Global Procurement Outsourcing Market is valued at approximately USD $$billion in 2022 and is anticipated to grow with a healthy growth rate of more than $$over the forecast period 2023-2030. Procurement outsourcing is a strategic approach used to effectively obtain and handle the necessary raw materials for manufacturing a product or delivering a particular service. It involves outsourcing the procurement process to a third-party vendor, which facilitates the smooth flow of critical information.
This information encompasses the placement of orders and the subsequent payment for products and services. The growth of the procurement outsourcing market is fueled by various factors, including the increasing requirement to adopt new IT solutions in line with evolving consumer trends, a growing demand from enterprises to streamline the procurement process, and a rising need to effectively manage compliance policies and agreements. Furthermore, the market is experiencing growth due to the expanding gap between the increasing demands of customers and the capabilities of businesses, prompting the adoption of procurement outsourcing solutions.
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Moreover, the rising IT spending in various sectors such as healthcare, IT telecom, and others is anticipated to create a lucrative demand for the market. According to the CompTIA in 2023, global IT spending is projected to reach USD 4.6 trillion in 2023, marking a 5.1% increase from 2022. This includes investments in emerging technologies such as the Internet of Things (IoT), robotics, and mixed reality. The expenditure on these new technologies is expected to contribute approximately 30% to the overall spending, amounting to USD 1.36 trillion in 2023. Additionally, technological advancements and the adoption of artificial intelligence and big data technologies are expected to provide lucrative opportunities for the growth of the procurement outsourcing market during the forecast period. However, a lack of technical expertise stifles market growth throughout the forecast period of 2023-2030.
The key regions considered for the Global Procurement Outsourcing Market study includes Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. Asia Pacific dominated the market in 2022 owing to its widespread adoption across various industries, including healthcare, energy & utilities, life sciences, and information technology. Within the region, the manufacturing industry is expected to implement procurement outsourcing at the fastest pace. North America is expected to grow at fastest growth rate during the forecast period, owing to mature economies, a large consumer base advanced IT infrastructure, and a focus on improving procurement processes. Also, the presence of major market players in the region drives demand for procurement as-a-service solutions is anticipated to support the market growth.
Major market player included in this report are:
International Business Machines Corporation
Wipro Limited.
Genpact Ltd
DXC Technology Company
Capgemini SE
GEP Worldwide
Tata Consultancy Services Limited
WNS (Holdings) Ltd.
Infosys Ltd
Accenture Plc
Recent Developments in the Market:
In July 2022, Infosys announced its acquisition of BASE life science in Europe, aiming to enhance clinical trials, drug development, digital platforms, and health outcomes for life sciences companies.
In September 2022, Accenture PLC announced its acquisition of Sentia’s businesses in Belgium, Bulgaria, and the Netherlands, strengthening its ability to offer comprehensive cloud infrastructure services across public, and private sectors.
Report Coverage: Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
Segments Covered: Services, Component, Deployment Model, Enterprise Size, Application, Industry Vertical, Region
Regional Scope: North America; Europe; Asia Pacific; Latin America; Middle East & Africa
Customization Scope: Free report customization (equivalent up to 8 analyst’s working hours) with purchase. Addition or alteration to country, regional & segment scope*
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.
The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players.
The detailed segments and sub-segment of the market are explained below:
By Services:
Business Process Outsourcing Services
Consulting Services
By Component:
Solution
Services
By Deployment Model:
On-Premises
Cloud
By Enterprise Size:
Large Enterprises
Small Medium Enterprises
By Application:
Marketing Related Services
IT Related Services
HR Related Services
Facilities Management Office Services
Others
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By Industry Vertical:
BFSI
Energy & Utilities
Healthcare
IT & Telecom
Professional Services
Manufacturing
Retail
Logistics
Others
By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Middle East & Africa
Saudi Arabia
South Africa
Rest of Middle East & Africa
Market Overview:
- Provides a general introduction to the market, including its size, growth rate, and key characteristics.
- This section may also include information on market segmentation, such as by product type, application, or geography.
Industry Trends and Drivers:
- Examines the current trends, developments, and factors driving the growth or decline of the market.
- It may include technological advancements, regulatory changes, consumer preferences, or economic factors that impact the industry.
Market Analysis:
- Offers a detailed analysis of the market’s dynamics, including supply and demand factors, competitive landscape, and market attractiveness.
- This section may include information on market share, market concentration, and competitive strategies of key players.
Market Segmentation:
- Divides the market into distinct segments based on criteria such as product type, application, end-user, or geography.
- This analysis helps identify specific market opportunities and target audiences.
Market Size and Forecast:
- Presents the current market size and estimates future market growth over a specified period.
- -This section may include historical data, market projections, and growth rates for different segments.
Competitive Analysis:
- Assesses the competitive landscape of the market, including the profiles of major players, their market share, and strategies.
- It may also include SWOT analysis (strengths, weaknesses, opportunities, threats) of key competitors.
Market Opportunities and Challenges:
- Identifies potential growth opportunities and challenges in the market. This section may highlight emerging market segments, untapped regions, or technological advancements that can drive market expansion.
- It may also address barriers to entry, regulatory hurdles, or competitive threats.
Consumer Insights:
- Provides an understanding of consumer behavior, preferences, and buying patterns related to the market.
- This section may include survey data, consumer demographics, and customer feedback.
Future Outlook and Recommendations:
- Offers insights into the future prospects of the market and provides recommendations for businesses or stakeholders.
- This section may suggest strategies for market entry, product development, marketing, or investment decisions.
Appendix:
- Includes additional data, charts, tables, or references that support the analysis presented in the report.
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