Market Research Future (MRFR) recently analyzed the global procurement outsourcing market and concluded that the market is estimated to witness fast-paced growth over the forecast period. The global procurement outsourcing market is estimated to register a robust CAGR of 15.5%, reaching a market revenue valuation of USD 4.19 billion by the end of 2023. Procurement outsourcing refers to the transfer of specified key procurement activities that are related to sourcing and supplier management to a third party. This method is generally deployed for the reduction of miscellaneous costs and to enable higher focus of the organization on its core competencies. Procurement categorization and vendor management of indirect materials and services are expected to be the most popularly outsourced activities. Such a process is expected to exhibit high demand for the procurement of indirect materials and services like IT-related services, marketing, HR, facility management, among others.
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Some of the major factors contributing to the procurement outsourcing market growth are the increasing adoption of such services by enterprises for leveraging external sourcing expertise and technological know-how. Increasing need for driving efficiency and effectiveness in the supply chain is also contributing to the ascension of the global procurement outsourcing market. Also, the need for adhering to regulatory guidelines and ensuring compliance is also fueling the adoption of procurement outsourcing. However, rising concerns towards data privacy and integrity are expected to hinder the procurement outsourcing market growth over the forecast period.
The global procurement outsourcing market is segmented on the basis of component, organization size, deployment mode, vertical, and region. Based on component, the global procurement outsourcing market is segmented into solutions and services. Based on deployment mode, the global procurement outsourcing market is segmented into on-premise and on-cloud. Based on organization size, the global procurement outsourcing market is segmented into small and medium-sized enterprises and large enterprises. Based on vertical, the global procurement outsourcing market is segmented into healthcare, banking financial services and insurance (BFSI), IT and telecommunications, retail and consumer products, and manufacturing goods.
Detailed Regional Analysis
The global Procurement Outsourcing Market is segmented into the regions of North America, Europe, Asia Pacific, and Rest of the World. Among these regional segments, the global procurement outsourcing market is led by North America during the forecast period. The regional procurement outsourcing market has matured and is estimated to showcase steady growth rate over the forecast period.
Europe, on the other hand, is estimated to showcase its second-largest shareholding in the global procurement outsourcing market over the forecast period. This is attributable to the increasing adoption of procurement outsourcing services across several verticals such as healthcare, energy and utilities, and life sciences.
Asia Pacific is anticipated to showcase fastest growth rate over the forecast period. The regional procurement outsourcing market is likely to witness major applications in the manufacturing verticals. Developing countries like China, India, and South Korea estimated to pose as emergent procurement outsourcing market over the forecast period. Alternatively, Japan and Singapore are estimated to emerge as mature procurement outsourcing markets and witness steady growth over the assessment period.
The global procurement outsourcing market report that is presented by MRFR has a profiling of major players in the market. Such key vendors include Accenture (Ireland), GEP (US), e-Business International Inc. (US), IBM Corporation (US), Tata Consultancy Services (India), Infosys Limited (India), Capgemini (France), Genpact (US), Wipro Limited (India), WNS (Holdings) Ltd. (India), Corbus LLC (US), HCL Technologies Limited (India), Aquanima S.A. (Spain), Aegis (India) and Outsourcing Procurement Ltd (India).
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