Dublin, Feb. 01, 2024 (GLOBE NEWSWIRE) -- The "Procure-To-Pay Outsourcing Market Report by Type (Inventory Management, Logistics Services, Customer Service, Business Process Outsourcing, E-Procurement), Application, and Region 2023-2028" report has been added to ResearchAndMarkets.com's offering.
The procure-to-pay outsourcing market is undergoing significant growth as companies worldwide are increasingly seeking to optimize procurement processes and improve operational efficiency. The global market size, which reached US$ 6.62 Billion in 2022, is now forecasted to expand to US$ 10.13 Billion by the year 2028, blossoming at a compound annual growth rate (CAGR) of 7.40% during the 2023-2028 period.
Businesses are turning to procure-to-pay (P2P) outsourcing to capitalize on cost efficiencies, time savings, accuracy, and improved cash flow visibility while reducing economic volatility within organizations. The versatility of P2P outsourcing is evident through its widespread use across diverse industries, including healthcare, IT and telecommunication, energy and utilities, and banking, financial services, and insurance (BFSI).
Key Market Dynamics Influencing Growth
Several factors contribute to the upward trajectory of the procure-to-pay outsourcing market. Access to local talent, skilled labor at competitive costs, and cloud-based procuring and paying solutions are propelling the adoption of P2P outsourcing. The integration of scalable e-procurement platforms, as part of comprehensive P2P outsourcing solutions, is instrumental in achieving streamlined procurement workflows that can adapt to dynamic market demands.
By type, inventory management sectors take a substantial share of the market, acknowledging the critical role effective inventory control plays in the procurement lifecycle. Likewise, the sectors of logistics services, customer service, business process outsourcing (BPO), and e-procurement are essential components of the market's ecosystem.
Among various applications, small and medium-sized enterprises (SMEs) remain prominent contributors to market share, pursuant to their need for robust yet cost-effective procurement strategies that P2P outsourcing services can provide.
Regional Insights Revealing North America's Dominance
Regionally, an insightful breakdown spotlights North America as the dominant force in the global market. Here, organizations prioritize employing e-procurement solutions to combat financial frauds and drive efficiency. Similar growth dynamics are observed across other regions, including the Asia Pacific, Europe, Latin America, and the Middle East and Africa—each contributing to the global surge in procure-to-pay outsourcing solutions.
Intense Competitive Scenario Shaping Market Prospects
In the highly competitive environment of the procure-to-pay outsourcing market, leading companies continue to innovate and offer advanced services like advanced order processing, catalog management, invoice data capturing, and others. While the report includes several key players, the market is seeing a rising emergence of specialized P2P service providers around the world, further intensifying competition.
- Accenture plc
- C1 India Private Limited
- Capgemini SE
- Coupa Software Inc.
- Genpact
- GEP Worldwide
- IBM Corporation
- Infosys Limited
- Jaggaer
- SAP SE
- Zycus Inc.
In conclusion, with multiple drivers propelling the growth of the procure-to-pay outsourcing market, the future holds promising prospects for stakeholders. The enhanced focus on strategic sourcing, data quality improvements, and the burgeoning preference for cloud solutions paves the way for transformative changes that businesses globally can leverage for sustained competitive advantage and commercial success in the procurement domain.
Key Attributes
| Report Attribute | Details |
| No. of Pages | 138 |
| Forecast Period | 2022-2028 |
| Estimated Market Value (USD) in 2022 | $6.62 Billion |
| Forecasted Market Value (USD) by 2028 | $10.13 Billion |
| Compound Annual Growth Rate | 7.3% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/xirxoc
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