Procurement Outsourcing Market Share, Growth, Insights 2024

Overview and Scope

Procurement outsourcing refers to the process of assigning specific crucial procurement tasks associated with sourcing and supplier management to a third-party service provider. It is used by the service provider to lower their overall costs or free up time for businesses to concentrate on their core strengths

Sizing and Forecast

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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Segmentation & Regional Insights

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

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.

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Major Driver Impacting Market Growth

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.

Key Industry Players

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.</b

The procurement outsourcing market report table of contents includes: