Procurement Outsourcing Services Market | Exploring Future Opportunities
Procurement Outsourcing Services Market Scope and Overview
According to SNS Insider, the Procurement Outsourcing Services Market was valued at USD 3.28 billion in 2023 and is expected to reach USD 10.44 billion by 2032, growing at a CAGR of 13.74% over the forecast period from 2024 to 2032.
The market is experiencing significant growth due to the increasing complexities of global supply chains and the need for organizations to enhance efficiency while reducing operational costs. Additionally, recent regulatory developments, including various compliance standards and data protection laws across different regions, have played a critical role. Governments worldwide have begun implementing initiatives that improve transparency and reduce risks associated with the procurement process, which has increased the adoption of outsourcing services. This adoption is further supported by the rise of digital technologies and automated solutions that enhance procurement functions and provide real-time analytics, improving the decision-making process.
Some of the Major Key Players Studied in this Report are:
- International Business Machines Corporation
- Accenture
- GEP
- Infosys
- Capgemini
- Genpact
- Tata Consultancy Services Limited
- DXC Technology Company
- WNS Limited
- Wipro Limited
- Others
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Segment Analysis
By Function
- Testing is the dominant segment due to its critical role in evaluating the overall effectiveness and efficiency of procurement strategies. There is an increasing use of comprehensive testing solutions as modern businesses seek to enhance procurement outcomes while reducing risks in the supply chain. Organizations must adhere to both industry and organizational standards.
- The Training segment is experiencing the highest growth rate, driven by the high demand for procurement teams to possess specialized skills and knowledge of current operations. Individuals must adapt to fluctuating economic conditions and meet the demands imposed by various flexible business environments and the regulatory landscape.
By End-User
- Government agencies are the leading segment in the market, owing to established procurement needs and the growing trend of outsourcing functions. Many governments are enhancing the efficiency required from procurement services while managing public budgets and expanding service offerings. As a result, government agencies have become the leading segment in the procurement outsourcing market.
- Corporate entities are the fastest-growing segment, as many businesses are focusing on improving operations and reaping the cost-saving benefits of outsourcing.
Market Segmentation and Sub-Segmentation Included Are:
On The Basis of Component
- Solution
- Services
On The Basis of Deployment Model
- On-Premises
- Cloud
On The Basis of Enterprise Size
- Large Enterprises
- Small & Medium Enterprises
On The Basis of Application
- Marketing Related Services
- IT Related Services
- HR Related Services
- Facilities Management & Office Services
- Others
On The Basis of Industry Vertical
- BFSI
- Energy & Utilities
- Healthcare
- IT & Telecom
- Professional Services
- Manufacturing
- Retail
- Logistics
- Others
Regional Analysis
North America is the leading region in procurement outsourcing, currently holding the largest market share and projected to maintain dominance throughout the forecast period. The region is home to many multinational companies and is technologically more advanced than other regions. Notable companies in North America utilizing procurement outsourcing include Accenture and IBM. The demand for procurement outsourcing in North America is significantly high, emphasizing cost reduction.
Asia-Pacific is the fastest-growing region, driven by high economic growth rates led by emerging companies. China and India are the leading countries in outsourcing, with corporate commercial enterprises increasingly adopting procurement solutions. Major companies from the Asia-Pacific region, such as WNS Global Services and Genpact, are forecasted to capture a larger market share throughout the forecast period.
Recent Developments
- August 2024: Accenture launched a new Procurement Outsourcing solution that integrates AI and machine learning to enhance procurement efficiency and cost savings.
- July 2024: IBM introduced a cloud-based procurement platform designed to streamline procurement processes and improve data analytics capabilities.
- June 2024: WNS Global Services announced the acquisition of a leading procurement analytics firm to strengthen its outsourcing capabilities.
- May 2024: Genpact unveiled a new suite of procurement services focusing on sustainability and compliance to meet growing regulatory demands.
Key Takeaways
- The report provides a comprehensive analysis of the Procurement Outsourcing Market, highlighting significant growth trends, key drivers, and regional dynamics.
- It offers detailed insights into market segmentation, including the fastest-growing and dominant segments, and their impact on overall market performance.
- The report covers recent developments and product launches, providing an overview of the latest innovations in procurement outsourcing.
- It helps businesses understand the evolving landscape of procurement outsourcing, including regulatory changes and technological advancements, enabling them to gain a competitive edge and optimize their procurement strategies.
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