The Global report on “Service Procurement Market” delivering key insights and providing a competitive advantage to clients through a detailed report. The report also details the information about the global market status, growth rate, future trends, market drivers, challenges, opportunities and porter’s forces analysis with respect to these elements. An exclusive data offered in this report is collected by research and industry experts team.
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Growing number of freelancers in the job market and increasing impetus on workforce analytics and effective management of spending on contractual workers are driving the service procurement market.
The service procurement market size is expected to grow from USD 579.5million in 2017 to USD 1,011.6million by 2022, at a Compound Annual Growth Rate (CAGR) of 11.8% during the forecast period. This market is driven by growing impetus on workforce analytics, and opportunities created with technological advancements for temporary workers to grow in the services sector. On the other hand, a temporary worker’s access to corporate facilities and systems and lack of online order management are major restraints for the service procurement market growth.
Contingent workforce management solution is expected to hold a high market size during the forecast period.
A contingent workforce consists of people such as consultants, professors, and independent contractors which are not on the hiring company’s payroll. Contingent workforce management includes competencies, such as rate cards, analytics, reporting and cost benchmarking. Contingent workforce management has many benefits, such as cost savings, low administrative costs, and no mandate to pay payroll taxes and health insurance subscriptions.
On-premises deployment mode is expected to hold a larger market size during the forecast period.
The on-premises deployment refers to the installation of application on an organization’s premises, rather than at are mote facility. On-premises solutions are delivered on a one-time license fee, along with a service agreement. As this deployment requires huge infrastructure and its own data center, organizations that can afford this cost usually deploy on-premises solutions. Therefore, Small and Medium-sized Enterprises (SMEs) often face the dilemma of choosing between hosted and on-premises solutions. With advantages, such as control over the system and data, and dedicated staff for maintenance and support, it also comes with some drawbacks, such as high deployment cost and good infrastructure requirements, which are not always possible for every organization to invest in. However, the growth of on-premises deployment type is being affected by the rapid development of cloud computing solutions.
Asia Pacific is projected to grow at the highest CAGR and North America is expected to hold the largest market size during the forecast period.
North America has the first-mover advantage in the adoption of new technologies, such as analytics, big data, and cloud platforms. Companies are willingly investing in North America. The factors driving the growth of the service procurement market in North America are stable economy, technology enhancements, and infrastructure costs. APAC consists of growing economies and has a favorable market for vendors of services procurement solutions. India, China, Australia, and Japan are major contributors to the growth of service procurement market in APAC.
In the process of determining and verifying the market size for several segments and sub segments gathered through secondary research, extensive primary interviews were conducted with key people.
The break-up of profiles of primary participants is given below as:
- By company type: Tier 1 – 35%, Tier 2 – 45%, and Tier 3 – 20%
- By designation: C-level – 35%, Director level – 25%, and Others – 40%
- By region: North America – 48%, Europe – 22%, APAC – 22%, Latin America –4%, and MEA–4%
The services procurement solutions ecosystem comprises major vendors, such asSAP Fieldglass (US), Beeline (US), DCR Workforce (US), PRO Unlimited (US), PeopleFluent (US), Provade (US), PIXID (France), Upwork (US), Field Nation (US), Work Market (US), Superior Group (US),Enlighta (US), and Target Recruit (US).
The report includes in-depth competitive analysis of these key players in the service procurement market, with company profiles, recent developments, and key market strategies. The research report segments the service procurement market by solution, service, deployment type, organization size, vertical, and region.
Reasons to Buy the Report
The report on the global service procurement market will help leaders/new entrants in the market in the following ways:
- The report segments the service procurement market comprehensively and provides the closest approximations of the revenue numbers for the overall market and the sub segments. The market numbers are further split across various industries and regions.
- The report helps the stakeholders understand the pulse of the market and provides them information on key market drivers, restraints, challenges, and opportunities.
- This report will help stakeholders in better understanding the competitors and gaining more insights to better position their businesses. There is a separate section on competitive landscape, including competitor ecosystem, and mergers and acquisitions. Besides, there are company profiles of 12major vendors in this market. The section provides market internals that can put players ahead of the competitors.
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