The global procurement outsourcing market has grown due to
several factors such as technological advancements and rise in need
for advanced efficiency & productivity.
NEW
CASTLE, Del., Aug. 16,
2024 /PRNewswire/ -- Allied Market Research
published a report, titled, "Procurement Outsourcing Market by
Component (Solution, and Service), Deployment (On-premise, and
Cloud), Organization Size (Small and Medium-sized Enterprises
(SMEs), and Large Enterprises), and Industry Vertical (Banking
Financial Services & Insurance (BFSI), Healthcare, and IT &
Telecommunication): Global Opportunity Analysis and Industry
Forecast, 2024-2032". According to the report, the procurement
outsourcing market was valued at $6.4
billion in 2023, and is estimated to reach $16.1 billion by 2032, growing at a CAGR of 11%
from 2024 to 2032.
Prime determinants of growth
The global procurement outsourcing market has grown due to
several factors such as technological advancements and rise in need
for advanced efficiency & productivity. However, loss of
control & visibility and data security & privacy act as
restraints for the procurement outsourcing market. In addition, the
surge in demand for strategic sourcing and category management are
expected to provide ample opportunities for market growth during
the forecast period.
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Report coverage & details:
Report
Coverage
|
Details
|
Forecast
Period
|
2024–2032
|
Base
Year
|
2023
|
Market Size in
2023
|
$6.4 Billion
|
Market Size in
2032
|
$16.1
Billion
|
CAGR
|
11.0 %
|
No. of Pages in
Report
|
400
|
Segments
Covered
|
Component, Deployment,
Organization Size, Industry Vertical, and Region.
|
Drivers
|
- Technological advancements
- Rise in need for advanced efficiency and
productivity
|
Opportunity
|
- Growing demand for
strategic sourcing and category management
|
Restraints
|
- Loss of control and visibility
- Data security and privacy
|
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Tables, and Figures) at:
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The solution segment is expected to grow faster throughout
the forecast period.
By component, the solution segment held the highest market share
in 2023, as organizations are increasingly outsourcing their
procurement activities to specialized service providers to optimize
costs, improve efficiency, and enhance their focus on core business
operations.
The cloud segment is expected to grow faster throughout the
forecast period.
By deployment, the cloud segment held the highest market share
in 2023. This is attributed to its inherent benefits, such as
scalability, flexibility, cost-effectiveness, and ease of
implementation. Cloud-based solutions enable organizations to
access procurement services and data seamlessly, anytime, and
anywhere, using any device, providing convenience and
accessibility.
The large enterprises segment is expected to grow faster
throughout the forecast period.
By organization size, the large enterprises segment held the
highest market share in 2023. As large enterprises typically have
more complex procurement needs, higher transaction volumes, and
larger budgets, outsourcing is a more viable option for them. Large
enterprises often have diverse supplier networks, operations, and
the need for specialized procurement expertise.
The BFSI segment is expected to grow faster throughout the
forecast period.
By industry vertical, the BFSI segment held the highest market
share in 2023. The dominance of the banking, financial services,
and insurance (BFSI) segment in the procurement outsourcing market
is driven by its complex procurement requirements, such as
regulatory compliance, risk management, and cost optimization. The
BFSI industry relies on robust procurement solutions to address
these specific needs.
North America to maintain
its dominance by 2032
By region, North America held
the highest market share in terms of revenue in 2023 and is
expected to boost in terms of revenue throughout the forecast
period. The market for outsourcing services in North America is expanding as a result of the
escalating technical breakthroughs and digital transformations
occurring across several business verticals, including
telecommunications, IT, retail, and finance.
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Major Industry Players: -
- Accenture
- IBM Corporation
- Infosys
- Capgemini
- Genpact
- Wipro Limited
- WNS
- Corbus LLC
- HCL Technologies Limited
- Tata Consultancy Services.
The report provides a detailed analysis of these key players in
the global procurement outsourcing market. These players have
adopted different strategies such as new product launches,
collaborations, expansion, joint ventures, agreements, and others
to increase their market share and maintain dominant shares in
different regions. The report is valuable in highlighting business
performance, operating segments, product portfolio, and strategic
moves of market players to showcase the competitive
scenario.
Recent Industry Development:
- In February 2024, Genpact
partnered with ServiceNow, to deliver Source-to-Pay applications
across finance and supply chain operations. The Genpact
Source-to-Pay offering uses ServiceNow AI capabilities to help
accelerate team productivity, simplify the user experience, and
increase cost efficiency.
- In September 2022, GEP expanded
its services by the opening of a new office in Abu Dhabi. The firm's newest office provides a
full range of procurement and supply chain consulting services and
the industry's leading procurement software platform.
- In October 2021, Accenture
acquired Xoomworks Group, a consulting and technology company that
specializes in procurement technology, digital innovation, and
software solutions development. The acquisition is expected to
expand Accenture's capabilities for helping clients accelerate
technology-led business and procurement transformation.
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secondary data procurement methodology includes deep online and
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and analysts in the industry.
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