Artificial Intelligence
Procurement Outsourcing Market to Reach $16.1 Billion, Globally, by 2032 at 11% CAGR: Allied Market Research
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The global procurement outsourcing market has grown due to several factors such as technological advancements and rise in need for advanced efficiency & productivity.
NEW CASTLE, Del., Aug. 16, 2024 /PRNewswire/ — Allied Market Research published a report, titled, “Procurement Outsourcing Market by Component (Solution, and Service), Deployment (On-premise, and Cloud), Organization Size (Small and Medium-sized Enterprises (SMEs), and Large Enterprises), and Industry Vertical (Banking Financial Services & Insurance (BFSI), Healthcare, and IT & Telecommunication): Global Opportunity Analysis and Industry Forecast, 2024-2032”. According to the report, the procurement outsourcing market was valued at $6.4 billion in 2023, and is estimated to reach $16.1 billion by 2032, growing at a CAGR of 11% from 2024 to 2032.
Prime determinants of growth
The global procurement outsourcing market has grown due to several factors such as technological advancements and rise in need for advanced efficiency & productivity. However, loss of control & visibility and data security & privacy act as restraints for the procurement outsourcing market. In addition, the surge in demand for strategic sourcing and category management are expected to provide ample opportunities for market growth during the forecast period.
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Report coverage & details:
Report Coverage
Details
Forecast Period
2024–2032
Base Year
2023
Market Size in 2023
$6.4 Billion
Market Size in 2032
$16.1 Billion
CAGR
11.0 %
No. of Pages in Report
400
Segments Covered
Component, Deployment, Organization Size, Industry Vertical, and Region.
Drivers
Technological advancementsRise in need for advanced efficiency and productivity Opportunity
Growing demand for strategic sourcing and category managementRestraints
Loss of control and visibilityData security and privacy Buy this Complete Report (303 Pages PDF with Insights, Charts, Tables, and Figures) at:https://www.alliedmarketresearch.com/procurement-outsourcing-market/purchase-options
The solution segment is expected to grow faster throughout the forecast period.
By component, the solution segment held the highest market share in 2023, as organizations are increasingly outsourcing their procurement activities to specialized service providers to optimize costs, improve efficiency, and enhance their focus on core business operations.
The cloud segment is expected to grow faster throughout the forecast period.
By deployment, the cloud segment held the highest market share in 2023. This is attributed to its inherent benefits, such as scalability, flexibility, cost-effectiveness, and ease of implementation. Cloud-based solutions enable organizations to access procurement services and data seamlessly, anytime, and anywhere, using any device, providing convenience and accessibility.
The large enterprises segment is expected to grow faster throughout the forecast period.
By organization size, the large enterprises segment held the highest market share in 2023. As large enterprises typically have more complex procurement needs, higher transaction volumes, and larger budgets, outsourcing is a more viable option for them. Large enterprises often have diverse supplier networks, operations, and the need for specialized procurement expertise.
The BFSI segment is expected to grow faster throughout the forecast period.
By industry vertical, the BFSI segment held the highest market share in 2023. The dominance of the banking, financial services, and insurance (BFSI) segment in the procurement outsourcing market is driven by its complex procurement requirements, such as regulatory compliance, risk management, and cost optimization. The BFSI industry relies on robust procurement solutions to address these specific needs.
North America to maintain its dominance by 2032
By region, North America held the highest market share in terms of revenue in 2023 and is expected to boost in terms of revenue throughout the forecast period. The market for outsourcing services in North America is expanding as a result of the escalating technical breakthroughs and digital transformations occurring across several business verticals, including telecommunications, IT, retail, and finance.
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Major Industry Players: –
Accenture IBM Corporation Infosys Capgemini Genpact Wipro Limited WNS Corbus LLCHCL Technologies LimitedTata Consultancy Services. The report provides a detailed analysis of these key players in the global procurement outsourcing market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Recent Industry Development:
In February 2024, Genpact partnered with ServiceNow, to deliver Source-to-Pay applications across finance and supply chain operations. The Genpact Source-to-Pay offering uses ServiceNow AI capabilities to help accelerate team productivity, simplify the user experience, and increase cost efficiency. In September 2022, GEP expanded its services by the opening of a new office in Abu Dhabi. The firm’s newest office provides a full range of procurement and supply chain consulting services and the industry’s leading procurement software platform. In October 2021, Accenture acquired Xoomworks Group, a consulting and technology company that specializes in procurement technology, digital innovation, and software solutions development. The acquisition is expected to expand Accenture’s capabilities for helping clients accelerate technology-led business and procurement transformation. AVENUE- A Subscription-Based Library (Premium on-demand, subscription-based pricing model):
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About Us:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports Insights” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies, and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
Contact:David Correa1209 Orange Street,Corporation Trust Center,Wilmington, New Castle,Delaware 19801 USA.Int’l: +1-503-894-6022Toll Free: +1-800-792-5285UK: +44-845-528-1300India (Pune): +91-20-66346060Fax: [email protected]
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Artificial Intelligence
Geotab, Kia, and 42dot Join Forces to Drive the Future of Fleet Management
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Global Partnership to Improve Safety, Sustainability, and Efficiency in PBV Fleet Operations
TORONTO and SEOUL, South Korea, Sept. 12, 2024 /PRNewswire/ — Geotab Inc. (Geotab), Kia Corporation (Kia), and 42dot have signed a Memorandum of Understanding (MOU), initiating a global connected vehicle partnership. This strategic collaboration will integrate advanced data solutions with enhanced in-vehicle technology to deliver innovative systems that support safety, sustainability, and efficiency for fleets worldwide.
This partnership builds upon Kia’s PBV business strategy – to offer software solutions seamlessly integrated with the vehicle, with FMS (Fleet Management System) as the core differentiating factor. Geotab and 42dot, Hyundai Motor Group’s Global Software Center and fleet management system (FMS) provider, will collaborate to develop an AI-driven FMS, enabling Kia fleet customers to utilize advanced data insights.
Louis De Jong, Chief Revenue Officer at Geotab, stated, “by integrating our data insights and AI capabilities with Kia’s automotive technology and 42dots’s data expertise, customers will receive enhanced value for their operations including access to quality data insights that drive improved cost management, safety and sustainability. This exciting collaboration is advancing the connected mobility industry, ensuring fleets are well equipped to navigate today’s challenges and tomorrow’s opportunities.”
The partnership will also include developing an in-vehicle application leveraging the MyGeotab platform and Kia’s PBV In-Vehicle Display App Store. This will enhance the fleet’s operations through route optimization as well as improve safety.
Sangdae Kim, Senior Vice President and Head of the PBV Business Division at Kia Corporation, said:”Kia is partnering with Geotab and 42dot because this collaboration is essential to the strategic growth of Kia’s PBV business. Together, Kia aims to offer the best-in-class fleet management solutions that not only optimizes fleet operations but also lay the foundation for PBV software capabilities. As we launch our first PBV next year, Kia will provide a total mobility solution including both connect-ready vehicles and FMS solutions to fleet customers for greater operational efficiency and safety.”
Sangseok Lim, head of AEV Platform Engineering Division at 42dot, added: “By combining 42dot’s vehicle data platform and intelligent fleet safety technology – based on autonomous driving and software-defined vehicles – we are creating an advanced FMS designed to meet both the current and future demands of fleet operators, ensuring their long-term success.”
Geotab will also collaborate with Kia as an OEM-Geotab Cloud-to-Cloud data provider. This will enable customers to leverage OEM-embedded data without the need to install a separate device and prepare for the launch of Kia’s PBV lineup, the PV5 and PV7 models. Europe will be the first region to benefit from the collaboration, where a co-branded FMS platform will be offered with the launch of Kia’s first PBV models next year.
For more information about this partnership between Geotab, Kia, and 42dot, please visit https://www.geotab.com/partners/overview/
About Kia Corporation
Kia (www.kia.com) is a global mobility brand with a vision to create sustainable mobility solutions for consumers, communities, and societies around the world. Founded in 1944, Kia has been providing mobility solutions for more than 75 years. With 52,000 employees worldwide, a presence in more than 190 markets, and manufacturing facilities in six countries, the company today sells around three million vehicles a year. Kia is spearheading the popularization of electrified and battery electric vehicles and developing a growing range of mobility services, encouraging millions of people around the world to explore the best ways of getting around. The company’s brand slogan – ‘Movement that inspires’ – reflects Kia’s commitment to inspire consumers through its products and services.
For more information, visit the Kia Global Media Center at www.kianewscenter.com
About 42dot
42dot is a Mobility AI company leading Hyundai Motor Group’s development of software-defined vehicles. 42dot leads the transition to focus on software and AI development, creating software-defined vehicles that deliver the latest updates for safe and user-centric mobility. 42dot also develops technologies for self-managed smart cities, where SDV technologies extend beyond vehicles into the urban environment. With SDV technology, vehicles and infrastructure can interact to share information in real-time, addressing mobility challenges. These technologies not only enable us to monitor and manage fleets but also to efficiently manage the movement of cities.
Website 42dot.ai
Linkedin linkedin.com/company/42dot
About Geotab
Geotab, the global leader in connected vehicle and asset solutions, leverages advanced data analytics and AI to enhance fleet performance, safety, and sustainability while optimizing costs. Backed by a team of industry leading data scientists, engineers and AI experts, we serve over 50,000 customers across 160 countries, processing billions of data points hourly from more than 4 million vehicles. Data security and privacy are at the forefront of all we do—trusted by Fortune 500 organizations and some of the largest public sector fleets in the world, we meet top cybersecurity standards. Geotab’s open platform and diverse Geotab Marketplace offers hundreds of fleet-ready third-party solutions. Learn more at www.geotab.com and follow us on LinkedIn or visit Geotab News and Views.
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Artificial Intelligence
Quickplay Partners with TelevisaUnivision to Enhance its Univision NOW App with New Capabilities
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Quickplay integrates its Video CMS capabilities to provide an end-to-end solution.
TORONTO, Sept. 12, 2024 /PRNewswire/ — Quickplay today announced a new partnership with TelevisaUnivision for its end-to-end cloud-native platform to enhance the company’s Univision NOW App.
In today’s highly competitive marketplace, streaming services must continuously find ways to attract new subscribers while nurturing loyalty from existing ones. To this end, Quickplay enables the creation of cohorts based on trends in content usage, location and device, providing opportunities for personalized content recommendations and relevant advertising. These solutions aim to attract new viewers and continue to foster consumer loyalty.
Quickplay offers personalized and flexible content curation capabilities, including targeted ad-insertion for live-linear, FAST channels, VOD content and downloads. Quickplay will provide video platform services to power Univision NOW, the over-the-top subscription video service launched in 2015, which features content from Univision and UniMás. The service was designed as a standalone offering that did not require a pay TV subscription to access.
“Univision is the leading Spanish-language network in the U.S., which is why we’re thrilled to partner with the TelevisaUnivision team as the new provider to ensure loyal viewers have an exceptional and personalized experience across Univision NOW, enabled by our suite of capabilities,” said Paul Pastor, Chief Business Officer of Quickplay.
Want to learn more? Come meet the Quickplay team at IBC 2024 in Stand 5.H61 from September 13th -16th. Meetings can be booked at [email protected].
About Quickplay:Quickplay is leading cloud transformations of OTT and in-home experiences for pay-TV, telcos, and MVPDs. The company’s cloud-native platform leverages a transformative open architecture for unparalleled performance in delivering premium video, handling complex use cases, and scaling to millions of viewers. Founded by a team that has built and operated dozens of Tier 1 OTT services worldwide, Quickplay is powering immersive sports, live experiences, and personalized entertainment on any screen. The company is headquartered in Toronto and has additional locations in Los Angeles, San Diego, Chennai, India, and Europe. Quickplay is a two-time winner of the Google Cloud Industry Solution Partner of the Year Award for Media & Entertainment. For more information, visit https://quickplay.com/.
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Artificial Intelligence
Atento Reaffirms Leadership in Frost & Sullivan’s Ranking as a Leader in CX Management in 2024
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The company excels in the innovation and growth matrices by offering CX transformation solutions and demonstrating its innovation capabilities.MADRID, Sept. 12, 2024 /PRNewswire/ — Atento Luxco 1 (“Atento” or the “Company”), one of the world’s largest providers of customer relationship management and business transformation outsourcing (CRM/BTO) services and an industry leader in Latin America, has once again been recognized by Frost & Sullivan as a Leader in the 2024 Frost Radar™ for Customer Experience Management in Latin America.
This recognition highlights not only Atento’s ability to innovate, but also its comprehensive focus on digital transformation and the implementation of advanced technologies, such as generative artificial intelligence (GenAI), that not only improve the customer experience, but also optimize operational costs for its customers.
With more than 200 competitors in the region, Atento has positioned itself as a leader for the third consecutive year, demonstrating a unique ability to combine cutting-edge technology with a customer-centric approach.
Boosting Innovation: AI Center of Excellence and AtentoNext
The CX market in Latin America is at a pivotal moment. Companies are looking for strategic allies capable of implementing technological solutions that improve the efficiency and quality of customer service.
In 2023, Atento launched its Artificial Intelligence Center of Excellence (AI CoE), centralizing the development of a GenAI product portfolio. Backed by a global AI committee and strict security and privacy policies, this center ensures the secure integration of artificial intelligence into the transformation of the customer experience. In addition, Atento is the only company on Frost’s radar that has a start-up accelerator: Atento Next.
AI-based technology at the service of talent and the customer
Atento has implemented a GenAI-based tool for recruitment that simulates different candidate profiles and assesses key skills, such as empathy, resolution skills, and objection management. With this tool, the company ensures that the right talent is incorporated into the team, optimizing recruitment processes and reducing associated costs.
In addition, Atento has developed a predictive model of staff turnover, based on AI, which analyzes the probability of an employee leaving the company. This solution allows Atento to customize its approach to each agent, increasing their well-being, engagement, and productivity, while reducing turnover rates.
Likewise, with Atento AI Studio, a proprietary Artificial Intelligence platform, Atento elevates the customer experience and transforms the operational efficiency of companies, within an ethical, secure and private framework. Within the Company’s comprehensive ecosystem of AI solutions and capabilities, Atento AI Studio is positioned as a fundamental piece to optimize customer CX.
Strategic Perspective and Growth Opportunities
Frost & Sullivan highlights that Atento is in a privileged position and has consolidated its position as a trusted advisor in customer experience management (CXM). The company’s ability to integrate GenAI and adjacent technologies allows companies to implement solutions that in addition to significantly improving service quality, optimize costs.
“As it intensifies the use of GenAI and adjacent technologies, Atento helps companies securely and strategically implement the right tools to reduce costs and increase quality of service, cementing Atento as a trusted partner for its customers in the customer experience management (CXM) sector.” Sebastian Menutti affirms, Frost Radar Research Director. “But CXM services are not a technology-only game, and Atento has found the right mix of people, processes and technology.”
The report highlights Atento’s strategy to diversify its customer portfolio, attracting both new customers and expanding its relationship with existing ones, especially in sectors such as technology; travel and hospitality; retail and electronics; banking, financial services and insurance; media and entertainment; and health.
With the consolidation of the CXM industry, Frost & Sullivan forecasts a wide range of growth opportunities in the short to medium term for Atento, as various organizations look to bring in new BPO providers. This puts Atento in an advantageous position to capture new opportunities in an ever-evolving market.
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About Atento
Atento is the largest provider of customer relationship management and business process outsourcing (“CRM BTO”) services in Latin America and one of the leading providers worldwide. Atento is also one of the leading providers of BTO nearshoring CRM services for companies operating in the United States. Since 1999, the Company has developed its business model in 17 countries, employing approximately 110,000 people. Atento, which serves more than 400 customers, offers a wide range of CRM BTO services through multiple channels. The majority of Atento’s clients are leading multinational companies in the telecommunications, banking and financial services, healthcare, retail and government sectors. In recent years, the company has been recognized for its excellence by several global industry analysts, including Everest, Gartner, Frost & Sullivan and ISG. Forbes recognized Atento as one of the 100 best companies to work for in Spain in 2023, while Great Place to Work® has continuously ranked us as one of the 25 best companies to work for worldwide. We have also been recognized as the 1st company in the sector worldwide to achieve the ISO 56002 Innovation Management Certification, which we have maintained for four consecutive years. For more information, visit www.atento.com
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