Artificial Intelligence
Procurement Outsourcing Market Projected to Hit USD 7.5 billion at a 13.70% CAGR by 2030 – Report by Market Research Future (MRFR)
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New York, US, May 11, 2023 (GLOBE NEWSWIRE) — According to a comprehensive research report by Market Research Future (MRFR), “Procurement Outsourcing Market by Component (Solution, Service), by Deployment (On-Premise, Cloud), Organization Size, Vertical (Retail & Consumer Goods, BFSI, Healthcare, IT & Telecommunication, Manufacturing) – Global Forecast till 2030.
Drivers
Increasing Need for Business Operations Automation to Boost Market Growth
Businesses are automating business processes to cut operational expenses and increase productivity so they can concentrate on their core capabilities. Thus, it is likely that the market for global procurement outsourcing would increase rapidly. By 2020, at least a single function will be fully automated in more than 30% of businesses worldwide.
Procurement Outsourcing Market Key Players
Eminent industry players profiled in the global procurement outsourcing market report 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)
- Outsourcing Procurement Ltd (India).
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Procurement Outsourcing Market Report Scope:
| Report Metric | Details |
| Revenue forecast in 2030 | USD 7.5 Billion |
| Growth Rate | CAGR of 13.70% from 2022 to 2030 |
| Base Year | 2021 |
| Study Period | 2022-2030 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Opportunities
Multiple Benefits to offer Robust Opportunities
Reduced prices, enhanced supplier management, increased efficiency, and access to specialized knowledge are a few of the main advantages of outsourcing procurement. Also, outsourcing procurement tasks can free up corporate resources for strategic projects and essential business operations. Such benefits will offer robust opportunities for the market over the forecast period.
Restraints and Challenges
Security Issues and Concerns to act as Market Restraints
Security issues and concerns, dearth of technical expertise, difficulties related to management, and elevated risk associated with outsourcing may act as market restraints over the forecast period.
Market Segmentation
The global procurement outsourcing market has been bifurcated based on vertical, organization size, deployment, and component.
By component, service will lead the market over the forecast period.
By deployment, cloud will domineer the market over the forecast period.
By organization size, large enterprises will spearhead the market over the forecast period.
By vertical, manufacturing will have the lions share in the market over the forecast period.
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COVID-19 Analysis
Due to lockdowns and travel restrictions imposed by the government, the COVID-19 epidemic has been impacting the economies and companies in various countries. The closure of a number of manufacturing facilities has had a negative impact on market sales, production, shipment plans, and worldwide supply networks. Only a few companies have warned of potential delays in product shipments & drops in future product sales. The market for procurement outsourcing has benefited from the use of cutting-edge technologies during the epidemic to increase operational efficiency and cut costs. To automate the procurement process, the businesses are incorporating artificial intelligence & machine learning. Also, by concentrating on their core strengths rather than unrelated operations, the organizations benefit from this approach.
Regional Analysis
North America to Command Procurement Outsourcing Market
Over the projected period, it is anticipated that the North American market will hold the biggest market share. The North American market is developed and is anticipated to grow steadily throughout the evaluation period. Due to the existence of mature economies like the United States & Canada as well as a sizable consumer base, North America dominates the market for procurement outsourcing services. Another crucial element influencing this region’s success is the prevalence of cutting-edge IT infrastructure. As an early user of new technologies and a major centre for technological innovation, North America is anticipated to possess the greatest market share. The various businesses here are concentrating on improving their procurement processes and putting best practices into reality. Major market participants’ presence in the area further encourages demand for the use of procurement as-a-service solutions, which expands the market.
APAC to Have Admirable Growth in Procurement Outsourcing Market
Over the period of assessment, the APAC market is anticipated to develop the fastest due to widespread adoption in the industrial sector. The development of the market are being driven by developing nations like India, China, and South Korea as well as relatively mature markets like Singapore and Japan. Vendors of procurement outsourcing solutions & services have a lot of prospects in the global market. The global market is anticipated to grow as a result of sectors including retail & consumer goods, manufacturing, and IT and telecommunications. Due to the rising usage of procurement outsourcing services across numerous industry verticals, including healthcare, energy & utilities, life sciences, & information technology, Asia-Pacific is anticipated to dominate the market throughout the projection period.
The manufacturing industry is probably going to implement procurement outsourcing at the fastest rate in the area. Throughout the forecast period, developing nations in the region including China, India, & others are expected to develop into the markets for procurement outsourcing. Japan and Singapore, two wealthy nations, have already established themselves as viable development markets for the procurement outsourcing & have seen consistent growth over the past few years.
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The market for APAC procurement as a service now has a large market share and is predicted to develop rapidly over the next years. Due to the presence of numerous manufacturing sectors, the area has become a hub for global production. The important nations in the market for procurement as a service are regarded as China, India, Japan, South Korea, & the rest of APAC. Also, the need for procurement outsourcing solutions has expanded due to the region’s rapid digital transformation. Enterprises can improve the effectiveness of their overall procurement processes and free up the procurement departments with the help of procurement as a service. In the market for procurement as a service, India, China, Japan, Australia, and New Zealand (ANZ) have taken the lead without a doubt.
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Artificial Intelligence
Identity Governance & Administration Market Projected to Reach $24.42 billion by 2030 – Exclusive Report by 360iResearch
PUNE, India, April 25, 2024 /PRNewswire/ — The report titled “Identity Governance & Administration Market by Component (Services, Solution), Modules (Access Certification & Compliance Control, Access Management, Identity Lifecycle Management), Organization Size, Deployment, Vertical – Global Forecast 2024-2030” is now available on 360iResearch.com’s offering, presents an analysis indicating that the market projected to grow from a size of $8.46 billion in 2023 to reach $24.42 billion by 2030, at a CAGR of 16.34% over the forecast period.
“Navigating Global Identity Governance With Key Strategies for Digital Security and Compliance”
Identity governance and administration (IGA) has emerged as a critical policy-driven approach aimed at fortifying digital identities within organizations, ensuring that proper access is provided to the right individuals for valid reasons. Across the globe, the demand for IGA solutions is on the rise, driven by the need to tackle sophisticated cyber threats, comply with stringent data protection laws, and adapt to the digitization wave sweeping through industries. Challenges include integrating these solutions with pre-existing IT frameworks, primarily in organizations reliant on legacy systems. The North American market, led by the United States and Canada, is at the forefront of this expansion, embracing technological advancements and stringent regulatory standards. Meanwhile, the Europe, Middle East, and Africa (EMEA) region is navigating its unique landscape, with the EU focusing heavily on compliance through GDPR and the Middle East and Africa gradually recognizing the value of digital security. The Asia-Pacific region is witnessing a significant uptrend in IGA solutions adoption, spurred by digital transformation initiatives and cybersecurity awareness, with China and India playing pivotal roles. This global perspective highlights the universal importance of IGA in today’s digital era, highlighting the critical balance between innovation, security, and regulatory compliance in safeguarding digital identities.
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“Navigating the New Normal With The Crucial Role of Identity Governance in Securing Hybrid Work Environments”
As businesses globally embrace the fusion of remote and traditional office work, the need for secure, hybrid workspaces becomes paramount. The shift toward flexible working models, accelerated by the COVID-19 pandemic, highlights the importance of cybersecurity and accessibility in ensuring operational continuity and a better work-life balance. Identity governance & administration (IGA) systems emerge as essential tools within this evolving work landscape. They enable organizations to manage digital identities and access rights effectively, safeguarding sensitive data against unauthorized access across diverse working environments. By ensuring that only credentialed employees can access critical information, regardless of their physical location, IGA solutions stand at the forefront of maintaining cybersecurity compliance and operational integrity. This development signifies a growing demand for robust identity governance frameworks, ensuring businesses remain resilient and secure in remote work and beyond.
“Elevating Security and Efficiency in Organizations through Specialized Identity Governance & Administration Services”
Managed and professional services provide organizations with the specialized expertise necessary for optimizing the performance and security of identity governance & administration (IGA) systems, eliminating the need for such in-depth knowledge internally. Businesses benefit from advanced skills that enhance system functionality and safeguard sensitive data by outsourcing specific IGA tasks. From the initial stages of integration and implementation, ensuring seamless incorporation with existing infrastructures, to ongoing support and maintenance for consistent system reliability and up-to-dateness, these services form the foundation of effective IGA strategies. Furthermore, training and consulting play a pivotal role, equipping companies with the understanding and capability to utilize their IGA systems to the fullest. IGA solution is a critical technological tool designed to streamline the management of user access rights across organizations, bolstering security, operational efficiency, and compliance with regulatory standards. This comprehensive approach to IGA facilitates a more secure, efficient, and compliant organizational environment, empowering businesses to focus on core objectives and ensure their data remains protected.
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“International Business Machines Corporation at the Forefront of Identity Governance & Administration Market with a Strong 7.09% Market Share”
The key players in the Identity Governance & Administration Market include Broadcom, Inc., SAP SE, Oracle Corporation, Microsoft Corporation, International Business Machines Corporation, and others. These prominent players focus on strategies such as expansions, acquisitions, joint ventures, and developing new products to strengthen their market positions.
“Introducing ThinkMi: Revolutionizing Market Intelligence with AI-Powered Insights for the Identity Governance & Administration Market”
We proudly unveil ThinkMi, a cutting-edge AI product designed to transform how businesses interact with the Identity Governance & Administration Market. ThinkMi stands out as your premier market intelligence partner, delivering unparalleled insights with the power of artificial intelligence. Whether deciphering market trends or offering actionable intelligence, ThinkMi is engineered to provide precise, relevant answers to your most critical business questions. This revolutionary tool is more than just an information source; it’s a strategic asset that empowers your decision-making with up-to-the-minute data, ensuring you stay ahead in the fiercely competitive Identity Governance & Administration Market. Embrace the future of market analysis with ThinkMi, where informed decisions lead to remarkable growth.
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“Dive into the Identity Governance & Administration Market Landscape: Explore 197 Pages of Insights, 654 Tables, and 26 Figures”
PrefaceResearch MethodologyExecutive SummaryMarket OverviewMarket InsightsIdentity Governance & Administration Market, by ComponentIdentity Governance & Administration Market, by ModulesIdentity Governance & Administration Market, by Organization SizeIdentity Governance & Administration Market, by DeploymentIdentity Governance & Administration Market, by VerticalAmericas Identity Governance & Administration MarketAsia-Pacific Identity Governance & Administration MarketEurope, Middle East & Africa Identity Governance & Administration MarketCompetitive LandscapeCompetitive PortfolioInquire Before Buying @ https://www.360iresearch.com/library/intelligence/identity-governance-administration
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Privileged Identity Management Market – Global Forecast 2024-2030Identity & Access Management Professional Services Market – Global Forecast 2024-2030Digital Identity Solutions Market – Global Forecast 2024-2030About 360iResearch
Founded in 2017, 360iResearch is a market research and business consulting company headquartered in India, with clients and focus markets spanning the globe.
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Quick on our feet, we have our ear to the ground when it comes to market intelligence and volatility. Our market intelligence is diligent, real-time and tailored to your needs, and arms you with all the insight that empowers strategic decision-making.
Our clientele encompasses about 80% of the Fortune Global 500, and leading consulting and research companies and academic institutions that rely on our expertise in compiling data in niche markets. Our meta-insights are intelligent, impactful and infinite, and translate into actionable data that support your quest for enhanced profitability, tapping into niche markets, and exploring new revenue opportunities.
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Artificial Intelligence
Enghouse Video Partners With SONIFI Health To Deliver Advanced Telehealth Solutions In Hospital Rooms
MARKHAM, ON, April 25, 2024 /PRNewswire/ — Enghouse Video, a global leader in cutting-edge video technology solutions, today announced its partnership with SONIFI Health, enhancing virtual care in hospital settings.
SONIFI Health is a leading U.S. healthcare technology company based in Sioux Falls, South Dakota. The new partnership leverages and integrates Enghouse Video room systems technology to support SONIFI Health’s commitment to expanding telehealth applications and system optimizations in hospital settings.
Enghouse’s VidyoRooms solution, a sophisticated video conferencing technology that combines both software and hardware solutions, has been fully integrated into SONIFI Health’s interactive TV systems. This integration provides up to 4K high-quality video conferencing, multi-party sessions and robust security features that ensure full compliance with healthcare regulations.
Enghouse Video offers an immersive telehealth platform to support collaborative interdisciplinary care, improved patient outcomes and cost savings. The platform is flexible and simple, delivering the reliability, interoperability, and scalability needed for today’s healthcare environment. A key strength of the partnership is its offering of back-end integrations like patient portals, medical devices, EMR, tele-sitting, remote patient observation and consultation.
“Hospitals can choose the telehealth partner that’s right for them, and we incorporate that solution with interactive TV,” said Brian Nido, SONIFI Health’s Vice President of Customer Success. “Using the hardware and systems they already have in patient rooms helps hospitals reduce costs and maximize the value of their existing investments, while benefiting both clinicians and patients.”
SONIFI Health and Enghouse Video continue to collaborate closely to further refine and enhance the telehealth solutions provided to healthcare facilities. This partnership reflects a shared commitment to leveraging technology to create smarter hospital rooms and improve patient care across the healthcare spectrum.
About Enghouse VideoEnghouse Video, part of the Enghouse Interactive division, is a subsidiary of Enghouse Systems Limited, a vertically focused software and services company traded on the Toronto Stock Exchange (TSX: ENGH). Through highly secure, scalable and flexible Cloud-based or On Prem services, we deliver one of the world’s highest quality and most innovative video platform to video-enable any application or idea. From advanced video conferencing and collaboration tools to state-of-art enterprise video management, Enghouse Video is a unique player in multiple markets, including telehealth. Learn more at www.enghousevideo.com, read our blog, or follow us on Twitter at @EnghouseVideo, on LinkedIn, and on Facebook.
About SONIFI HealthSONIFI Health provides market-leading interactive patient engagement technology proven to improve patient outcomes and staff productivity. The EHR-integrated platform is designed to enhance patient and family experiences while increasing staff satisfaction and organizations’ operational efficiencies. As part of SONIFI Solutions, Inc., the company annually supports more than 300 million end user experiences. Learn more at sonifihealth.com.
Enghouse Video Contact: Sylvain Awad, Director, Demand Generation, Enghouse Video, part of Enghouse Interactive Division, [email protected]
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Artificial Intelligence
Global Insurance Provider Selects 3CLogic to Streamline AI and Contact Center Capabilities with ServiceNow
Multinational Insurance Broker to deploy 3CLogic’s solution with ServiceNow’s Financial Service Operations (FSO) platform to streamline customer experiences.
ROCKVILLE, Md., April 25, 2024 /PRNewswire/ — 3CLogic, the leading Conversational AI and Contact Center solution for ServiceNow®, today announced its selection by a global insurance provider to replace its existing contact center infrastructure as part of a larger CX transformation effort. The strategic decision is designed to complement the organization’s use of ServiviceNow’s Financial Services Operations (FSO) offering leveraged across a number of its existing product lines including Customer Warranty Claims, Roadside Assistance, and Home Warranties.
Serving millions of customers worldwide with innovative insurance and protective products, the organization required a solution that would enhance its recent investment in the ServiceNow platform as it works to transform its end-to-end customer service operations. The deployment will incorporate several of 3CLogic’s AI-powered capabilities purpose-built for ServiceNow, including Conversational AI, Speech Analytics, and AI Performance & Coaching, along with integrated call transcriptions, convenient 2-way SMS, and ServiceNow-centralized contact center reporting.
“We continue to see enterprises eager to complement their existing investment in digital platforms, such as ServiceNow, with contact center features purpose-built to extend the workflows and features they already have and use,” explains Matt Durkin, VP of Global Sales at 3CLogic. “It’s no secret that organizations are already juggling too many systems, often with overlapping capabilities, which impacts ROI and operational efficiency. We’re proud to offer an alternative approach that helps simplify the technology stack while optimizing the overall operational costs and outcomes.”
Recently named to Constellation Research’s 2024 Shortlist for Digital Customer Service and Support, 3CLogic has seen global adoption of its solution by leading enterprises in healthcare, manufacturing, travel, retail, higher education, finance, non-profits, and Managed Service Providers across five continents. As a ServiceNow-certified Technology and Build partner with offerings available for ServiceNow’s IT Service Management, Customer Workflows, HR Service Delivery, and Source-to-Pay solutions, the company will be unveiling its latest set of capabilities at ServiceNow’s annual Knowledge 2024 event this May in Las Vegas.
For more information, please contact [email protected].
About 3CLogic3CLogic transforms customer and employee experiences with its leading Cloud Contact Center and AI solutions purpose-built to enhance today’s leading CRM and Customer Service Management platforms. Globally available and leveraged by the world’s leading brands, its offerings empower enterprise organizations with innovative features such as intelligent self-service, generative and Conversational AI, agent automation & coaching, and AI-powered sentiment analytics – all designed to lower operational costs, maximize ROI, and optimize each interaction across IT Service Desks, Customer Support, Sales or HR Services teams. For more information, please visit www.3clogic.com.
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