Global Procurement Outsourcing Market Size to Reach USD 10.52 Billion in 2032 | Emergen Research

Vancouver, Sept. 12, 2023 (GLOBE NEWSWIRE) -- The global procurement outsourcing market size is expected to reach USD 10.52 Billion in 2032 and register a revenue CAGR of 13.8% during the forecast period, according to the latest analysis by Emergen Research. Rising focus on cost reduction and growing technological advancements are major factors driving the market revenue growth. Large corporations frequently outsource procurement to save money.

A procurement outsourcer uses economies of scale, as well as experienced and qualified employees, to reduce costs and improve efficiencies. Outsourcing procurement gives organizations the scalability and flexibility they need to respond to changing market circumstances. Procurement service providers can instantly adapt procurement quantities, supplier networks, and inventory levels as demand changes, assuring optimal responsiveness and hence driving the market revenue growth.

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Rising demand for procurement outsourcing in the Banking, Financial Services, and Insurance (BFSI) sector is another factor driving revenue growth of the market. Cloud-based procedures, technologies, and software innovations, such as automation accounting software, are available to service providers, allowing them to improve the efficiency of Finance and Accounting (F&A) operations. Accounting automation software has transformed the way accountants crunch numbers. It not only saves time, but it also lowers risks by reducing human mistakes and potential of internal fraud. Furthermore, this software generates real-time information to assist in recognizing any problems hence contributing to the market revenue growth. Outsourcing finance and accounting services also protects from theft by trusted staff.

However, maintaining constant control over procurement activities can be difficult for organizations which is a major factor restraining the market revenue growth.

Scope of Research

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Major Companies and Competitive Landscape

The global procurement outsourcing market is fragmented with large and medium-sized market players accounting for the majority of revenue. Major players are deploying various strategies, entering into mergers and acquisitions, strategic agreements and contracts, developing, testing, and introducing more effective in the market. Some major players included in the market report are:

• Infosys Limited.
• IBM.
• Wipro.
• Accenture.
• GEP.
• Genpact.
• WNS (Holdings) Ltd
• TATA Consultancy Services Limited
• DXC Technology Company
• Capgemini

Strategic Development

• On 26 September 2022, GEP, a leading global provider of supply chain software and services to Fortune 500 and Global 2000 companies, announced the launch of a new office in Abu Dhabi. The firm's newest location offers full-service procurement and supply chain consulting, as well as the industry's premier procurement software platform. GEP worked with several top Middle Eastern organizations over the last decade to modernize their procurement and supply chains, and it helps clients in the aviation, CPG, energy, financial services, and oil and gas sectors.

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Some Key Highlights From the Report

• The solution segment accounted for largest revenue share in 2022. Procurement outsourcing helps firms to save money which is a major factor driving revenue growth of this segment. Outsourcing procurement allows organizations to free up internal resources and focus on their core capabilities. Outsourcing also provides businesses with access to highly skilled procurement professionals when demand or cost would not justify an internal employee. This service provides an invaluable solution for businesses that want to investigate possibilities of cost reduction, new suppliers, and contract management and want to engage with individuals who have expert knowledge of the specified area hence driving revenue growth of this segment.
• The cloud segment accounted for a significantly large revenue share in 2022. Cloud-based solutions give improved accessibility and collaboration capabilities, as well as seamless networking between service providers and departments inside the organization. Cloud-based procurement software makes it simple to send information to authorized personnel regardless of where or when they attempt to access it which is also driving revenue growth of this segment.
• The HR related services segment accounted for a significantly large revenue share in 2022. Many businesses have outsourced their Human Resources (HR) functions to save money. Businesses can reduce the costs of retaining an in-house HR team by partnering with an external provider. These costs include salary, benefits, training, and infrastructure. Most HR outsourcing companies have specialized knowledge and expertise in numerous HR roles. Organizations obtain access to this expertise via outsourcing HR services, allowing them to improve the quality of their HR processes, policies, and plans which as a result leads to employee happiness and compliance. Therefore, all these factors are driving revenue growth of this segment.
• The market in Asia Pacific accounted for largest revenue share in 2022. Rising demand for procurement outsourcing as it provides organizations with scalability and flexibility is a major factor driving the market revenue growth in this region. Companies use software as a service to outsource their business processes to a third party so that they can focus on their core competencies which as a result lower handling and maintenance costs for organizations hence contributing to the market revenue growth in this region. This reduces the costs connected with procurement operations and streamlines procurement processes.

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For the purpose of this report, Emergen Research has segmented the global procurement outsourcing market on the basis of services, component, deployment, enterprise size, application, industry vertical, and region:

• Services Outlook (Revenue, USD Billion; 2019–2032)
  • Business Process Outsourcing Services
  • Consulting Services
• Component Outlook (Revenue, USD Billion; 2019–2032)
  • Solution
  • Services
• Deployment Outlook (Revenue, USD Billion; 2019–2032)
  • On-Premises
  • Cloud
• Enterprise Size Outlook (Revenue, USD Billion; 2019–2032)
  • Large Enterprises
  • Small & Medium Enterprise
• Application Outlook (Revenue, USD Billion; 2019–2032)
  • Marketing Related Services
  • IT Related Services
  • HR Related Services
  • Facilities Management & Office Services
  • Others
• Industry Vertical Outlook (Revenue, USD Billion; 2019–2032)
  • BFSI
  • Energy & Utilities
  • Healthcare
  • IT & Telecom
  • Professional Services
  • Manufacturing
  • Retail
  • Logistics
  • Others
• Regional Outlook (Revenue, USD Billion, 2019–2032)
  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • U.K.
    • France
    • Spain
    • BENELUX
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Rest of APAC
  • Latin America
    • Brazil
    • Rest of LATAM
  • Middle East & Africa
    • Saudi Arabia
    • UAE
    • Israel
    • Rest of MEA

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