Procurement Outsourcing Market Overview, Trends, Revenue Analysis, Growth Rate and Regional Forecast 2023
Updated on Nov 14, 2019
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Procurement Outsourcing Market Research Report: by Component (Solution, Service), by Deployment (On-Premise, Cloud), Organization Size, Vertical (Retail & Consumer Goods, BFSI, Healthcare, IT & Telecommunication, Manufacturing) — Global Forecast till 2023
The global procurement outsourcing market is expected to register a CAGR of 15.5% during the forecast period to reach USD 4.19 billion by 2023.
Procurement outsourcing is the transfer of specified key procurement activities relating to sourcing and supplier management to a third party. This method is implemented to reduce overall costs and enable the company to focus on its core competencies. Procurement categorization and vendor management of indirect materials and services are the most popularly outsourced activities. This process witness a high demand for the procurement of indirect materials and services such as marketing, IT-related services, HR, facility management, and others.
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The major factors contributing to market growth are increasing outsourcing of procurement functions by enterprises to leverage external sourcing expertise and technology know-how. The increasing need to drive efficiency and effectiveness in the supply chain is also aiding the market growth. Also, the need to adhere to regulatory guidelines and ensure compliance is fueling the adoption of procurement outsourcing. However, concerns regarding data privacy and integrity are expected to restrain market growth during the forecast period. The adoption of artificial intelligence (AI) and big data technology with analytics for digitizing the process of procurement outsourcing is a great opportunity for the solution vendors. Along with this, increasing acceptance of procurement outsourcing across verticals offers lucrative opportunity to players in the global Procurement Outsourcing Market.
The global Procurement Outsourcing Market has also been segmented based on component, deployment mode, organization size, and vertical.
By component, the global procurement outsourcing market has been divided into solutions and services. The solutions segment is expected to account for the larger market share during the forecast period.
Based on deployment mode, the global procurement outsourcing market has been classified into on-premise and cloud. The cloud deployment mode segment is expected to register the larger market, growing at a higher growth rate during the review period.
The organization size segments of the global procurement outsourcing market are small and medium-sized enterprises (SMEs) and large enterprises. The large enterprises segment is expected to dominate the market.
On the basis of vertical, the global procurement outsourcing market has been divided into banking, financial services and insurance (BFSI), healthcare, IT & telecommunication, retail & consumer products and goods, manufacturing, and others. The retail and consumer products and goods segment is expected to be the largest, while the manufacturing segment is projected to register the highest CAGR during the forecast period.
The key players in the global procurement outsourcing market are identified based on their country of origin, presence across different regions, recent key developments, product diversification, and industry expertise. These include Accenture (Ireland), GEP (US), e-Business International Inc. (US), IBM Corporation (US), Tata Consultancy Services (India), Infosys Limited (India), Capgemini (France), Genpact (US), Wipro Limited (India), WNS (Holdings) Ltd. (India), Corbus LLC (US), HCL Technologies Limited (India), Aquanima S.A. (Spain), Aegis (India) and Outsourcing Procurement Ltd (India). The key strategies adopted by most of the players are partnerships, agreements, collaborations, and launch of solutions and services.
The geographical analysis of the global procurement outsourcing market has been conducted for North America, Europe, Asia-Pacific, and the rest of the world.
The North American market has been segmented into the US, Canada, and Mexico. The market is expected to account for the largest share of the global procurement outsourcing market in 2018. The US is the leading country-level market whereas the Mexican market is projected to be the fastest-growing during the forecast period. The growth of the market in North America can be attributed to the presence of a large number of procurement outsourcing solutions providers in the region.
The European market has been divided into the UK, Germany, France, and the rest of Europe. The market in Europe is expected to be the second-largest, in terms of market size. The UK is the leading country-level market and the market in France is expected to register the highest growth rate during the forecast period.
The market in Asia-Pacific is expected to be the fastest-growing during the review period of 2018 to 2023. The regional market has been classified as China, Japan, India, and the rest of Asia-Pacific. Japan, China, Singapore, India, and South Korea are expected to adopt procurement outsourcing solutions during the forecast period.
The rest of the world regional market has been segmented into South America and the Middle East & Africa. These regions are expected to offer numerous opportunities to vendors as the majority of the countries are yet to adopt procurement outsourcing solutions.
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TABLE OF CONTENTS
LIST OF TABLES
Table 1 Global Market, by Region, 2017–2023
Table 2 North America: Market, by Country, 2017–2023
Table 3 Europe: Market, by Country, 2017–2023
Table 4 Asia-Pacific: Market, by Country, 2017–2023
Table 5 Middle East & Africa: Market, by Country, 2017–2023
Table 6 South America: Market, by Country, 2017–2023
Table 7 Global Type Market, by Region, 2017–2023
Table 8 North America: Type Market, by Country, 2017–2023
Table 9 Europe: Type Market, by Country, 2017–2023
Table10 Asia-Pacific: Type Market, by Country, 2017–2023
Table11 Middle East & Africa: Type Market, by Country, 2017–2023
Table12 South America: Type Market, by Country, 2017–2023
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