Procurement Outsourcing Services Market to Garner USD 7.86 Billion with Excellent CAGR of 14.29% by 2029, Size, Share, Trends, Future Demand and Revenue Outlook
SAN FRANCISCO, Dec. 8, 2022 /PRNewswire/ -- Data Bridge Market Research has recently published a Report, titled, "Procurement Outsourcing Services Market" The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter's Five Forces analysis, and competitive landscape. The Procurement Outsourcing Services report provides the list of leading competitors, strategic industry analysis and the insights of key factors influencing the Procurement Outsourcing Services industry. The market analysis and insights included in this Procurement Outsourcing Services market research report offers key statistics on the market status of global and regional manufacturers and is an imperative source of guidance which provides right direction to the companies and individuals interested in the industry. This Procurement Outsourcing Services report is also all-embracing of the data which includes market definition, classifications, applications, engagements, market drivers and market restraints that are obtained with the help of SWOT analysis.
Global procurement outsourcing services market was valued at USD 2.70 billion in 2021 and is expected to reach USD 7.86 billion by 2029, registering a CAGR of 14.29% during the forecast period of 2022-2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis
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Market Overview:
A method of obtaining and managing the raw materials required for the production of a good or the provision of a certain service is known as procurement outsourcing. It facilitates the transmission of crucial information to the outside vendor. The data also contains the actual order and payment for the goods and services. The outsourcing of certain crucial procurement functions, such as vendor management, to a third party lowers total costs and enables businesses to concentrate on their core capabilities.
The most common actions the company agrees with are often procurement categorization and vendor management of raw materials and services. Outsourcing procurement has a number of advantages, such as freeing up internal staff members' time to concentrate on the company's core operations, enabling higher productivity and efficiency in outsourced tasks, streamlining operations, and lowering total operational expenses.
Opportunities for Players:
- Rising demand for efficiency and effectiveness
The growing demand to improve supply chain efficiency and effectiveness is also contributing to the expansion of the market. Additionally, the use of procurement outsourcing is being driven by the requirement to follow regulatory requirements and guarantee compliance.
- Growth and expansion of end user verticals
In the manufacturing, IT, telecom, retail, healthcare, and BFSI industries, procurement outsourcing is frequently employed. As a result, during the anticipated period, the market for procurement outsourcing services is anticipated to grow quickly. The necessity for new IT solutions to be implemented along with current global consumer trends is what primarily drives the demand for procurement outsourcing services.
Recent Developments
- SynOps, a human-machine controlled engine that makes use of data, advanced analytics, and Artificial Intelligence (AI), was introduced by Accenture in January 2019. It enables enterprises to accomplish intelligent operations across core business processes. These activities include marketing, procurement, and finance and accounting.
Some of the major players operating in the Procurement Outsourcing Services market are:
- IBM (U.S.)
- Broadcom (U.S.)
- Oracle. (U.S.)
- Accenture (Ireland)
- Infosys Limited (India)
- GEP (U.S.)
- Genpact (U.S.)
- Proxima (U.K.)
- WNS (Holdings) Ltd. (India)
- Capgemini (France)
- Wipro Limited (India)
- HCL Technologies Limited (India)
- Tata Consultancy Services Limited. (India)
- DXC Technology Company (U.K.)
- AEGIS Company. (India)
- Corbus, LLC. (India)
- Aquanima S.A. (Spain)
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Core Objective of Procurement Outsourcing Services Market:
Every firm in the Procurement Outsourcing Services Industry has objectives but this market research report focus on the crucial objectives, so you can analysis about competition, future market, new products, and informative data that can raise your sales volume exponentially.
- Procurement Outsourcing Services Market Size and growth rate factors.
- Important changes in the future Procurement Outsourcing Services Market.
- Top worldwide competitors of the Market.
- Scope and product outlook of Procurement Outsourcing Services Market.
- Developing regions with potential growth in the future.
- Tough Challenges and risk faced in Market.
- Global Procurement Outsourcing Services top manufacturers profile and sales statistics
Market Dynamics: Procurement Outsourcing Services Market
- The trend of advanced technologies
During the projected period, the expansion of the procurement outsourcing market will be driven by the implementation of cutting-edge technology to streamline business operations. In order to increase their scalability, flexibility, and lower overall operating costs, businesses are eager to incorporate these technologies. Additionally, commercial operations are becoming automated thanks to artificial intelligence and machine learning.
- Increased focus on cost minimization
Companies are using software as a service to outsource their business processes to a third party company so they may concentrate on their core strengths. This will result in reducing the handling and maintenance costs for the organizations is bolstering the growth rate of the market in a sharp upward direction. This further results in reducing the costs associated with procurement operations and streamline procurement processes
Furthermore, the factors such as rising urbanization, industrialization and mounting need to extract achieve benchmarking during the forecast period are some other important market drivers. Additionally, rise in the need to manage compliance policies and agreements in combination with rising availability of raw materials are anticipated to drive the growth rate of the market.
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- This study offers the latest product news, trends, and updates from the industry's leading players who have leveraged their market position.
- It also offers strategic plans and standards to arrive at informed business decisions adopted by the main players, thereby advocating your go to market strategies.
- In addition, it offers insights into the dynamics of customer behaviour that can help the organization better curate market strategies
- Usage of exclusive tailor-made tools along with primary research, secondary research and our in-house data model helps us in extracting the exact market numbers
- Mapping the customer in 3P grid comprising of Purpose, Planning and Positioning, thereby delivering a solution by keeping the prospecting client at the sweet spot
- The market research report includes all of the market's valuable elements, such as sales growth, product pricing & analysis, growth opportunities, and recommendations for addressing market challenges
- The report covers all the primary mergers & acquisitions, alliances, and collaborations that have generated additional opportunities for market players or in some cases, challenges
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Key Industry Segmentation: Procurement Outsourcing Services Market
By Service Type
- Business Process Outsourcing Services
- Category Management
- Source Management
- Procurement Management
- Supplier Management
- Procure to Pay
- Consulting Services
By Deployment Model
- On-Premises
- Cloud
By Enterprise Size
- Large Enterprises
- Small & Medium Enterprises
By Application
- Marketing Related Services
- IT Related Services
- HR Related Services
- Facilities Management & Office Services
By End User
- Banking, Financial Services, and Insurance (BFSI)
- Energy and Utilities
- Oil & Gas
- Power Generation
- Water
- Healthcare
- Pharmaceuticals
- Biotechnology
- IT and Telecom
- Professional Services
- Manufacturing
- Automotive
- Consumer Goods
- Industrial
- Electronics
- Retail
- Logistics
- Others
- Defence
- Paper & Pulp
Regional Analysis/Insights: Procurement Outsourcing Services Market
The countries covered in the procurement outsourcing services market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
North America dominates the procurement outsourcing services market due to the presence of established economies such as U.S. and Canada and presence of the large base of customers using these services. Prevalence of advanced IT infrastructure is another important factor determining the dominance of this region.
Asia-Pacific region is showing a promising potential and therefore, is set to grow with the highest growth rate during the forecast period. This is because of the growing adoption by the manufacturing industry in the region and growing number of small and medium scale enterprises.
Table of Contents:
- Introduction
- Market Segmentation
- Executive Summary
- Premium Insights
- Global Procurement Outsourcing Services Market: Regulations
- Market Overview
- Global Procurement Outsourcing Services Market, By Service Type
- Global Procurement Outsourcing Services Market, By Deployment Model
- Global Procurement Outsourcing Services Market, By Enterprise Size
- Global Procurement Outsourcing Services Market, By Application
- Global Procurement Outsourcing Services Market, By End User
- Global Procurement Outsourcing Services Market, By Region
- Global Procurement Outsourcing Services Market: Company Landscape
- SWOT Analyses
- Company Profile
- Questionnaires
- Related Reports
To Check the Complete Table of contents, click here @ https://www.databridgemarketresearch.com/toc/?dbmr=global-procurement-outsourcing-services-market
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