Procurement outsourcing services is a process wherein a company engages an external service provider to manage their core and non-core purchase transactions and expenditures. This helps the company allocate important resources to work on strategic initiatives and handling important business activities. Procurement outsourcing services help companies reduce operational costs, increase savings on investments, and improve businesses.
In recent times, technological advancements have taken place in the procurement outsourcing services market. Manufacturing, BFSI, IT & telecom, retail, and healthcare sectors widely use procurement outsourcing services. Thus, the procurement outsourcing services market is expected to grow rapidly in the next few years. Rise in need to adopt new IT solutions with modern consumer trends across the world is primarily driving the demand for procurement outsourcing services. Moreover, increase in demand for procurement outsourcing services from the manufacturing and financial sectors is expected to fuel the growth of the market in the near future. However, high risks involved in outsourcing is projected to inhibit the growth of the procurement outsourcing services market across the world. The procurement outsourcing services market is likely to be valued at US$ 8,050.6 Bn by 2026, growing from US$ 2,819.2 Bn in 2017, expanding at a CAGR of 12.7% during the forecast period.
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Based on type, the global procurement outsourcing services market has been segmented into business process outsourcing services and consulting services. The business process outsourcing services segment accounted for a significant market share globally in 2017. The segment is projected to retain its leading position during the forecast period. The segment has been further categorized into category management, source management, procurement management, supplier management, and procure to pay. The category management sub-segment accounted for leading share of the market share in 2017, while the procure to pay sub-segment is estimated to grow rapidly during the forecast period. Sourcing and category management are seen as the biggest challenges for process transformation in enterprises, thus procurement outsourcing executives are asked to measure the impact of these challenges.
In terms of industry, the global procurement outsourcing services market can be categorized into BFSI (banking, financial services and insurance), energy & utilities, healthcare, IT & telecom, professional services, manufacturing, retail, logistics, and others. The others segment includes defense, paper & pulp, and other related sectors. The manufacturing sector is the prominent user of procurement outsourcing services, followed by BFSI. The IT & telecom sector is projected to grow rapidly during the forecast period. Procurement outsourcing services are likely to witness high level of adoption in this sector. Benefits associated with using procurement outsourcing services include low capital expenditure, reduced operational costs, and improved business efficiency, which are encouraging enterprises to opt for procurement outsourcing services.
North America is anticipated to contribute significantly to the growth of the global procurement outsourcing services market in the near future due to the large base of customers using these services in the region. The procurement outsourcing services market in Europe and South America is anticipated to follow a similar trend between 2018 and 2026. Furthermore, the procurement outsourcing services market in APAC and Middle East & Africa is likely to expand at a robust CAGR in the next few years.
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Attracted by the success of the market and underlying embryonic demand, many small and large-scale enterprises are adopting procurement outsourcing services. Providers of procurement outsourcing services are engaging in new method of offering services, technology and tools, upgrade of research and development, and partnership with other firms in order to expand their business. For instance, in January 2017, WNS entered into a definitive agreement to acquire Denali Sourcing Services, a provider of strategic procurement BPM solutions.
Prominent players operating in the procurement outsourcing services market profiled in the study include Accenture Plc, GEP, Genpact Ltd., Aquanima, Optimum Procurement, Corbus, LLC, Wipro Limited, Infosys Ltd., HCL Technologies, WNS, IBM Corporation, and Xchanging
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