The procurement outsourcing global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Procurement Outsourcing Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The procurement outsourcing market size has grown rapidly in recent years. It will grow from $4.13 billion in 2023 to $4.78 billion in 2024 at a compound annual growth rate (CAGR) of 15.6%. The growth in the historic period can be attributed to cost efficiency, focus on core competencies, globalization, risk management, flexible resource allocation.
The procurement outsourcing market size is expected to see rapid growth in the next few years. It will grow to $8.01 billion in 2028 at a compound annual growth rate (CAGR) of 13.8%. The growth in the forecast period can be attributed to strategic sourcing, sustainability and csr, resilience planning, demand for specialized skills, data security and compliance. Major trends in the forecast period include digital transformation, technological advancements, agile and flexible procurement models, data analytics and business intelligence, focus on strategic sourcing.
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Scope Of Procurement Outsourcing Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Procurement Outsourcing Market Overview
Market Drivers –
The growing e-commerce industry is expected to propel the growth of the procurement outsourcing market going forward. E-commerce, or electronic commerce, refers to the buying and selling of goods and services over the Internet and other electronic networks. Procurement outsourcing is used in e-commerce for managing contracts with suppliers, ensuring compliance, and identifying opportunities for renegotiation. For instance, in October 2023, according to the Boston Consulting Group Inc., a US-based management consulting firm, e-commerce sales in Europe increased by 3%, and in the US and Asia, they increased by 7% in 2022. Further, global e-commerce is expected to increase by 9% annual growth by 2027. Therefore, the growing e-commerce industry will drive the growth of the procurement outsourcing market.
Market Trends –
Major companies operating in the procurement outsourcing market are developing innovative technologies, such as the Coupa app marketplace, that connect customers with third-party solutions. The Coupa app marketplace gives consumers access to a wide range of apps that can help in procurement operations more efficiently. For instance, in August 2021, Coupa Software Inc., a US-based software company for business spend management, introduced the coupa app marketplace. The marketplace apps cover a wide range of services, including coupa procurement software, travel and expenditure management, contingent labor management, and contract administration. The Coupa App Marketplace is the first marketplace in the entire business service management (BSM) field to provide solutions that extend a customer’s existing tech stack and deepen their BSM capabilities, allowing them to effortlessly share information, automate workflows, and perform important activities. It also offers solutions ranging from supply chain analytics to supplier risk analysis to travel and expenditure management and IT management, all of which are designed to be adaptive, connected, and efficient.
The procurement outsourcing market covered in this report is segmented –
1) By Component: Solution, Services
2) By Deployment: On-Premises, Cloud
3) By Enterprise Size: Large Enterprises, Small And Medium Enterprise
4) By Industry Verticals: Banking, Financial Services, And Insurance (BFSI), Energy And Utilities, Healthcare, IT And Telecom, Professional Services, Manufacturing, Retail, Logistics, Other Industry Verticals
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Regional Insights –
North America was the largest region in the procurement outsourcing market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the procurement outsourcing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the procurement outsourcing market report are Microsoft Corporation, Siemens AG, General Electric Company, Accenture plc, International Business Machines Corporation, Ernst & Young LLP, SAP SE, Tata Consultancy Services Limited, Capgemini SE, Cognizant Technology Solutions Corporation, Infosys Limited, DXC Technology Company, Wipro Limited, HCL Technologies Limited, Rockwell Automation Inc., CGI Inc., Concentrix Services India Private Limited (CSIPL), GEP Worldwide, WNS Denali, JAGGAER, Corbus LLC, Aquanima SA, Xchanging Solutions Limited, Intetics Inc., Aegis One Consults Ltd.
Table of Contents
1. Executive Summary
2. Procurement Outsourcing Market Report Structure
3. Procurement Outsourcing Market Trends And Strategies
4. Procurement Outsourcing Market – Macro Economic Scenario
5. Procurement Outsourcing Market Size And Growth
…..
27. Procurement Outsourcing Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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