Procurement Management Services Market to Reach USD 16.21 Billion by 2034

Evolve Business Intelligence has published a research report on the Global Procurement Management Services Market, 2024–2034. The global Procurement Management Services Market is projected to exhibit a CAGR of around 9.87% during the forecast period of 2024 to 2034.

Evolve Business Intelligence has recognized the following companies as the key players in the global Procurement Management Services Market: CA Technologies, Accenture, Corbus, Infosys, GAP, Xchanging, Genpact, TCS, Proxima and HCL Technologies.

Market Highlights

The Global Procurement Management Services Market is projected to be valued at USD 16.21 Billion by 2034, recording a CAGR of around 9.87% during the forecast period. The Procurement Management Services Market consists of third-party providers that help businesses streamline their purchasing processes, optimize supplier relationships, and reduce procurement costs. These services include strategic sourcing, supplier management, contract negotiation, spend analysis, and risk management across various industries such as manufacturing, healthcare, retail, IT, and BFSI.

The procurement management services market is expanding rapidly due to the increasing need for organizations to optimize their procurement processes, reduce costs, and improve efficiency.

Segmental Analysis

The global Procurement Management Services Market has been segmented based on Component, Organization Size and Vertical.

Based on Component, the Procurement Management Services Market is segmented into Transaction Management, Strategic Sourcing, Process Management, Spend Management, Category Management, Contract Management. The Transaction Management is anticipated to dominate the market.

Based on Organization Size, the global Procurement Management Services Market has been segmented into Large Scale Enterprise & Small-Medium Enterprise. The Large Scale Enterprise segment is anticipated to dominate the market.

Based on Vertical, the global Procurement Management Services Market has been divided into Travel and Hospitality, Manufacturing, Healthcare, Retail, Consumer Goods Market, Energy & Utilities, Banking, Insurance and Financial Services & IT & Telecom. The Manufacturing segment is anticipated to dominate the market.

Regional Analysis

The Procurement Management Services Market is divided into five regions: North America, Europe, Asia-Pacific, South America, and the Middle East, & Africa. North America currently holds a significant market share. This is attributed to the region’s mature outsourcing industry and early adoption of cloud-based technologies. The presence of major technology and consulting firms further strengthens its position. Europe represents a mature market with a strong emphasis on compliance and regulatory standards. Increasing focus on sustainability and ethical sourcing and has strong adoption of digital technologies. Asia-Pacific is fastest growing region. Rapid industrialization and expanding economies, particularly in China and India, are driving this growth. Increasing focus on streamlining procurement processes through digital transformation, rising demand for cost-effective procurement solutions and growth of manufacturing and e-commerce sectors. Latin America is developing outsourcing markets and a growing inclination to streamline procurement processes. The region offers untapped potential for procurement service providers, with growth driven by the need for cost-effective and efficient procurement solutions. Middle East and Africa region is projected to experience significant growth, driven by the increasing demand for procurement services that enhance efficiency and compliance.