and data security concerns, and the brief disruptions brought on by the coronavirus epidemic are further obstacles to the procurement technologies and services market growth.
The Procurement Technologies and Services market is segmented based on components and applications. Based on components segment, the market is segmented into Strategic Sourcing, Contract Management, Spend Management, Category Management, Transactions Management, and Process Management. The last segment is application which includes Manufacturing, Energy, BFSI, Healthcare, Travel and Hospitality, and Others.
The Strategic Sourcing category is expected to hold a major global market share in 2024. Through improved supply management and smart sourcing, technological advancements have allowed companies to save expenses and increase profitability. The increasing need for businesses to use technology to enhance procurement operations will propel the procurement technologies and services industry in the years to come. Throughout the projected period, it is also expected that the transaction management area will see substantial expansion. The expansion of component category can be ascribed to the effectiveness of transaction management, which allows end users to boost their company's profitability while building enduring connections with suppliers.
Growing supply chain management operations and the need to standardize and streamline an organization's internal procurement process led to the manufacturing category holding the largest market share. Reducing paper-based documentation and streamlining document sharing in workflow operations are two benefits of integrating digital technologies with traditional procurement processes. The expansion of the market is further driven by the increasing demand for enhanced transparency in order and shipment information, following the imperative to augment supply chain visibility.
The North American Procurement Technologies and Services market is expected to register the highest market share in revenue in the near future. The main drivers of regional expansion are the growing emphasis on providing tailored service plans by procurement technologies and services providers and the growing demand from European manufacturing companies to improve the procurement process. In addition, Asia Pacific is projected to grow rapidly in the global Procurement Technologies and Services market because of a significant increase in the need for digital solutions to control and optimize supply chain processes. Additionally, the region's adoption of procurement technologies and services is being aided by the rising use of the Internet for both direct and indirect procurement services.
|
Report Attribute |
Specifications |
|
Market Size Value In 2024 |
USD 7.5 Bn |
|
Revenue Forecast In 2034 |
USD 19.8 Bn |
|
Growth Rate CAGR |
CAGR of 10.5% from 2025 to 2034 |
|
Quantitative Units |
Representation of revenue in US$ Bn and CAGR from 2025 to 2034 |
|
Historic Year |
2021 to 2024 |
|
Forecast Year |
2025-2034 |
|
Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
|
Segments Covered |
By Components And Applications |
|
Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
|
Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; France; Italy; Spain; South East Asia; South Korea |
|
Competitive Landscape |
Accenture plc, Infosys Limited, GEP Solutions Pvt. Ltd. (GEP Worldwide LLC), Genpact Limited, Proxima Group plc, WNS (Holdings) Limited, Capgemini SE, International Business Machines Corporation, Wipro Limited, HCL Technologies Limited, Tata Consultancy Services Limited, Xchanging plc (now part of DXC Technology Company), Aegis Limited (now often Startek, Inc.), Corbus, LLC, CA, Inc. (a Broadcom Inc. company). |
|
Customization Scope |
Free customization report with the procurement of the report and modifications to the regional and segment scope. Particular Geographic competitive landscape. |
|
Pricing And Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
Chapter 1. Methodology and Scope
1.1. Research Methodology
1.2. Research Scope & Assumptions
Chapter 2. Executive Summary
Chapter 3. Global Procurement Technologies and Services Market Snapshot
Chapter 4. Global Procurement Technologies and Services Market Variables, Trends & Scope
4.1. Market Segmentation & Scope
4.2. Drivers
4.3. Challenges
4.4. Trends
4.5. Investment and Funding Analysis
4.6. Porter's Five Forces Analysis
4.7. Incremental Opportunity Analysis (US$ MN), 2025-2034
4.8. Global Procurement Technologies and Services Market Penetration & Growth Prospect Mapping (US$ Mn), 2024-2034
4.9. Competitive Landscape & Market Share Analysis, By Key Player (2024)
4.10. Use/impact of AI on Procurement Technologies and Services Market Industry Trends
Chapter 5. Procurement Technologies and Services Market Segmentation 1: By Application, Estimates & Trend Analysis
5.1. Market Share by Application, 2024 & 2034
5.2. Market Size (Value (US$ Mn) & Forecasts and Trend Analyses, 2021 to 2034 for the following Application:
5.2.1. Manufacturing
5.2.2. BFSI
5.2.3. Energy
5.2.4. Travel and Hospitality
5.2.5. Healthcare
5.2.6. Others
Chapter 6. Procurement Technologies and Services Market Segmentation 2: By Component, Estimates & Trend Analysis
6.1. Market Share by Component, 2024 & 2034
6.2. Market Size (Value (US$ Mn) & Forecasts and Trend Analyses, 2021 to 2034 for the following Component:
6.2.1. Strategic Sourcing
6.2.2. Spend Management
6.2.3. Category Management
6.2.4. Process Management
6.2.5. Contract Management
6.2.6. Transactions Management
Chapter 7. Procurement Technologies and Services Market Segmentation 3: Regional Estimates & Trend Analysis
7.1. Global Procurement Technologies and Services Market, Regional Snapshot 2024 & 2034
7.2. North America
7.2.1. North America Procurement Technologies and Services Market Revenue (US$ Mn) Estimates and Forecasts by Country, 2021-2034
7.2.1.1. US
7.2.1.2. Canada
7.2.2. North America Procurement Technologies and Services Market Revenue (US$ Mn) Estimates and Forecasts by Application, 2021-2034
7.2.3. North America Procurement Technologies and Services Market Revenue (US$ Mn) Estimates and Forecasts by Component, 2021-2034
7.3. Europe
7.3.1. Europe Procurement Technologies and Services Market Revenue (US$ Mn) Estimates and Forecasts by Country, 2021-2034
7.3.1.1. Germany
7.3.1.2. U.K.
7.3.1.3. France
7.3.1.4. Italy
7.3.1.5. Spain
7.3.1.6. Rest of Europe
7.3.2. Europe Procurement Technologies and Services Market Revenue (US$ Mn) Estimates and Forecasts by Application, 2021-2034
7.3.3. Europe Procurement Technologies and Services Market Revenue (US$ Mn) Estimates and Forecasts by Component, 2021-2034
7.4. Asia Pacific
7.4.1. Asia Pacific Procurement Technologies and Services Market Revenue (US$ Mn) Estimates and Forecasts by Country, 2021-2034
7.4.1.1. India
7.4.1.2. China
7.4.1.3. Japan
7.4.1.4. Australia
7.4.1.5. South Korea
7.4.1.6. Hong Kong
7.4.1.7. Southeast Asia
7.4.1.8. Rest of Asia Pacific
7.4.2. Asia Pacific Procurement Technologies and Services Market Revenue (US$ Mn) Estimates and Forecasts by Application, 2021-2034
7.4.3. Asia Pacific Procurement Technologies and Services Market Revenue (US$ Mn) Estimates and Forecasts by Component, 2021-2034
7.5. Latin America
7.5.1. Latin America Procurement Technologies and Services Market Revenue (US$ Mn) Estimates and Forecasts by Country, 2021-2034
7.5.1.1. Brazil
7.5.1.2. Mexico
7.5.1.3. Rest of Latin America
7.5.2. Latin America Procurement Technologies and Services Market Revenue (US$ Mn) Estimates and Forecasts by Application, 2021-2034
7.5.3. Latin America Procurement Technologies and Services Market Revenue (US$ Mn) Estimates and Forecasts by Component, 2021-2034
7.6. Middle East & Africa
7.6.1. Middle East & Africa Procurement Technologies and Services Market Revenue (US$ Mn) Estimates and Forecasts by country, 2021-2034
7.6.1.1. GCC Countries
7.6.1.2. Israel
7.6.1.3. South Africa
7.6.1.4. Rest of Middle East and Africa
7.6.2. Middle East & Africa Procurement Technologies and Services Market Revenue (US$ Mn) Estimates and Forecasts by Application, 2021-2034
7.6.3. Middle East & Africa Procurement Technologies and Services Market Revenue (US$ Mn) Estimates and Forecasts by Component, 2021-2034
Chapter 8. Competitive Landscape
8.1. Major Mergers and Acquisitions/Strategic Alliances
8.2. Company Profiles
8.2.1. Accenture
8.2.1.1. Business Overview
8.2.1.2. Key Product/Service
8.2.1.3. Financial Performance
8.2.1.4. Geographical Presence
8.2.1.5. Recent Developments with Business Strategy
8.2.2. Infosys
8.2.3. GEP
8.2.4. Genpact
8.2.5. Proxima
8.2.6. WNS
8.2.7. Capgemini
8.2.8. IBM
8.2.9. Wipro
8.2.10. HCL
8.2.11. TCS
8.2.12. Xchanging
8.2.13. Aegis
8.2.14. Corbus
8.2.15. CA Technologies
Procurement Technologies and Services Market By Component-
Procurement Technologies and Services Market By Application-
Procurement Technologies and Services Market By Region-
North America-
Europe-
Asia-Pacific-
Latin America-
Middle East & Africa-
InsightAce Analytic follows a standard and comprehensive market research methodology focused on offering the most accurate and precise market insights. The methods followed for all our market research studies include three significant steps – primary research, secondary research, and data modeling and analysis - to derive the current market size and forecast it over the forecast period. In this study, these three steps were used iteratively to generate valid data points (minimum deviation), which were cross-validated through multiple approaches mentioned below in the data modeling section.
Through secondary research methods, information on the market under study, its peer, and the parent market was collected. This information was then entered into data models. The resulted data points and insights were then validated by primary participants.
Based on additional insights from these primary participants, more directional efforts were put into doing secondary research and optimize data models. This process was repeated till all data models used in the study produced similar results (with minimum deviation). This way, this iterative process was able to generate the most accurate market numbers and qualitative insights.
Secondary research
The secondary research sources that are typically mentioned to include, but are not limited to:
The paid sources for secondary research like Factiva, OneSource, Hoovers, and Statista
Primary Research:
Primary research involves telephonic interviews, e-mail interactions, as well as face-to-face interviews for each market, category, segment, and subsegment across geographies
The contributors who typically take part in such a course include, but are not limited to:
Data Modeling and Analysis:
In the iterative process (mentioned above), data models received inputs from primary as well as secondary sources. But analysts working on these models were the key. They used their extensive knowledge and experience about industry and topic to make changes and fine-tuning these models as per the product/service under study.
The standard data models used while studying this market were the top-down and bottom-up approaches and the company shares analysis model. However, other methods were also used along with these – which were specific to the industry and product/service under study.
To know more about the research methodology used for this study, kindly contact us/click here.
