Procurement Outsourcing Market Scope
Procurement outsourcing is a business practice in which a company hires an external service provider to handle some or all of its procurement needs. This can include activities such as sourcing, purchase order processing, supplier management, and contract management. The goal of procurement outsourcing is to reduce costs, increase efficiency, and allow the company to focus on its core competencies while leaving procurement tasks to a specialized third-party provider.
Procurement Outsourcing Market Size to hit US$ 7.5 Billion, Globally, by 2030 at 13.70% CAGR during 2022-2030
Procurement outsourcing is particularly common in industries such as manufacturing, healthcare, and retail, where procurement activities can be complex and time-consuming. There are several procurement outsourcing companies worldwide that provide a range of procurement services to businesses. Companies may choose to outsource their procurement needs partially or entirely depending on their specific requirements and goals
Top Boosters and Key Challenges
A large number of procurement outsourcing vendors that are based in Europe and US market are striving to expand their customer base worldwide with the adoption of organic as well as inorganic strategies. The latest technologies such as big data, AI and analytics are being extensively used for inducing digital transformation in procurement outsourcing solutions and services.
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Some of the key strategies that help companies boost their business profits include collaborations, agreements, product launches and more. For instance, in June 2020, Scout RFP collaborated with Suplari, an AI-driven insights and analytics procurement platform. With this collaboration, the customer bases of both the platforms will be able to integrate Scout RFP platform with Suplari’s high visibility as well as analytics data, with respect to procurement.
Several firms are progressively taking up procurement outsourcing services owing to the regulatory standards that are generally implemented across different industries. Procurement outsourcing helps businesses organize their processes and boost the operational productivity. Enterprises across industries are required to adhere to these guidelines while also safeguarding their sensitive data when using the network security process. Therefore, the growing need to follow all the guidelines and comply can be a significant driving factor in the procurement outsourcing market growth.
Furthermore, vendors now prefer to change their BPO locations to better the quality of their services. Surge in BPO services’ near shore locations across Europe has prompted firms to outsource their services to countries like Romania, Hungary and Poland. Thus, offshore and near shore outsourcing locations and their increasing prevalence can be the latest procurement outsourcing market trends.
Also, the indirect procurement outsourcing market seems to be performing well, given that many companies now understand the importance of this particular aspect. The areas that come under indirect procurement are outsourcing contracts, utilities, I/T, consumables, marketing, capital expenditures, temporary labor, facilities, freight and logistics, travel and legal and human resources.
Procurement Outsourcing Market Segmental Analysis
Global Procurement Outsourcing Market has been considered for component, deployment mode, organization size and vertical.
The key components discussed in the research are solutions as well as services.
The deployment modes considered in the report are on-premise along with cloud.
The organization size ranges covered in the study are small and medium-sized enterprises/SMEs as well as large enterprises.
The verticals that deploy procurement outsourcing services include manufacturing, retail consumer products and goods, IT telecommunication, healthcare, banking, financial services and insurance (BFSI), and more.
Procurement Outsourcing Market Regional Insight
Europe, North America, APAC/Asia Pacific, and RoW or rest of the world are the major regions where the procurement outsourcing services market is expected to expand over the forecast period.
The North American market has the highest chances of attaining the top position in the coming years, thanks to the escalating consumption of procurement outsourcing services across the financial and manufacturing sectors in the region. Significant adoption rate of advanced IT solutions in line with the modern consumer norms in the United States/U.S can be another major growth booster in the regional market.
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Europe can be the second strongest contender in the global market, as a result of the rising deployment of procurement outsourcing solutions across industries like healthcare, life sciences and energy and utilities. The leading providers in the region are employing new ways to offer these services, better research and development, partnership with other companies and exploration of new tools and technologies to increase their presence, which ultimately benefits the market.
The APAC market can expect fastest growth in the ensuing years, because of the rising adoption of these services in the manufacturing sector. Emerging countries like India, South Korea and China, along with stable markets in Singapore and Japan are the top contributors to the market growth in the region.
Procurement Outsourcing Market Key Players
Some of the renowned firms identified in the market study include Outsourcing Procurement Ltd (India), Aegis (India), Capgemini (France), Accenture (Ireland), Infosys Limited (India), GEP (US), Corbus LLC (US), e-Business International Inc. (US), HCL Technologies Limited (India), Genpact (US), IBM Corporation (US), Wipro Limited (India), Aquanima S.A. (Spain), Tata Consultancy Services (India), WNS (Holdings) Ltd. (India), to mention a few.
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