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. |
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-
This study employed a multi-step, mixed-method research approach that integrates:
This approach ensures a balanced and validated understanding of both macro- and micro-level market factors influencing the market.
Secondary research for this study involved the collection, review, and analysis of publicly available and paid data sources to build the initial fact base, understand historical market behaviour, identify data gaps, and refine the hypotheses for primary research.
Secondary data for the market study was gathered from multiple credible sources, including:
These sources were used to compile historical data, market volumes/prices, industry trends, technological developments, and competitive insights.
Primary research was conducted to validate secondary data, understand real-time market dynamics, capture price points and adoption trends, and verify the assumptions used in the market modelling.
Primary interviews for this study involved:
Interviews were conducted via:
Primary insights were incorporated into demand modelling, pricing analysis, technology evaluation, and market share estimation.
All collected data were processed and normalized to ensure consistency and comparability across regions and time frames.
The data validation process included:
This ensured that the dataset used for modelling was clean, robust, and reliable.
The bottom-up approach involved aggregating segment-level data, such as:
This method was primarily used when detailed micro-level market data were available.
The top-down approach used macro-level indicators:
This approach was used for segments where granular data were limited or inconsistent.
To ensure accuracy, a triangulated hybrid model was used. This included:
This multi-angle validation yielded the final market size.
Market forecasts were developed using a combination of time-series modelling, adoption curve analysis, and driver-based forecasting tools.
Given inherent uncertainties, three scenarios were constructed:
Sensitivity testing was conducted on key variables, including pricing, demand elasticity, and regional adoption.