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In 2023, the procurement outsourcing market was estimated to be worth 2.39 billion USD. With a predicted CAGR (compound annual growth rate) of 15.70% from 2024 to 2031, the procurement outsourcing market is expected to expand from $3.2973B in 2024 to $9.209629946B in 2031. Rising need for efficiency and effectiveness, as well as widespread use across industries, are propelling the market forward. These sectors include healthcare, life sciences, energy and utilities, and others.
Outsourcing the acquisition and management of raw materials is known as procurement. These materials are essential for the production of a product or the provision of a service. Important information can be more easily flowed to the third-party vendor. Not only that, but the data also contains the products and services ordered and paid for. Companies can save money and concentrate on what they do best when they outsource some of their most important procurement tasks to a third party. These tasks include managing vendors and purchasing goods. Most often, the corporation will enter into an agreement for the purpose of classifying its procurement and managing its vendors for raw materials and services. Streamlining operations, lowering total operational expenses, increasing productivity and efficiency in outsourced tasks, and freeing up internal workers to focus on the business's core activities are all advantages of procurement outsourcing.
Government lockdowns and travel bans caused by the COVID-19 epidemic have had an impact on industries and enterprises around the world. The worldwide supply chains have been impacted by the closure of numerous factories, which has had a negative impact on production, shipment timelines, and product sales. Not many companies have spoken out about the possibility of product distribution delays or sales drops in the near future. The procurement outsourcing industry has been positively affected by the introduction of latest technologies during the pandemic, which have increased corporate operation efficiency and decreased costs. The businesses are automating their purchasing processes by incorporating AI and ML. Furthermore, by avoiding distractions from non-essential tasks, this procedure allows businesses to concentrate on what they do best.
The procurement outsourcing market is seeing expansion due to several factors. These include the increasing need from organizations to streamline the procurement process, the need to adapt new IT systems to modern consumer trends, and the increasing complexity of managing compliance regulations and agreements. The market is also being driven by the widening gap between businesses' capabilities and the increasing demands of their customers. The market isn't growing, nevertheless, because of the high risk of outsourcing and the problems with management. Over the next few years, the procurement outsourcing market is likely to see promising expansion opportunities brought about by developments in technology, an increase in demand for these services from the manufacturing sector, and the widespread use of AI and big data.
Procurement outsourcing is expected to experience growth in the next years as a result of companies embracing new technology to improve efficiency. Businesses are keen to use these technologies since they will boost their adaptability and scalability while decreasing operational expenses. Businesses are using software as a service to outsource non-core tasks to a third party, allowing them to focus on what they do best. Machine learning and artificial intelligence are also automating business processes. The market's CAGR is driven by this aspect.
Factors such as companies' demands for streamlined procurement procedures, the requirement to embrace new IT solutions that correspond with consumer trends, and the management of compliance laws and agreements are driving the procurement outsourcing market expansion. Market expansion is hindered, though, by the dangers of outsourcing and the challenges of management. However, there are hopeful prospects for market expansion throughout the projection period due to technical improvements, rising demand from manufacturing industries, and the implementation of AI and big data technologies.Because of this, the Procurement Outsourcing industry is generating income.
Report Coverage
Global Procurement Outsourcing research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Procurement Outsourcing report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Procurement Outsourcing competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Procurement Outsourcing market players and analyses their core competencies in each global market sub-segments.
Key Points Covered in the Report
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Procurement Outsourcing market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Procurement Outsourcing market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
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), and Aquanima S.A. (Spain) among many others.
Primary Target Market
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2031. INFINITIVE DATA EXPERT has segmented the global Procurement Outsourcing market based on the below-mentioned segments:
Global Procurement Outsourcing Market, By Component
Solution
Services
Global Procurement Outsourcing market, By Application
Marketing Related Services
IT Related Services
HR Related Services
Facilities Management & Office Services
Others
Global Procurement Outsourcing Market, By Industry Vertical
BFSI
Energy & Utilities
Healthcare
IT & Telecom
Professional Services
Manufacturing
Retail
Logistics
Others
Global Procurement Outsourcing market, Regional Analysis
Outsourcing the acquisition and management of raw materials is known as procurement. These materials are essential for the production of a product or the provision of a service. Important information can be more easily flowed to the third-party vendor. Not only that, but the data also contains the products and services ordered and paid for. Companies can save money and concentrate on what they do best when they outsource some of their most important procurement tasks to a third party. These tasks include managing vendors and purchasing goods. Most often, the corporation will enter into an agreement for the purpose of classifying its procurement and managing its vendors for raw materials and services. Streamlining operations, lowering total operational expenses, increasing productivity and efficiency in outsourced tasks, and freeing up internal workers to focus on the business's core activities are all advantages of procurement outsourcing.
Government lockdowns and travel bans caused by the COVID-19 epidemic have had an impact on industries and enterprises around the world. The worldwide supply chains have been impacted by the closure of numerous factories, which has had a negative impact on production, shipment timelines, and product sales. Not many companies have spoken out about the possibility of product distribution delays or sales drops in the near future. The procurement outsourcing industry has been positively affected by the introduction of latest technologies during the pandemic, which have increased corporate operation efficiency and decreased costs. The businesses are automating their purchasing processes by incorporating AI and ML. Furthermore, by avoiding distractions from non-essential tasks, this procedure allows businesses to concentrate on what they do best.
The procurement outsourcing market is seeing expansion due to several factors. These include the increasing need from organizations to streamline the procurement process, the need to adapt new IT systems to modern consumer trends, and the increasing complexity of managing compliance regulations and agreements. The market is also being driven by the widening gap between businesses' capabilities and the increasing demands of their customers. The market isn't growing, nevertheless, because of the high risk of outsourcing and the problems with management. Over the next few years, the procurement outsourcing market is likely to see promising expansion opportunities brought about by developments in technology, an increase in demand for these services from the manufacturing sector, and the widespread use of AI and big data.
Procurement outsourcing is expected to experience growth in the next years as a result of companies embracing new technology to improve efficiency. Businesses are keen to use these technologies since they will boost their adaptability and scalability while decreasing operational expenses. Businesses are using software as a service to outsource non-core tasks to a third party, allowing them to focus on what they do best. Machine learning and artificial intelligence are also automating business processes. The market's CAGR is driven by this aspect.
Factors such as companies' demands for streamlined procurement procedures, the requirement to embrace new IT solutions that correspond with consumer trends, and the management of compliance laws and agreements are driving the procurement outsourcing market expansion. Market expansion is hindered, though, by the dangers of outsourcing and the challenges of management. However, there are hopeful prospects for market expansion throughout the projection period due to technical improvements, rising demand from manufacturing industries, and the implementation of AI and big data technologies.Because of this, the Procurement Outsourcing industry is generating income.
Report Coverage
Global Procurement Outsourcing research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Procurement Outsourcing report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Procurement Outsourcing competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Procurement Outsourcing market players and analyses their core competencies in each global market sub-segments.
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| Study Period | 2017-2031 |
| Base Year | 2023 |
| Forecast Period | 2023-2031 |
| Historical Period | 2017-2021 |
| Unit | Value (USD Billion) |
| Key Companies Profiled | 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), and Aquanima S.A. (Spain) among many others. |
| Segments Covered | • By Product |
| Customization Scope | Free report customization (equivalent to up to 3 analyst working days) with purchase. Addition or alteration to country, regional & segment scope |
Key Points Covered in the Report
- Market Revenue of Procurement Outsourcing Market from 2021 to 2031.
- Market Forecast for Procurement Outsourcing Market from 2021 to 2031.
- Regional Market Share and Revenue from 2021 to 2031.
- Country Market share within region from 2021 to 2031.
- Key Type and Application Revenue and forecast.
- Company Market Share Analysis, Procurement Outsourcing competitive scenario, ranking, and detailed company
profiles. - Market driver, restraints, and detailed COVID-19 impact on Procurement Outsourcing
Market
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Procurement Outsourcing market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Procurement Outsourcing market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
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), and Aquanima S.A. (Spain) among many others.
Primary Target Market
- Market Players of Procurement Outsourcing
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Third-party knowledge providers
- Value-Added Resellers (VARs)
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2031. INFINITIVE DATA EXPERT has segmented the global Procurement Outsourcing market based on the below-mentioned segments:
Global Procurement Outsourcing Market, By Component
Solution
Services
Global Procurement Outsourcing market, By Application
Marketing Related Services
IT Related Services
HR Related Services
Facilities Management & Office Services
Others
Global Procurement Outsourcing Market, By Industry Vertical
BFSI
Energy & Utilities
Healthcare
IT & Telecom
Professional Services
Manufacturing
Retail
Logistics
Others
Global Procurement Outsourcing market, Regional Analysis
- Europe: Germany, Uk, France, Italy, Spain, Russia, Rest of Europe
- The Asia Pacific: China,Japan,India,South Korea,Australia,Rest of Asia Pacific
- South America: Brazil, Argentina, Rest of South America
- Middle East & Africa: UAE, Saudi Arabia, Qatar, South Africa, Rest of Middle East & Africa
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