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.
Competitive Landscape
Some Major Key Players In The Procurement Technologies and Services Market:
- 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)
- Other Market Players
Market Segmentation:
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.
Based On The Component, The Strategic Sourcing Segment Is Accounted As A Major Contributor To The Procurement Technologies And Services Market.
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.
Manufacturing Segment To Witness Growth At A Rapid Rate
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.
In The Region, North America Procurement Technologies And Services Market Holds A Significant Revenue Share.
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.
Procurement Technologies and Services Market Report Scope
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Report Attribute |
Specifications |
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Market Size Value In 2024 |
USD 7.5 Bn |
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Revenue Forecast In 2034 |
USD 19.8 Bn |
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Growth Rate CAGR |
CAGR of 10.5% from 2025 to 2034 |
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Quantitative Units |
Representation of revenue in US$ Bn and CAGR from 2025 to 2034 |
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Historic Year |
2021 to 2024 |
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Forecast Year |
2025-2034 |
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Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
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Segments Covered |
By Components And Applications |
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Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
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Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; France; Italy; Spain; South East Asia; South Korea |
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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). |
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Customization Scope |
Free customization report with the procurement of the report and modifications to the regional and segment scope. Particular Geographic competitive landscape. |
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Pricing And Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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