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Procurement Outsourcing Services Market Report Scope and Overview
The SNS Insider report indicates that the Procurement Outsourcing Services Market Size was valued at USD 3.28 Billion in 2023, and is expected to reach USD 9.18 Billion by 2031 and grow at a CAGR of 13.74% over the forecast period 2024-2031.
Procurement outsourcing is gaining traction for its numerous benefits. Companies are increasingly turning to specialized service providers to achieve cost savings, streamline operations, and gain access to expert knowledge. This frees up internal resources to focus on core business activities, driving innovation and profitability. Technological advancements like cloud-based solutions, automation, and data analytics further enhance efficiency and effectiveness. Additionally, outsourcing providers offer comprehensive compliance and risk management solutions, minimizing risks associated with supplier selection, contracts, and fraud. This proves particularly valuable for companies expanding globally, as centralized and efficient procurement systems become crucial.
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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
Impact of Russia-Ukraine War and Economic Slowdown
The ongoing Russia-Ukraine war has disrupted global supply chains, leading to price volatility and shortages of raw materials. This has increased the demand for procurement outsourcing services as organizations seek to mitigate risk and secure reliable suppliers.
However, the economic slowdown triggered by the war and rising inflation is expected to impact the market growth in the short term. Organizations might tighten their budgets and delay investments in new procurement technologies and services.
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
Key Regional Developments
North America the region is expected to dominate the market due to the high adoption of advanced procurement technologies and the presence of leading service providers.
European market is witnessing growth across various industries, with Germany and the UK leading the way.
Asia-Pacific region is expected to register the fastest CAGR due to the rapid growth of the manufacturing sector and increasing adoption of digital procurement solutions.
Growth Potential of the Procurement Outsourcing Services Market
The procurement outsourcing services market is poised for continued growth in the coming years, driven by the aforementioned factors. The growing adoption of cloud-based solutions, automation tools, and data analytics platforms will further enhance the efficiency and effectiveness of procurement processes. Additionally, the increasing focus on sustainability and ethical sourcing will create new opportunities for procurement outsourcing service providers.
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Recent Developments
In July 2022: Infosys announced an acquisition to expand its life sciences capabilities and address the growing demand for speed-up clinical trials, cloud-based platforms, and improved health outcomes.
In September 2022: Accenture acquired Sentia’s businesses in Europe to strengthen its cloud infrastructure services portfolio and offer end-to-end solutions across private, public, and sovereign clouds.
Key Takeaways
- The report highlights how procurement outsourcing services can significantly reduce costs, improve operational efficiency, and free up internal resources for core business activities.
- By outsourcing procurement tasks, companies can refocus their efforts on core competencies, leading to increased innovation and profitability.
- The report emphasizes the role of technology in driving market growth, with cloud-based solutions, automation tools, and data analytics platforms enhancing procurement processes.
- The report highlights the importance of compliance and risk management solutions offered by procurement outsourcing service providers, helping organizations mitigate risks associated with supplier selection, contract management, and fraud prevention.
- The report identifies the growing need for efficient and centralized procurement systems as organizations expand their operations globally, driving the demand for outsourcing services.
- The report provides valuable insights into the market segmentation based on component solutions, deployment, and industry verticals, enabling businesses to identify the most relevant solutions and service providers.
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Table of Contents- Major Key Points
- Introduction
- Research Methodology
- Market Dynamics
- Drivers
- Restraints
- Opportunities
- Challenges
- Impact Analysis
- COVID-19 Impact Analysis
- Impact of Ukraine- Russia war
- Impact of Ongoing Recession on Major Economies
- Value Chain Analysis
- Porter’s 5 Forces Model
- PEST Analysis
- Procurement Outsourcing Services Market Segmentation, by Component
- Solution
- Services
- Procurement Outsourcing Services Market Segmentation, by Deployment Model
- On-Premises
- Cloud
- Procurement Outsourcing Services Market Segmentation, by Enterprise Size
- Large Enterprises
- Small & Medium Enterprises
- Procurement Outsourcing Services Market Segmentation, by Application
- Marketing Related Services
- IT Related Services
- HR Related Services
- Facilities Management & Office Services
- Others
- Procurement Outsourcing Services Market Segmentation, by Industry Vertical
- BFSI
- Energy & Utilities
- Healthcare
- IT & Telecom
- Professional Services
- Manufacturing
- Retail
- Logistics
- Others
- Regional Analysis
- Introduction
- North America
- Europe
- Asia-Pacific
- The Middle East & Africa
- Latin America
- Company Profile
- Competitive Landscape
- Competitive Benchmarking
- Market Share Analysis
- Recent Developments
- USE Cases and Best Practices
- Conclusion
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