Procurement Outsourcing Market Scope
Procurement outsourcing refers to the transfer of specific procurement activities regarding supplier and sourcing management to a third party in order to reduce overall costs and increasing operational efficiency. Rise in spending by the organization for business process automation and growth in the IT sector driving the demand for procurement outsourcing. Further, technological advancement in the procurement outsourcing services and increasing adoption by numerous industry verticals such as BFSI, energy & utilities, healthcare, IT & telecom, professional services, manufacturing, and others expected to drive the demand for procurement outsourcing market over the forecasted period.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
Key Companies Profiled | Accenture Plc (Ireland), GEP (United States), Genpact Ltd. (United States), Wipro Limited (India), Infosys Ltd. (India), HCL Technologies (India), Aquanima (Spain), WNS (India), IBM Corporation (United States) and Xchanging (United Kingdom) |
CAGR | 10.98% |
Procurement Outsourcing market companies operating in these industries are focusing more on efficient growth, improvement of operational efficiency and productivity, achieving high safety standards, and focusing on maintaining sustainable development. The market is highly competitive with a few players occupying the major share. The key players are highly focused on developing and innovating new strategies to maintain their market position and customer base. The companies are coming up with partnerships or agreements along with planning strategic activities such as partnerships, product launches, mergers, and acquisitions which will help them to sustain in the market and maintain their competitive edge. Research Analyst at AMA estimates that United States Players will contribute to the maximum growth of Global Procurement Outsourcing market throughout the predicted period.
Accenture Plc (Ireland), GEP (United States), Genpact Ltd. (United States), Wipro Limited (India), Infosys Ltd. (India), HCL Technologies (India), Aquanima (Spain), WNS (India), IBM Corporation (United States) and Xchanging (United Kingdom) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research are Optimum Procurement (United Kingdom), Corbus, LLC (United States) and Hackett Group (United States).
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.
Segmentation Overview
The study have segmented the market of Global Procurement Outsourcing market by Type and Region with country level break-up.
On the basis of geography, the market of Procurement Outsourcing has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
region held largest market share in the year 2023.
29 May 2019, Accenture has been awarded as a positioned as a Leader in Everest Group’s procurement outsourcing service provider landscape with Services PEAK Matrix for market impact and vision & capability.
“US federal laws do not specifically regulate outsourcing transactions. Contract law is generally governed by state law, subject to any applicable federal laws (such as laws relating to intellectual property (IP) rights, immigration, export controls and bankruptcy). Certain industries such as healthcare, finance, and insurance are regulated either on a state or federal level or both. These regulations (and related regulatory guidelines) frequently affect the negotiated content of outsourcing transactions to the extent that the outsourced activities implicate regulatory obligations of the entity purchasing the outsourced services.”
Influencing Trend:
Growing Focus on Business Process Automation and Emphasizing On the Technological Advancement in the Procurement Outsourcing
Market Growth Drivers:
Rising Adoption of New IT Solutions and Growing Digitization in Numerous Industries
Challenges:
Lack of Awareness in the Low and Middle Income Group Countries and Balancing Client Need and Organization Capability
Restraints:
Stringent Government Regulations Regarding Data and Network Security Process
Opportunities:
Growth in the IT Sector in Emerging Economies and Increasing Demand for Procurement Outsourcing From the Manufacturing and BFSI Industry
Key Target Audience
Procurement Outsourcing Service Providers, Business Research and Consulting Firms, Venture Capitalists and Investors, Government Organizations and Others