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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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About Market Research Future:

At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.

MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.

Contact Us:

Market Research Future (Part of Wantstats Research and Media Private Limited)
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New York, NY 10013
United States of America
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Email: [email protected]
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Artificial Intelligence

Reliance Cyber and Google Cloud Security unite to transform cybersecurity for UK businesses

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LONDON, May 28, 2024 /PRNewswire/ — Leading Managed Security Service Provider (MSSP), Reliance Cyber has been selected as one of only four MSSPs to partner with Google Cloud Security (GCS). This collaboration is set to make cybersecurity more effective and less complicated for businesses throughout the UK and Ireland.

Why this matters:In today’s complex security environment, businesses face a multitude of challenges, including escalating cyberattacks, an overwhelming number of security alerts, rising cybersecurity costs, and a critical shortage of skilled professionals. The partnership between Reliance Cyber and Google Cloud Security provides organisations with improved security postures through insightful, data-driven analytics, which underpin Reliance Cyber’s XDR service. For businesses facing diverse economic, social, and technological changes—such as the ongoing impacts of COVID-19, the transition to hybrid and remote work, rapid technological advancements like AI, and budget pressures from the cost of living crisis—this partnership represents a significant step forward. It enhances cybersecurity without the usual challenges of high costs, complexity, or the need for specialised staff. It’s about making world-class security simple and available to a wider audience.
What’s changing:
Support for growth: The partnership will expand the reach of state-of-the-art security services to more businesses, helping to protect organisations without the stress of financial and operational barriersEnhanced visibility, lower costs: Leveraging Google’s SOAR capabilities and Chronicle’s powerful telemetry, Reliance Cyber’s tailored ingestion approach means organisations can achieve enhanced visibility across their digital environments at a reduced cost. This approach enables proactive prevention and detection of threats, ensuring better security with less expenditure.Key benefits of the strategic partnership include:
AI and automation: Automation is at the core of Reliance Cyber’s offering. Every alert is enriched with threat intel from leading vendors, automatically correlated, and grouped into cases, reducing mean time to detect (MTTD) and mean time to respond (MTTR). Google’s additions enhance this with lower data ingestion costs, superior threat intelligence, curated detections, and advanced anomaly detection using machine learningSimplified security operations to support staff: Integration of Google Cloud’s SOAR capabilities simplifies the security management landscape, allowing CISOs to focus on strategic planning rather than daily operational hurdlesScalable security for business growth: The partnership supports business expansion strategies by providing scalable security solutions that grow with the company, crucial for organisations driving technological advancementData-driven insights for better decision-making: Boards will gain unparalleled visibility into their digital environments, fostering smarter, faster decision-making to preemptively address potential security threats.Rob Walton, Chief Revenue Officer at Reliance Cyber, on the transformative impact: “We’re thrilled to partner with Google Cloud Security. This partnership aligns perfectly with our mission to deliver comprehensive, advanced security services to the market, making top-level security accessible and manageable for businesses of all sizes. Ultimately, it’s about creating predictability and peace of mind in an area that can often cause businesses and their boards sleepless nights, particularly due to concerns about attacks and the financial constraints that dictate risk appetites.”
Do you want more coverage, at less cost, with zero compromises? 
Enquire about a proof of concept. Visit: https://eu1.hubs.ly/H09bKtG0.
About Reliance Cyber
Since our founding in 2003, Reliance Cyber has established itself as a leading Managed Security Service Provider (MSSP). By combining deep cybersecurity expertise with a true partnership ethos, we enable organisations to concentrate on their core business.
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Artificial Intelligence

Eficode acquires Jodocus and reinforces Atlassian Cloud skills and Atlassian partnership in Germany

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HELSINKI, May 28, 2024 /PRNewswire/ — Eficode has acquired Jodocus, the first cloud-native Atlassian Platinum partner in Germany. This acquisition further reinforces Eficode’s role as an Atlassian partner in Germany and expands its skills and services in Atlassian Cloud.

“Atlassian is moving to the Cloud, and the related know-how is essential to speed up this transition. Jodocus was originally the first Atlassian partner in Germany to focus fully on the Cloud. Their broad expertise in Atlassian tools and cloud migrations helps our customers in their journey to the cloud and complements our mission to build the future of software development,” says Ilari Nurmi, CEO of Eficode. “We welcome Jodocus’ employees and customers to Eficode.”
Founded in 2019, Jodocus is an Atlassian Platinum Solution Partner with extensive expertise in Atlassian Cloud. In addition to focusing on the Cloud, the Jodocus team offers support on business processes, Application Lifecycle Management, and DevOps. Their customer base is in Germany, with well-known names such as Otto Group and Fricke. Jodocus has 45 employees, and its revenue in 2023 was 11,5 million euros. “Together, Eficode and Jodocus will form a more significant entity and have even more international customers, which opens possibilities for deepening and broadening our relationship with our customers,” says Werner Krandick, CEO of Jodocus.
Eficode has enabled countless businesses with DevOps and digital transformation to adopt new technologies and practices to create software better. Its full spectrum of digital services can now be extended also to Jodocus’ customers. Eficode ROOT provides software development tools as a managed service in a Software-as-a-Service manner. In turn, with Total Support, we manage the tools and offer support, coaching, and mentoring for Atlassian solutions as a subscription.
In recent years, Eficode has grown strongly both organically and through acquisitions. Eficode’s compound annual growth (CAGR) during the previous four fiscal years has been 70%.
Media contactsIlari Nurmi, Chief Executive Officer, Eficode. [email protected], +358 40 577 5084 Lauri Palokangas, Chief Marketing Officer, Eficode. [email protected], +358 50 486 4918 
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New first of its kind UK legal-tech recruitment platform aims to put an end to overseas worker scams

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Unique UK-based legal technology platform, Immpact, helps unite the global talent market to fulfil UK skills shortages across healthcare, construction, engineering, life sciences and hospitality Immpact directly connects employers, recruiters and regulated legal experts with pre-qualified global talent – and aims to help eradicate profiteering job scammersREADING, England, May 28, 2024 /PRNewswire/ — A unique new legal-tech recruitment platform has launched in the UK to help put an end to overseas worker scams and directly connect UK employers and recruiters with pre-qualified overseas global talent. Immpact will help fulfil acute skills shortages across sectors including healthcare, construction, engineering, life sciences and hospitality, while ensuring full legal Home Office compliance.

The launch of Immpact follows over two years of advanced legal-tech development. Using the immigration law expertise of Founder and Managing Director, Jonathan Beech, and his team of specialists, the platform will help unite a previously disconnected global talent market with under-resourced UK employers and transform global workplace migration. Immpact has also been developed through discussions with hundreds of employers, industry bodies and overseas talent.
With job scams – from fake jobs to illegal fees for sponsor licences – ongoing, particularly in the social and healthcare sector, Immpact will ensure only pre-qualified talent, employers and recruitment firms are placed on its platform following stringent multi-layer checks. This will ensure that all jobs and talent are qualified and genuine along with thoroughly regulated employers and recruiters, to provide a global marketplace for talent.
Jonathan Beech, Founder and Managing Director of Immpact, said: “Through my existing business running Migrate UK, I’m acutely aware of the issues that UK employers and recruiters are having in trying to fulfil talent shortages across sectors such as care, healthcare and life sciences. I also regularly hear terrible stories of genuine overseas job hunters being ripped off in their home countries or the UK by job scammers, often running to thousands of pounds.
“I knew there had to be a better way to match pre-qualified overseas talent with genuine work opportunities and responsible UK employers – effectively a ‘talent’ match-making site which is designed to eradicate scammers to provide a global, trusted marketplace for talent.”
Following the latest government immigration rule changes, overseas recruitment costs are continuing to rise for businesses struggling with talent shortages. From 4 April 2024, the minimum salary for entering the new skilled visa worker route for the first time increased by 48%, from £26,200 to £38,700 a year. There are different rates for those already holding a skilled worker certificate of sponsorship prior to this date and discounts are available for key shortage roles on the Immigration Salary List (ISL).
Immpact will benefit employers and recruiters by saving them time and money. Working with recruitment experts to analyse existing overseas recruitment workflows, Immpact has calculated that it will save 50% of the time involved in managing overseas recruitment, helping to cut down the time-consuming filtering of applications traditionally needed.
For employers traditionally looking to recruit overseas applicants, previous data from industry recruitment software specialists show that 30% of overseas applications are rejected as they do not have the right to work, while 64% are rejected due to CVs being unclear or requirements not being met. This leaves just 6% of applications remaining, which results in about 2% then being interviewed. Immpact will automatically present only suitable pre-qualified applications to employers or recruiters, eradicating wasted time on unsuitable or unqualified applicants.
Beech continues: “Following thousands of hours of development and utilising the latest advanced technology which can adapt to evolving Home Office requirements and procedures, we’re proud to launch Immpact. Our unique new platform takes care of the entire process – from pre-qualifying processes, searching and shortlisting, down to arranging interviews, successful appointments, onboarding, the provision of regular content and guidance, and access to regulated immigration legal professionals.
“Our new technology will transform global migration for both UK organisations and businesses struggling to recruit and global talent looking to work in the UK. Immpact has been thoroughly tested at every stage and is both user-friendly and, crucially, compliant, so qualified overseas applicants and UK employers and recruiters can be confident that only genuine UK jobs and overseas applicants match and proceed. Quite simply, we want Immpact to simplify the whole migration process by putting the right talent in the right place at the right time, and for UK employers to fulfil critical talent shortages which will help them not only survive, but thrive.”
The platform has a free trial or low-cost subscriber options for search-matching and more for employers and recruiters. For talent, the platform has zero costs for creating a profile, using the pre-qualifying tools or searching for opportunities. For further information visit www.immpact.ai.
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