The global procurement outsourcing market has also been segmented based on component, deployment mode, organization size, and vertical.
By component, the global procurement outsourcing market has been divided into solutions and services. The solutions segment is expected to account for the larger market share during the forecast period.
Based on deployment mode, the global procurement outsourcing market has been classified into on-premise and cloud. The cloud deployment mode segment is expected to register the larger market, growing at a higher growth rate during the review period.
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The organization size segments of the global procurement outsourcing market are small and medium-sized enterprises (SMEs) and large enterprises. The large enterprises segment is expected to dominate the market.
On the basis of vertical, the global procurement outsourcing market has been divided into banking, financial services and insurance (BFSI), healthcare, IT & telecommunication, retail & consumer products and goods, manufacturing, and others. The retail and consumer products and goods segment is expected to be the largest, while the manufacturing segment is projected to register the highest CAGR during the forecast period.
The geographical analysis of the global procurement outsourcing market has been conducted for North America, Europe, Asia-Pacific, and the rest of the world.
The North American market has been segmented into the US, Canada, and Mexico. The market is expected to account for the largest share of the global procurement outsourcing market in 2018. The US is the leading country-level market whereas the Mexican market is projected to be the fastest-growing during the forecast period. The growth of the market in North America can be attributed to the presence of a large number of procurement outsourcing solutions providers in the region.
The European market has been divided into the UK, Germany, France, and the rest of Europe. Procurement Outsourcing Market in Europe is expected to be the second-largest, in terms of market size. The UK is the leading country-level market and the market in France is expected to register the highest growth rate during the forecast period.
The market in Asia-Pacific is expected to be the fastest-growing during the review period of 2018 to 2023. The regional market has been classified as China, Japan, India, and the rest of Asia-Pacific. Japan, China, Singapore, India, and South Korea are expected to adopt procurement outsourcing solutions during the forecast period.
The rest of the world regional market has been segmented into South America and the Middle East & Africa. These regions are expected to offer numerous opportunities to vendors as the majority of the countries are yet to adopt procurement outsourcing solutions.
The key players in the procurement outsourcing market are 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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