Procurement Outsourcing Market is Anticipated Growing at a Steady Pace: Strategies & Insights by Credence Research

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Procurement Outsourcing Market is Anticipated Growing at a Steady Pace: Strategies & Insights by Credence Research
The Global Procurement Outsourcing Market generated around USD 2489.5 million in 2021 and is anticipated to grow a CAGR of over 13.9% during the forecast period from 2022 to 2028 to reach around USD 5435.68 million in 2028.

The latest market report published by Credence Research, Inc. is “Global Procurement Outsourcing Market: Growth, Future Prospects, and Competitive Analysis, 2016 – 2028”. The Global Procurement Outsourcing Market generated around USD 2489.5 million in 2021 and is anticipated to grow a CAGR of over 13.9% during the forecast period from 2022 to 2028 to reach around USD 5435.68 million in 2028.

Procurement outsourcing is when a company hires an outside service provider to handle its core and non-core purchase transactions and expenses. This allows the company to devote critical resources to strategic goals and business-critical activities. Procurement outsourcing services help businesses cut operational costs, increase investment savings, and improve operations. In recent years, this market has been primarily driven by the increasing adoption of IT and BPO processes for enhancing procurement outsourcing services. Many service providers are leaning toward automated BPO operations, which can only be accomplished by facilitating quality procurement outsourcing processes. However, the high costs associated with creating these services are frequently passed on to the customers through high fees. As a result, the market for global procurement outsourcing may be constrained as consumers consider less expensive options. Rapid technological developments, increased demand for procurement outsourcing services from the industrial production and financial sectors, and widespread acceptance of artificial intelligence and big data technologies are expected to create new opportunities for the procurement outsourcing market during the predicted period.

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The global procurement outsourcing market is bifurcated into Deployment Mode, Organization Size, Component, Vertical, and Geography. Based on the deployment mode, the global market is categorized into cloud and on-premises. The global market is divided into large and small & medium organizations based on the organization size. Based on the component, the global market is segmented into services and solutions. Based on the vertical, the market is categorized into IT & telecommunication, manufacturing, healthcare, BFSI, retail & consumer goods, and others. The market is categorized geographically into North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa.

The North American region dominated the global procurement outsourcing market in 2021 due to the presence of developed economies like the United States and Canada and a sizable customer base using these procurement outsourcing services. Another crucial element influencing this region’s dominance is the presence of sophisticated IT infrastructure.

Why to Buy This Report-

  • The report analyses the global procurement outsourcing market by segment, drivers, restraints, opportunities, current trends, insights, challenges, and market dynamics from 2016 to 2020, with 2021 serving as the base year and 2022-2028 serving as the projected period.
  • The market’s competitive landscape is discussed in the report, along with the strategies used by the market’s leading players on a local, regional, and global scale.
  • In-depth analysis of the global procurement outsourcing market segmentation by deployment mode, organization size, component, and vertical.
  • The report provides comprehensive and reliable information on every aspect, including CAGR, consumer spending patterns, supply and demand, and import/export statistics for the principal regional nations.
  • The market report for procurement outsourcing includes market analysis at the global, regional, and national levels and information on important market trends, competitive landscapes, and expansion plans.

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Table of Content:

1. Preface

1.1. Report Description

1.1.1. Purpose of the Report

1.1.2. Target Audience

1.1.3. USP and Key Offerings

1.2. Research Scope

1.3. Research Methodology

1.3.1. Phase I – Secondary Research

1.3.2. Phase II – Primary Research

1.3.3. Phase III – Expert Panel Review

1.3.4. Approach Adopted

1.3.4.1. Top-Down Approach

1.3.4.2. Bottom-Up Approach

1.3.5. Assumptions

1.4. Market Segmentation

2. Executive Summary

2.1. Market Snapshot: Global Procurement Outsourcing Market

2.2. Global Procurement Outsourcing Market, By Deployment Mode

2.3. Global Procurement Outsourcing Market, By Organization Size

2.4. Global Procurement Outsourcing Market, By Component

2.5. Global Procurement Outsourcing Market, By Vertical

2.6. Global Procurement Outsourcing Market, By Region

3. Market Dynamics & Factors Analysis

3.1. Introduction

3.1.1. Global Procurement Outsourcing Market Value, 2016-2028, (US$ Bn)

3.2. Market Dynamics

3.2.1. Key Growth Trends

3.2.2. Market Drivers

3.2.3. Market Restraints

3.2.4. Market Opportunities

3.2.5. Major Industry Challenges

3.3. Attractive Investment Proposition,2021

3.3.1. Deployment Mode

3.3.2. Organization Size

3.3.3. Component

3.3.4. Vertical

3.3.5. Geography

4. Premium Insights

4.1. STAR (Situation, Task, Action, Results) Analysis

4.2. Porter’s Five Forces Analysis

4.2.1. Threat of New Entrants

4.2.2. Bargaining Power of Buyers/Consumers

4.2.3. Bargaining Power of Suppliers

4.2.4. Threat of Substitute Types

4.2.5. Intensity of Competitive Rivalry

4.3. Value Chain Analysis

4.4. Technology Analysis

4.5. Marketing Strategy Analysis

4.5.1. Direct Marketing

4.5.2. Indirect Marketing

4.5.3. Marketing Channel Development Trend

5. Market Positioning of Key Players, 2021

5.1. Company Market Share of Key Players, 2021

5.2. Competitive Benchmarking

5.3. Market Positioning of Key Vendors

5.4. Geographical Presence Analysis

5.5. Major Strategies Adopted by Key Players

5.5.1. Key Strategies Analysis

5.5.2. Mergers and Acquisitions

5.5.3. Partnerships

5.5.4. Product Launch

5.5.5. Geographical Expansion

5.5.6. Others

6. COVID-19 Impact Analysis

6.1. Global Procurement Outsourcing Market Pre Vs Post COVID-19, 2019 – 2028

6.2. Impact on Import & Export

6.3. Impact on Demand & Supply

7. Global Procurement Outsourcing Market

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8. North America Procurement Outsourcing Market Analysis

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9. Europe Procurement Outsourcing Market Analysis

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10. Asia Pacific Procurement Outsourcing Market Analysis

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11. Latin America Procurement Outsourcing Market Analysis

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12. Middle East and Africa Procurement Outsourcing Market Analysis

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13. Company Profiles

13.1. Tata Consultancy Services Limited (India)

13.1.1. Company Overview

13.1.2. Products/Services Portfolio

13.1.3. Geographical Presence

13.1.4. Financial Summary

13.1.4.1. Market Revenue and Net Profit (2019-2021)

13.1.4.2. Business Segment Revenue Analysis

13.1.4.3. Geographical Revenue Analysis

13.2. Wipro Limited (India)

13.3. Oracle (US)

13.4. IBM (US)

13.5. Broadcom (US)

13.6. Infosys Limited (India)

13.7. Corbus LLC (India)

13.8. Accenture (Ireland)

13.9. GEP (US)

13.10. Genpact (US)

13.11. WNS (Holdings) Ltd (India)

13.12. Proxima (UK)

13.13. Capgemini (France)

13.14. HCL Technologies Limited (India)

13.15. AEGIS Company (India)

13.16. DXC Technology Company (UK)

13.17. Aquanima S.A. (Spain)

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