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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.
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:
|Revenue forecast in 2030||USD 7.5 Billion|
|Growth Rate||CAGR of 13.70% from 2022 to 2030|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
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.
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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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.
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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