Dublin, Oct. 08, 2024 (GLOBE NEWSWIRE) -- The "Retail Sourcing and Procurement - Global Strategic Business Report" report has been added to ResearchAndMarkets.com's offering.
The global market for Retail Sourcing and Procurement was estimated at US$4.6 Billion in 2023 and is projected to reach US$9.9 Billion by 2030, growing at a CAGR of 11.6% from 2023 to 2030. This comprehensive report provides an in-depth analysis of market trends, drivers, and forecasts, helping you make informed business decisions.
Retail sourcing and procurement are evolving rapidly in the modern retail landscape, driven by the need for greater efficiency, cost savings, and risk management in supply chains. Retailers are increasingly adopting advanced procurement strategies and technologies to streamline their sourcing processes, manage supplier relationships more effectively, and reduce costs.
This evolution is also fueled by the growing complexity of global supply chains, where retailers must navigate a myriad of challenges, including fluctuating commodity prices, geopolitical risks, and changing consumer preferences. By optimizing their sourcing and procurement practices, retailers can ensure a more reliable supply of goods, improve product quality, and enhance their competitiveness in the market.
What Factors Are Driving the Growth in the Retail Sourcing and Procurement Market?
The growth in the Retail Sourcing and Procurement market is driven by several factors. The increasing complexity of global supply chains is a significant driver, as retailers seek to manage risks and ensure the reliable supply of goods. Technological advancements, particularly in AI, machine learning, and blockchain, are also propelling market growth by enhancing the efficiency and transparency of sourcing and procurement processes.
The growing focus on cost control and margin improvement is further boosting demand for advanced procurement solutions, as retailers seek to optimize their supply chains and reduce operating costs. Additionally, the rising importance of sustainability and ethical sourcing is contributing to market growth, as retailers increasingly prioritize these factors in their procurement strategies. These factors, combined with the continuous innovation in procurement technology, are driving the sustained growth of the Retail Sourcing and Procurement market.
What Technological Advancements Are Enhancing Retail Sourcing and Procurement?
Technological advancements are playing a pivotal role in enhancing retail sourcing and procurement, making these processes more efficient, transparent, and data-driven. The adoption of procurement software solutions, powered by AI and machine learning, is enabling retailers to automate routine tasks, such as order processing, invoice management, and supplier evaluation.
These technologies also provide predictive analytics that help retailers forecast demand, optimize inventory levels, and negotiate better contracts with suppliers. Additionally, blockchain technology is being explored for its potential to enhance transparency and traceability in supply chains, reducing the risk of fraud and ensuring the ethical sourcing of goods. These technological advancements are transforming retail sourcing and procurement, allowing retailers to build more resilient and efficient supply chains.
What Are the Key Applications and Benefits of Retail Sourcing and Procurement?
Retail sourcing and procurement are applied across various aspects of the retail supply chain, offering significant benefits that enhance operational efficiency, cost management, and supply chain resilience. One of the key applications is in supplier management, where advanced procurement tools help retailers evaluate and select suppliers based on criteria such as cost, quality, and delivery performance. In inventory management, sourcing and procurement strategies are used to optimize stock levels, reduce excess inventory, and ensure the timely availability of products.
Retail sourcing and procurement also play a critical role in risk management, helping retailers mitigate the impact of supply chain disruptions and price volatility. The primary benefits of retail sourcing and procurement include improved cost control, enhanced supplier relationships, and increased supply chain agility, making them essential components of a successful retail operation.
Why You Should Buy This Report:
- Detailed Market Analysis: Access a thorough analysis of the Global Retail Sourcing and Procurement Market, covering all major geographic regions and market segments.
- Competitive Insights: Get an overview of the competitive landscape, including the market presence of major players across different geographies.
- Future Trends and Drivers: Understand the key trends and drivers shaping the future of the Global Retail Sourcing and Procurement Market.
- Actionable Insights: Benefit from actionable insights that can help you identify new revenue opportunities and make strategic business decisions.
Key Insights:
- Market Growth: Understand the significant growth trajectory of the Consulting Service segment, which is expected to reach US$4.1 Billion by 2030 with a CAGR of a 12.4%. The Implementation Service segment is also set to grow at 10.6% CAGR over the analysis period.
- Regional Analysis: Gain insights into the U.S. market, estimated at $1.2 Billion in 2023, and China, forecasted to grow at an impressive 15.7% CAGR to reach $2.3 Billion by 2030. Discover growth trends in other key regions, including Japan, Canada, Germany, and the Asia-Pacific.
Report Features:
- Comprehensive Market Data: Independent analysis of annual sales and market forecasts in US$ Million from 2023 to 2030.
- In-Depth Regional Analysis: Detailed insights into key markets, including the U.S., China, Japan, Canada, Europe, Asia-Pacific, Latin America, Middle East, and Africa.
- Company Profiles: Coverage of major players such as Epicor Software Corporation, GT Nexus, an Infor company, IBM Corporation, and more.
- Complimentary Updates: Receive free report updates for one year to keep you informed of the latest market developments.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 246 |
| Forecast Period | 2023 - 2030 |
| Estimated Market Value (USD) in 2023 | $4.6 Billion |
| Forecasted Market Value (USD) by 2030 | $9.9 Billion |
| Compound Annual Growth Rate | 11.6% |
| Regions Covered | Global |
Key Topics Covered:
MARKET OVERVIEW
- Influencer Market Insights
- World Market Trajectories
- Retail Sourcing and Procurement - Global Key Competitors Percentage Market Share in 2024 (E)
- Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2024 (E)
- Global Economic Update
MARKET TRENDS & DRIVERS
- Rising Demand for Efficient and Cost-Effective Procurement Solutions Propels Market Growth
- Increasing Use of Digital Procurement Platforms and E-Sourcing Expands Addressable Market Opportunity
- Technological Advancements in AI and Automation for Procurement Strengthen Market Position
- Growing Focus on Sustainable and Ethical Sourcing Drives Adoption of Advanced Procurement Solutions
- Surge in Demand for Supplier Relationship Management (SRM) Tools Generates New Opportunities
- Development of Integrated Sourcing and Procurement Platforms Sustains Market Growth
- Expanding Applications in Supply Chain Risk Management Throws Spotlight on Market Potential
- Growth in Global Sourcing and Cross-Border Trade Spurs Demand for Procurement Solutions
- Rising Adoption of Cloud-Based Procurement and Sourcing Solutions Propels Market Expansion
- Surge in Demand for Procurement Analytics and Spend Visibility Expands Market Horizons
- Growing Awareness of the Benefits of Strategic Sourcing in Reducing Costs Drives Market Adoption
- Innovations in Blockchain and Smart Contracts for Procurement Generate New Market Opportunities
FOCUS ON SELECT PLAYERS(Total 46 Featured)
- Epicor Software Corporation
- GT Nexus, an Infor company
- IBM Corporation
- Ivalua Inc.
- Jaggaer
- JDA Software Group, Inc.
- Oracle Corporation
- Proactis Holdings Plc
- SAP SE
- Zycus Inc.
For more information about this report visit https://www.researchandmarkets.com/r/uryf0t
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