Service Procurement Market Expected to Grow $1,011.6 Million by 2022

(IT-NEWSWIRE.COM, October 06, 2021 ) According to research report "Service Procurement Market by Solution (Contingent Workforce Management, Freelancer Management, Services Governance, MSA Management), Service, Deployment Type, Organization Size, Industry Vertical, and Region - Global Forecast to 2022", published by marketsandmarkets, global service procurement market size is expected to grow from USD 579.5 Million in 2017 to USD 1,011.6 Million by 2022, at a Compound Annual Growth Rate (CAGR) of 11.8% during the forecast period.

Service procurement are adopted by companies across the globe, due to the increasing number of freelancers in the job market and growing impetus on workforce analytics. Hence, the providers of service procurement, with advancements in the Software-as-a-Service (SaaS) technology, are enhancing their solutions to boost their revenue growth. Strategic partnership is an important growth strategy adopted by the key market players to develop new services and gain traction in the service procurement market.

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Service procurement consist of freelancer management, contingent workforce management, statement of work procurement, analytics and reporting, resource sourcing and tracking, and service governance and MSA management. Major vendors of service procurement include SAP Fieldglass (US), Beeline (US), DCR Workforce (US), PRO Unlimited (US), PeopleFluent (US), Provade (US), PIXID (France), Upwork (US), Field Nation (US), WorkMarket (US), Superior Group (US), Enlighta (US), and TargetRecruit (US). These players have adopted various growth strategies, such as partnerships, collaborations, agreements, mergers and acquisitions, and new product developments, to grow in the service procurement market.

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SAP Fieldglass (US), with a significant presence in the service procurement market, is aspiring to become the top market provider of service procurement focusing on VMS and service procurement. In December 2016, SAP Fieldglass launched SAP Fieldglass Flex, a dynamic workforce management solution for medium-sized businesses. In May 2016, SAP Fieldglass launched new optimized data centers due to the increasing demand in Europe.

Beeline (US) is another top player in the service procurement market. The company provides various solutions such as VMS, contingent staffing, services procurement, resource management tracking, and talent acquisition. In October 2017, Beeline launched Credible, which offers a complete, bi-directional integration, and real-time business networking product for organizations dealing with staffing resources.

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Service Procurement Market Expected to Grow $1,011.6 Million by 2022