Procurement Outsourcing Services Market -Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 – 2026 published by Transparency Market Research the global procurement outsourcing services market is expected to reach US$ 8,050.6 Mn by 2026, from US$ 2,819.2 Mn in 2017, expanding at a CAGR of 12.7% from 2018 to 2026. According to the report, the global market is expected to continue to be influenced by a range of macroeconomic and industry-specific factors. North America is anticipated to continue to be at the forefront in generating demand for procurement outsourcing services, with the market in the region estimated to expand at a CAGR of 12.7% during the forecast period. Technological advancements, increased digitization, and presence of a large number of procurement outsourcing services providers in the region are anticipated to drive the procurement outsourcing services market in North America.
Competitive market dynamics
The research study includes profiles of leading companies operating in the global procurement outsourcing services market. The profiles include details on company business overview, broad financial overview, business strategies, and recent developments. Key players operating in the procurement outsourcing services market profiled in the study are Accenture Plc, GEP, Genpact Ltd., Wipro Limited, Infosys Ltd., HCL Technologies, Aquanima, Optimum Procurement, Corbus, LLC, WNS, IBM Corporation, and Xchanging.
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Market Segmentation
Procurement Outsourcing Services Market, by Component
– Business Process Outsourcing Services
– Category Management
– Source Management
– Procurement Management
– Supplier Management
– Procure to Pay
Procurement Outsourcing Services Market, by Industry
- Banking, Financial Services, and Insurance (BFSI)
- Energy & Utilities
- Oil & Gas
- Power Generation
- Water
- Healthcare
- Pharmaceuticals
- Biotechnology
- IT & Telecom
- Professional Services
- Manufacturing
- Automotive
- Consumer Goods
- Industrial
- Electronics
- Retail
- Logistics
- Others (Defense, Paper & Pulp)
Manufacturing and BFSI industries and stringent regulatory guidelines to drive the global procurement outsourcing services market
Increase in adoption of new IT solutions with modern consumer trends in different organizations and rise in emphasis on business process automation are expected to boost the growth of the procurement outsourcing services market in the next few years. Moreover, increase in demand for procurement services from the manufacturing and BFSI industries is expected to fuel the growth of the market in the near future. Companies are increasingly adopting procurement outsourcing services, which are outsourced by third-party vendors, to reduce their operational costs and increase their revenues. This is likely to propel the growth of the market during the forecast period.
In terms of growth, both North America and Europe are mature markets for procurement outsourcing services due to high awareness about the services among users and rising number of service providers in the region. The procurement outsourcing services market in Asia Pacific is expected to expand at a robust pace during the forecast period. Rise in penetration of technology as well as significant investments for optimal utilization of procurement software and services across countries such as the U.S., U.K., Germany, France, China, India, and Brazil are anticipated to offer lucrative opportunities to the procurement outsourcing services providers in the near future.
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Research objectives:-
– To study and analyze the global Procurement Outsourcing Services consumption (value & volume) by key regions/countries, product type and application, history data.
– To understand the structure of the Procurement Outsourcing Services market by identifying its various sub-segments.
– Focuses on the key global Procurement Outsourcing Services manufacturers, to define, describe and analyze the sales volume, value, market share, market competitive landscape, SWOT analysis, and development plans in the next few years.
– To analyze the Procurement Outsourcing Services with respect to individual growth trends, future prospects, and their contribution to the total market.
– To share detailed information about the key factors influencing the growth of the market (growth potential, opportunities, drivers, industry-specific challenges and risks).
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