Retail Sourcing And Procurement Global Market Report 2023, By The Business Research Company

Retail Sourcing And Procurement Global Market Report 2023 By The Business Research Company describes and explains the retail sourcing and procurement market and covers 2017-2022, termed the historic period, and 2022-2027 termed the forecast period, along with further forecasts for the period 2027-2032. The report cover market sizing information, market trends, strategies, and opportunities for the seven regions and major players of the market.

LONDON, Jan. 23, 2023 /PRNewswire/ -- The global retail sourcing and procurement market is slightly concentrated, with a few large players. The top ten competitors in the market made up to more than 31% of the total market. IBM Corporation was the largest competitor with 7.01% share of the market, followed by Oracle Corporation, SAP SE, Coupa Software Incorporated, Ivalua Inc, Zycus Inc, GEP Worldwide, Epicor Software Corporation, Basware Corporation, Vroozi, Inc. and more.

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Player-adopted strategies in the retail sourcing and procurement market include focus on transforming the supply chain process through strategic partnerships and collaborations to focus on strengthening business operations and enhance operational capabilities through offering new services.

In March 2022, SAP SE, a Germany-based multinational software company, acquired Taulia for an undisclosed amount. Through this acquisition, SAP SE can help companies gain financial flexibility and stability and contribute to making supply chains more resilient. Taulia is a financial technology business that provides supply chain finance and dynamic discounting services. SAP SE was the third largest competitor in the retail sourcing and procurement market, with a 4.58% share of the market. SAP SE is a multinational software company. The company develops business software, including e-business and enterprise management software, as well as offering training services.

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The global retail sourcing and procurement market is expected to grow from $4.9 billion in 2023 to more than $8 billion in 2027 at a compound annual growth rate (CAGR) of 13.1%. The market is further expected to grow to $14.5 billion by 2032 at a CAGR of 12.7%. This exponential growth in the forecast period will be attributed to the increasing adoption of digital technologies, increasing investments by market players and increasing use of cloud-based platforms in retail sourcing and procurement.

To take advantage of the growth opportunities in the coming future, The Business Research Company recommends the retail sourcing and procurement companies to focus on sustainable procurement software solutions, invest in artificial intelligence and digitization, and expand in emerging markets.

Retail Sourcing And Procurement Market Definition and Segmentations 

Retail sourcing and procurement is the process of sourcing and purchasing inventory for a business. It involves acquiring raw materials needed to manufacture finished products as well as acquiring primary and secondary goods and services. Sourcing involves identifying the most-suitable products and suppliers for a business, whereas purchasing involves the transaction process of negotiating pricing with the suppliers and the actual purchase of the products. The retail sourcing and procurement market is segmented as -

• The retail sourcing and procurement market is segmented by solution into strategic sourcing, supplier management, contract management, procure-to-pay and spend analysis. The strategic sourcing market was the largest segment of the retail sourcing and procurement market segmented by solution, accounting for 32.2% of the total.
• The retail sourcing and procurement market is also segmented by end-user into small and medium enterprise (SME) and large enterprise. The small and medium enterprise (SME) market was the largest segment of the retail sourcing and procurement market segmented by end-user, accounting for 55.1% of the total.
• The retail sourcing and procurement market is also segmented by deployment into on-premise, hybrid and cloud. The on-premise market was the largest segment of the retail sourcing and procurement market segmented by deployment.
• The retail sourcing and procurement market is also segmented by service into implementation, consulting and training and support. The consulting market was the largest segment of the retail sourcing and procurement market segmented by service.

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