NEWARK, Del, Nov. 20, 2023 (GLOBE NEWSWIRE) -- In 2023, the supply chain management BPO market is expected to be worth US$ 28,983.5 million. The market is expected to reach US$ 73,347.0 million by 2033, expanding at a 9.7% CAGR throughout the forecast period.
The supply chain management business process outsourcing (BPO) market refers to a specialized sector in the broader BPO industry. It focuses on offering outsourced solutions for complex and diverse supply chain operations. In this market, companies outsource several aspects of their supply chain management functions to external service providers with the expertise, technology, and resources to optimize these processes.
BPO providers in this market offer a range of services, including real-time inventory tracking, demand analysis using advanced data analytics, optimization of transportation routes, and implementing sustainable practices to reduce environmental impact. These providers often have global networks, enabling them to manage complex international supply chains efficiently and navigate regulatory challenges.
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The main advantages of engaging in supply chain management BPO solutions include cost savings, improved operational efficiency, access to specialized talent, scalability, and the ability to focus on core competencies. Companies can offload non-core supply chain functions to BPO partners, allowing them to concentrate on innovation, product development, and customer relationships.
The supply chain management business process outsourcing (BPO) industry has seen substantial expansion and transformation in recent years. This is attributed to the rising need for streamlined and effective supply chain operations across industries.
Key companies in the market are reinventing their services to deliver end-to-end solutions. They employ modern technologies such as blockchain, artificial intelligence, and data analytics to optimize supply chain processes, improve visibility, and minimize risks.
The market is also shifting toward sustainability and responsible sourcing, enabling BPO providers to incorporate ecologically and socially responsible practices into their services. The COVID-19 epidemic has hastened the adoption of digital solutions and remote work capabilities in the supply chain management BPO business. It is set to enable remote teams to collaborate effectively and maintain the ongoing flow of products and services.
Key Takeaways from the Supply Chain Management BPO Market Study-
- The supply chain management BPO market in the United States is predicted to reach US$ 14,368.3 million by 2033, at 8.7% CAGR.
- The supply chain management BPO market in China is estimated to reach a value of US$ 8,450.2 million, expanding a CAGR of 12.8% by 2033.
- During the forecast period, Germany is expected to reach a value of US$ 4,199.9 million, securing a 9.7% CAGR.
- Brazil is predicted to reach US$ 2,348.7 million by 2033, increasing at a 10.6% CAGR.
- India is predicted to achieve a value of US$ 5,982.8 million, rising at a 12.8% CAGR during the forecast period.
- The offshoring outsourcing model segment is estimated to showcase a CAGR of 9.9% from 2023 to 2033.
- With a CAGR of 9.6% in the review period, the manufacturing application for supply chain management BPO is estimated to surge rapidly over the forecast period.
"The market is expected to be driven by rising demand for cost-effective operations and cutting-edge SCM techniques. One of the key difficulties facing the sector is data security when outsourcing SCM. The market is ripe with potential due to the use of cloud-based BPO for SCM," – says Sudip Saha, the managing director and co-founder at Future Market Insights.
Competitive Landscape
Key players are focusing on the improvement of the customer experience during payments for their supply chain management BPO solutions. They are also taking into consideration the different needs and requirements of the end-users and developing solutions that are tailor-made as per their needs.
Supply chain management BPO companies focus on product innovation, introducing new features, functionalities, and integrations to address security challenges. They develop intuitive interfaces, pre-built security modules, and machine learning capabilities. They invest in research and development to stay ahead of emerging technologies.
Supply chain management BPO market players are forming strategic partnerships with technology vendors, cybersecurity firms, and industry leaders to expand their customer base, integrate platforms, and broaden market reach. These partnerships ensure industry compliance and trust, fostering innovation and growth.
Key Players in the Supply chain management BPO market
- GEP
- HCL Technologies
- Teleperformance
- Accenture
- Genpact
- Wipro
- TCS
- Onprocess Technology, Inc.
- Infosys
- IBM Corporation
For instance,
- In March 2023, Hellenic Bank selected GEP for procurement consulting and software to deliver greater value to its suppliers and stakeholders. The aim of this partnership is to transform Hellenic Bank's source-to-pay (S2P) process, identify cost savings, and drive value for its suppliers and stakeholders.
- In July 2023, Genpact expanded its partnership with o9 Solutions to deliver Planning-as-a-Service leveraging generative AI. This joint initiative aims to help businesses reduce supply chain costs and inventories while enhancing decision-making and operational efficiency.
- In July 2022, Wipro partnered with Celonis, a global provider of execution management solutions, to introduce the Supply Chain Command Center. This offering is designed to assist businesses in propelling their supply chain evolution.
Get More Valuable Insights into the Supply Chain Management BPO Market
Future Market Insights (FMI), in its new offering, provides an unbiased analysis of the supply chain management BPO industry, presenting historical demand data (2018 to 2022) and forecast statistics for the period from 2023 to 2033.
The study incorporates compelling insights on the supply chain management BPO industry based on outsourcing model (offshoring, nearshoring, onshoring), enterprise size (retail and CPG, healthcare and life sciences, manufacturing, energy and utilities, telecom, others), service type (inventory management outsourcing, demand forecasting and planning, logistics management outsourcing, risk and compliance outsourcing, vendor management outsourcing, order management outsourcing, others) service type (small offices [1 to 9 employees], small enterprises [10 to 99 employees], medium-sized enterprise [100 to 499 employees], large enterprises [500 to 999 employees], very large enterprises 1,000+ employees]), and region.
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Supply Chain Management BPO Market Outlook by Category
By Outsourcing Model:
- Offshoring
- Nearshoring
- Onshoring
By Application:
- Retail and CPG
- Retail Inventory Management
- Order Fulfillment
- Warehousing and Distribution
- E-commerce Fulfillment
- Last-mile Delivery
- Healthcare and Life Sciences
- Temperature-controlled Logistics
- Pharmaceutical Supply Chain
- Regulatory Compliance
- Procurement and Vendor Management
- Healthcare Inventory Management
- Manufacturing
- Raw Material Supply Chain Management
- Production Planning and Scheduling
- Supplier Diversity Programs
- Supply Chain Analytics
- Procurement and Sourcing
- Energy and Utilities
- Environmental Compliance
- Utilities Asset Management
- Demand Forecasting
- Energy Procurement and Sourcing
- Telecom
- Network Equipment Procurement
- Vendor Management
- Telecom Inventory Management
- Value-added Services
- Contract Management
- Others
By Service Type:
- Inventory Management Outsourcing
- Demand Forecasting and Planning
- Logistics Management Outsourcing
- Risk and Compliance Outsourcing
- Vendor Management Outsourcing
- Order Management Outsourcing
- Others
By Enterprise Size:
- Small Offices (1 to 9 employees)
- Small Enterprises (10 to 99 employees)
- Medium-sized Enterprise (100 to 499 employees)
- Large Enterprises (500 to 999 employees)
- Very Large Enterprises (1,000+ employees)
By Region:
- North America
- Latin America
- East Asia
- South Asia and Pacific
- Western Europe
- Eastern Europe
- Central Asia
- Russia and Belarus
- Balkan and Baltics
- Middle East and Africa
Author:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client's requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
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