Service Procurement Market What Factors will drive the Industry in Upcoming Year

Posted by RakshaGajbhiye on January 29th, 2021

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. Significant growth in the service procurement market is forecasted to be observed during the forecast period. The growth and expansion of the service procurement market is the result of the combination of several factors. Continuous emphasis on increasing productivity among end-user industries, increased demand for human resources, the rise in the number of freelancers, and elevated focus on workforce analytics are some of the factors contributing to the growth of the market. 

In regards to region, Europe occupies the second-largest market share in the service procurement market. The market dominance of the region is the result of the expansion in end-user industries like IT & Telecommunication increased demand for contractual workers, which has increased the relevance of service procurement in this region are also contributing to its market share.

The recent research, Service Procurement market enables stakeholders, field marketing executives and business owners get one step ahead by giving them a better understanding of their immediate competitors for the forecast period, 2020 to 2026. Most importantly, the study empowers product owners to recognize the primary market they are expected to serve. To help companies and individuals operating in the Service Procurement market ensure they have access to commensurate resources in a particular location the research, assess the size that they can realistically target and tap.

Service Procurement Market: Leading Participants

PRO Unlimited, Beeline, DCR Workforce, Upwork, Peoplefluent, Provade, Workmarket, Field Nation, Superior Group, and Pixid.

Reports and Data have segmented the global Service Procurement on the basis of modem type, installation area, application, 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 in USD Million; 2016-2026)

North America (United States, Canada and Mexico)
Europe (Germany, France, UK, Russia and Italy)
Asia-Pacific (China, Japan, Korea, India and Southeast Asia)
South America (Brazil, Argentina, Colombia)

Further key findings from the report suggest:

• Service procurement market held a market share of USD 673.8 Million in the year 2018, with a growth rate of 10.3% during the forecast period.
  
  
• In context to Type, it has been segmented into Direct Procurement and Indirect Procurement. The Direct Procurement segment generated a higher revenue of USD 437.9 Million in 2018 with a CAGR of 9.5% during the forecast period. The fact that Direct Procurement is highly necessary and applicable in the functioning of end-user industries as it helps in acquiring services and components that are directly associated with organization functioning, is contributing to its generated revenue.
  
  
• In regards to Component, it has been segmented into Services and Solutions. The Solutions segment yielded a higher revenue of USD 32.5 Million in 2018 with a CAGR of 6.9% during the forecast period.
  
  
• In context to Organization size, it has been segmented into Large Enterprises and Small and Medium enterprises. The Large enterprises' segment occupied a larger market share of 80.0% in 2018, with a growth rate of 9.5% during the forecast period. The segment is forecasted to maintain its market dominance during the forecast period…Continued

Key Questions Answered

• What are the global production value and consumption value of Service Procurement Market in the forecast period?
  
  
• Who are the key players in the global Service Procurement Market?
  
  
• What will the Service Procurement Market size and growth rate be in 2026?
  
  
• Which key factors will shape the competitive landscape in the forecast period?

In conclusion, the Service Procurement Market report is a reliable source for accessing the Market data that will exponentially accelerate your business. The report provides the principal locale, economic scenarios with the item value, benefit, supply, limit, generation, request, Market development rate, and figure and so on. Besides, the report presents a new task SWOT analysis, speculation attainability investigation, and venture return investigation. 

About Us:

Reports and Data is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target and analyze consumer behavior shifts across demographics, across industries and help client's make a smarter business decision. We offer market intelligence studies ensuring relevant and fact-based research across a multiple industries including Healthcare, Technology, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware about the latest trends existent in the market.