Procurement Technologies and Services Market is Estimated to Reach $21.23 Billion by 2034 - BIS Research

What are Procurement Technologies and Services? 

Procurement technologies and services platforms optimize sourcing, spend analysis, and supplier collaboration across industries. Delivered via on-premises, cloud, or hybrid models, they now integrate AI/ML and ESG metrics to drive strategic decision-making and operational efficiency. 

What is the Current Market Outlook for Procurement Technologies and Services? 

With a base market size of $7.11 billion in 2024, the industry is poised for steady expansion, reaching $21.23 billion by 2034. Increasing digital maturity, cross-functional integration, and regulatory alignment are propelling adoption across enterprise and mid-market segments. 

What is the key Innovation & Trends in the Procurement Technologies and Services Market? 

Procurement platforms are evolving with AI-driven sourcing, generative AI in contracts, and embedded ESG analytics. Cloud-native, modular PaaS models are gaining traction, especially among mid-sized firms. Real-time supplier insights, smart workflows, and seamless ERP/API integrations are now standard features, enabling faster, data-driven procurement decisions. 

How Does This Report Help Organizations Drive Strategic Growth? 

• Benchmark leading vendors and innovation pipelines 
• Explore sector-specific deployment trends across manufacturing, BFSI, and healthcare 
• Understand regional policy impacts and data governance risks 
• Identify investment hotspots in AI, cloud, and ESG-led procurement 
• Discover PaaS models for rapid scalability 
• Map competitive intensity and acquisition trends 

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What Are the Key Demand Driver and Challenges in Procurement Technologies and Services Market? 

Drivers: 

• AI adoption boosts procurement efficiency and spend visibility 
• ESG mandates drive sustainable sourcing initiatives 
• Modular PaaS reduces costs for mid-sized enterprises 
• Digital transformation accelerates procurement modernization 
• Predictive analytics improve supplier and risk management 

Challenges: 

• Complex system integration with legacy infrastructure 
• Data privacy and regional compliance issues 
• Vendor lock-in and interoperability limitations 
• Limited internal expertise in AI-powered procurement 
• Cybersecurity risks in cloud-native deployments 

What is the Market Segmentation in the Procurement Technologies and Services Market? 

By Application 

• Manufacturing 

• BFSI 

• Energy 

• Travel and Hospitality 

• Healthcare 

• Others 

By Component 

• Strategic Sourcing 

• Spend Management 

• Category Management 

• Process Management 

• Contract Management 

• Transactions Management 

By Region 

• North America - U.S., and Canada 

• Europe - Germany, France, Italy, Spain, U.K., and Rest-of-Europe 

• Asia-Pacific - China, Japan, South Korea, India, and Rest-of-Asia-Pacific 

• Rest-of-the-World - South America and Middle East and Africa 

What Is the Competitive Landscape in the Procurement Technologies and Services Market?

Key Players 

• Accenture 

• Infosys 

• GEP 

• Genpact 

• Proxima 

• WNS 

• Capgemini 

• IBM 

• Wipro 

• HCL 

• TCS 

• Xchanging 

• Aegis 

• Corbus 

• CA Technologies 

Strategic Initiatives 

Incumbents are expanding via M&A, while startups introduce next-gen analytics and sustainability tools. Mid-sized enterprises are adopting plug-and-play PaaS solutions to scale quickly without infrastructure overhead. 

Here Are Some Case Studies and Success Stories in Procurement Technologies and Services Market 

EcoVadis helps Fortune 500s integrate sustainability scores into sourcing. Simfoni provides spend intelligence to mid-market firms. Scoutbee’s AI platform shortens sourcing cycles for large industrial clients. 

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About BIS Research 

BIS Research is a global B2B market intelligence and advisory firm focusing on deep technology and related emerging trends, which can disrupt the market dynamics in the near future. We publish over 200 market intelligence studies annually, focusing on several deep technology verticals.   

Our strategic market analysis emphasizes market estimations, technology analysis, emerging high-growth applications, deeply segmented granular country-level market data, and other important market parameters useful in the strategic decision-making for senior management.    

BIS Research offers syndicate and custom studies and expert consultations to firms, providing them with specific and actionable insights on novel technology markets, business models, and competitive landscapes.   

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