Procurement Outsourcing Services Market Size, Share, Growth Report 2030

Procurement Outsourcing Services Market

Procurement Outsourcing Services Market: Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020-2026

Category: Technology & Media Report Format : PDF Report Code: ZMR-5770 Status : Upcoming

The rise in the number of IT solutions, advancements in technology, and growing demand for procurement outsourcing services from the financial sector.

Procurement Outsourcing Services Market

Description

Global Procurement Outsourcing Services Market: Overview

Procurement outsourcing is the process of transfer of explicitly crucial procurement activities that are related to supplier management and sourcing to the third party. This minimizes the overall cost and also enables the company to primarily focus on its core competencies. Procurement service providers are completely dedicated to procurement and also have experienced expertise in procurement outsourcing. Since the last decade, there is a significant rise in procurement outsourcing such as specification management, supplier selection, or contract negotiation. Outsourcing of such procurement activities offers customers a wide range of benefits.

Global Procurement Outsourcing Services Market: Growth Factors

The global procurement outsourcing services market is growing substantially. Factors such as the rise in the number of IT solutions, advancements in technology, and growing demand for procurement outsourcing services from the financial sector are primarily augmenting the growth of the global procurement outsourcing services market. Nowadays, the providers are outsourcing transactional procurement such as management of invoices or order processing. The strategic procurement activities are also outsourced majorly by the providers and this includes specification management, supplier selection, or contract negotiation. In addition to this, outsourcing activities of source-to-contract can give the organizations or companies access to capabilities and expertise they might not have in-house. Thus, there is a tremendous upsurge in the demand from the industrial sector including pharmaceutical, BFSI, logistic, automotive, retail, and many more thereby boosting the growth of the global market. Moreover, the rise in need to handle contracts & compliance policies and the rise in strategic partnership by the procurement outsourcing services providers for expansion of their business are also the factors that are equally contributing to the growth of the market. Furthermore, an increase in the use of artificial intelligence and machine learning by the procurement outsourcing services provider may lead to large opportunities for the growth of the global procurement outsourcing services market during the forecast period. However, several risks associated with the outsourcing and complexity related to the category management may hamper the growth of the global procurement outsourcing services market.

The outbreak of Covid-19 at the start of the year 2020 adversely affected most of the industrial sectors across the world. This manifest is observed in the shutdown of strategic products, laying off of workers, and quick execution of business continuity plans. The complete lockdown and restriction on transport & trade have affected the business leading to the global crisis. This has slowed down the growth of the global procurement outsourcing services market during the first half of the year 2020. However, the procurement functions are expected to increase steadily as most of the industries are primarily focusing on reducing the cost and thus procurement outsourcing service providers will help the companies to prioritize their spending and start working constructively with the suppliers. This will support the global market to grow at a healthy growth rate.

Global Procurement Outsourcing Services Market: Segmentation

The global procurement outsourcing services market is categorized into type, industry, and region. Based on the type, the global procurement outsourcing services market is bifurcated into procure to pay, procurement management, category management, supplier management, and source management. Based on the industry, the global market is classified into manufacturing, IT & telecom, energy & utilities, logistics, retail, BFSI, and professional services.

Global Procurement Outsourcing Services Market: Regional Analysis

Geographically, North America is estimated to account for the largest share in the global procurement outsourcing services market over the forecast period. This is attributed to the large number of industries adopting procurement outsourcing services in this region. In addition to this, the presence of procurement outsourcing service providers, technological advancements, and the well-established IT sector are the factors that are contributing to the growth of the market in this region. Followed by North America, Europe is also expected to contribute a significant share in the market due to the growing demand for transactional and strategic procurement activities from the financial sector. The market in Asia Pacific is projected to grow at the fastest rate. This is due to the key players attracted to expand their business in this region and the increase in inclination of the industrial sector to outsource their procurement activities to lower the cost.

Global Procurement Outsourcing Services Market: Competitive Players

The major players operating in the global procurement outsourcing services market are IBM Corporation, Infosys Ltd., Optimum Procurement, Genpact Ltd., Accenture Plc, Xchanging, WNS, Corbus, LLC, Aquanima, and WNS among others.

Global Procurement Outsourcing Services Market: Regional Segment Analysis

  • North America
    • The U.S.
    • Canada
  • Europe
    • France
    • The UK
    • Spain
    • Germany
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Southeast Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa

What Reports Provides

  • Full in-depth analysis of the parent market
  • Important changes in market dynamics
  • Segmentation details of the market
  • Former, on-going, and projected market analysis in terms of volume and value
  • Assessment of niche industry developments
  • Market share analysis
  • Key strategies of major players
  • Emerging segments and regional markets
  • Testimonials to companies in order to fortify their foothold in the market.

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FrequentlyAsked Questions

The global procurement outsourcing services market is growing substantially. Factors such as the rise in the number of IT solutions, advancements in technology, and growing demand for procurement outsourcing services from the financial sector are primarily augmenting the growth of the global procurement outsourcing services market. Furthermore, an increase in the use of artificial intelligence and machine learning by the procurement outsourcing services provider may lead to large opportunities for the growth of the global procurement outsourcing services market during the forecast period.

The major players operating in the global procurement outsourcing services market are IBM Corporation, Infosys Ltd., Optimum Procurement, Genpact Ltd., Accenture Plc, Xchanging, WNS, Corbus, LLC, Aquanima, and WNS among others.

Geographically, North America is estimated to account for the largest share in the global procurement outsourcing services market over the forecast period. This is attributed to the large number of industries adopting procurement outsourcing services in this region. In addition to this, the presence of procurement outsourcing service providers, technological advancements, and the well-established IT sector are the factors that are contributing to the growth of the market in this region.

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