Increasing adoption of IT to Boost the Procurement outsourcing services Market

The procurement outsourcing services market worldwide is expected to grow with a CAGR of 15% during the forecast period from 2023 to 2030. Procurement outsourcing services refers to a process in which a company appoints an external service provider to manage the primary and secondary or other transactions of the company. Therefore, it helps the company to reduce its operational costs, increase savings and thereby improve business. The growth of the procurement outsourcing services market is driven by the demand for the same in manufacturing, BFSI, retail, healthcare, IT & telecom and various other segments. Due to all these factors, we are expecting rapid growth in the procurement outsourcing services market during the forecast period.

Manufacturing to Continue Dominating the Market

The manufacturing sector is a prominent user of procurement outsourcing services all around the globe. Owing to increased adoption of IT solutions, changes in modern consumer trends and emphasis on business process automation shall increase the demand for procurement outsourcing services market. Backed by low capital expenditure and reduced operational costs, manufacturing segment shall be the fastest growing segment in the procurement outsourcing services. On the other hand, BFSI sector shall be the second segment after manufacturing to grow significantly. Thus, electronic circuits segment would continue leading the market throughout the forecast period.

Asia Pacific to Register the Fastest Growth

Procurement outsourcing services market is led by North America. The US and Canada led the procurement services market in the region. Asia Pacific is set to expand at the highest rate in the market in years to come. The region has been witnessing industrial sector growth along with new technological advancements, which further supports the demand for procurement outsourcing services. Growth in the economies of China, India and other south Asian countries shall be further drive the Procurement outsourcing services market. Considering these factors, Asia Pacific is projected to grow with the highest CAGR throughout the forecast period.

Some of the prominent players operating in the procurement outsourcing services market include Accenture PLC, Genpact Ltd., GEP, HCL Technologies, IBM Corporation, Infosys Ltd., WNS Aquanima, Optimum Procurement, Corbus LLC among others.

Historical & Forecast Period

This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Procurement Outsourcing Services market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the Procurement Outsourcing Services market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Procurement Outsourcing Services market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2032.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Procurement Outsourcing Services market?
• Which is the largest regional market for Procurement Outsourcing Services market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Procurement Outsourcing Services market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Procurement Outsourcing Services market worldwide?