Procurement Outsourcing Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

The Procurement Outsourcing Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Procurement Outsourcing Global Market Report 2024, 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.

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.

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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

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 report table of contents includes: