openPR Logo
Press release

Procurement Outsourcing Market 2020| Global Leading Players, Trends, Size, Share, Covid-19 Crisis, Regional Analysis and Growth by Forecast to 2023

07-29-2020 02:11 PM CET | IT, New Media & Software

Press release from: Market Research Future (MRFR)

Procurement Outsourcing Market

Procurement Outsourcing Market

Market Scope:

Market Research Future (MRFR) believes that the procurement outsourcing market 2020 can advance at a decent rate of 15.5% from 2018 to 2023 (analysis period). The market can also reach a striking valuation of USD 4.19 billion by 2023, adds MRFR. We will provide covid-19 impact analysis with the report. The COVID-19 impact on the market has been carefully studied, following which the report outlines the key developments post the coronavirus disease outbreak.

Renowned Firms:

Some of the renowned firms identified in the market study include Outsourcing Procurement Ltd (India), Aegis (India), Capgemini (France), Accenture (Ireland), Infosys Limited (India), GEP (US), Corbus LLC (US), e-Business International Inc. (US), HCL Technologies Limited (India), Genpact (US), IBM Corporation (US), Wipro Limited (India), Aquanima S.A. (Spain), Tata Consultancy Services (India), WNS (Holdings) Ltd. (India), to mention a few.

Get Free Sample at:

COVID-19 Analysis:

COVID-19 outbreak has resulted in a supply shortage across various industries worldwide. The pandemic is testing the supply chain as well as risk management preparedness of procurement companies everywhere. The electronics industry among others has been struck hard due to novel coronavirus, due to China’s prominence in the component manufacturing world. Even leaders such as Hitachi and Apple have witnessed a setback in demand and supply due to the lockdown imposed by the government. A number of firms are observing delay in launches, ceased production schemes, and are exploring alternate ways to carry on with their operations.

In the SARS-CoV-2 era, the need for effective procurement has mounted exponentially, with respect to management of cost and sharpening the supply chain to elevate the business performance. Companies now more than ever need shorter cycle times, richer and agile insights as well as efficient and transparent performance, which calls for procurement solutions. Further, procurement outsourcing has now become highly critical since it is not just about bringing down the costs but also about enjoying the advantages of judicious outsourcing such as accessing talented expertise, lesser overhead, better efficiency, flexible workforce, bringing down the turnaround time and eventually garnering excellent profits. These are the governing aspects that can be great boosters in the procurement outsourcing market, especially after the onset of COVID-19.

Top Boosters and Key Challenges:

A large number of procurement outsourcing vendors that are based in Europe and US market are striving to expand their customer base worldwide with the adoption of organic as well as inorganic strategies. The latest technologies such as big data, AI and analytics are being extensively used for inducing digital transformation in procurement outsourcing solutions and services. Some of the key strategies that help companies boost their business profits include collaborations, agreements, product launches and more. For instance, in June 2020, Scout RFP collaborated with Suplari, an AI-driven insights and analytics procurement platform. With this collaboration, the customer bases of both the platforms will be able to integrate Scout RFP platform with Suplari’s high visibility as well as analytics data, with respect to procurement.

Several firms are progressively taking up procurement outsourcing services owing to the regulatory standards that are generally implemented across different industries. Procurement outsourcing helps businesses organize their processes and boost the operational productivity. Enterprises across industries are required to adhere to these guidelines while also safeguarding their sensitive data when using the network security process. Therefore, the growing need to follow all the guidelines and comply can be a significant driving factor in the procurement outsourcing market growth.

Furthermore, vendors now prefer to change their BPO locations to better the quality of their services. Surge in BPO services’ near shore locations across Europe has prompted firms to outsource their services to countries like Romania, Hungary and Poland. Thus, offshore and near shore outsourcing locations and their increasing prevalence can be the latest procurement outsourcing market trends. Also, the indirect procurement outsourcing market seems to be performing well, given that many companies now understand the importance of this particular aspect. The areas that come under indirect procurement are outsourcing contracts, utilities, I/T, consumables, marketing, capital expenditures, temporary labor, facilities, freight and logistics, travel and legal and human resources.

Segmental Analysis:

Global Procurement Outsourcing Market has been considered for component, deployment mode, organization size and vertical.

The key components discussed in the research are solutions as well as services.

The deployment modes considered in the report are on-premise along with cloud.

The organization size ranges covered in the study are small and medium-sized enterprises/SMEs as well as large enterprises.

The verticals that deploy procurement outsourcing services include manufacturing, retail & consumer products and goods, IT & telecommunication, healthcare, banking, financial services and insurance (BFSI), and more.

Browse More Details on Report at:

Regional Insight:

Europe, North America, APAC/Asia Pacific, and RoW or rest of the world are the major regions where the procurement outsourcing services market is expected to expand over the forecast period.

The North American market has the highest chances of attaining the top position in the coming years, thanks to the escalating consumption of procurement outsourcing services across the financial and manufacturing sectors in the region. Significant adoption rate of advanced IT solutions in line with the modern consumer norms in the United States/U.S can be another major growth booster in the regional market.

Europe can be the second strongest contender in the global market, as a result of the rising deployment of procurement outsourcing solutions across industries like healthcare, life sciences and energy and utilities. The leading providers in the region are employing new ways to offer these services, better research and development, partnership with other companies and exploration of new tools and technologies to increase their presence, which ultimately benefits the market.

The APAC market can expect fastest growth in the ensuing years, because of the rising adoption of these services in the manufacturing sector. Emerging countries like India, South Korea and China, along with stable markets in Singapore and Japan are the top contributors to the market growth in the region.

Also Read:


+1 646 845 9312

About Market Research Future:

At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.
MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients.

This release was published on openPR.

Permanent link to this press release:

Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.

You can edit or delete your press release Procurement Outsourcing Market 2020| Global Leading Players, Trends, Size, Share, Covid-19 Crisis, Regional Analysis and Growth by Forecast to 2023 here

News-ID: 2098966 • Views: 436

More Releases from Market Research Future (MRFR)

Content Delivery Network Market 2020| Growth Potentials, Trends, Company Profile …
Industry Insight: The fast uptake and development of a content delivery network are progressively becoming a crucial component of any enterprise. Market Research Future predicts the potentiality of the global Content Delivery Network market 2020. It can achieve a high valuation by the year 2023. Such a high valuation will garner at a growth rate of 26.5% in the forecast years (2018 to 2024). Get Free Sample at: Top Impacting Factors: The market
Next Generation Wireless Communication Market 2020: Analysis by Recent Trends, S …
Market Synopsis: As per the analysis by the Market Research Future Reports (MRFR), the global next-generation wireless communication market is likely to grow at a significant CAGR during the review period. The increasing adoption of consumer electronics is driving the global next-generation wireless communication market 2020. With the constant developments in the internet and other communication technologies, the communication market has enhanced significantly. Next-generation communication is the most excellent example of
Virtual Private Network (VPN) Market 2020: Overview, Growth, Opportunities and D …
Market Overview: The global virtual private network market 2020, according to a report by Market Research Future (MRFR), is slated to register a substantial market valuation at a moderate 18.22% CAGR during the review period (2016-2022). Drivers and Restraints: VPN solutions make business operations more effective. The significant factor that accounts for the growth of the VPN market is the growing adoption of VPN solutions across various vertical industries. It is expected that
Lighting Control System Market 2020| Global Size, Share, Trends, Covid-19 Effect …
Market Overview: In its research report, Market Research Future (MRFR), asserts that the global market 2020 is slated to grow exponentially, securing a substantial market valuation of USD 39 billion by 2023, and a healthy 18% CAGR over the review period. Get Free Sample at: Drivers and Restraints: The factors that contribute to the growth of the market for lighting control systems are the rising demand for energy-efficient products, technological advances, increased

All 5 Releases

More Releases for India

01-17-2011 | Health & Medicine
IVF India, Test Tube baby India
The aim of setting up KJIVF is to help infertile couples in achieving conception through modern diagnostic and treatment methods. KJIVF Centre has given the best results by blessing infertile couples of advanced age with children, these couples could never dream of becoming parents. Thousands of babies are conceived through in-vitro fertilization (IVF) each year; In-Vitro Fertilization (IVF) means fertilization outside the body. A baby developed from an egg that
Beach Holiday India- Best Beaches in India
The natural beauty, exotic locations and rich heritage has helped India to stand as the most visited and most popular tourist spot in the world. The status of “Incredible India”, is defined by an incredible range of nature’s blessings on the Indian subcontinent and this incredibility is doubled by one of the most fabulous tourism option available in the country that are the brilliant and majestic beaches in India.
ISO 27001 India, 27001 training India ISO
Coral eSecure is information Risk Management advisory with specific focus on Information Security (ISO 27001, ISO 17799, PCI, COBIT, HIPAA, GLBA, and DPA), Business Continuity (BS25999) and ITIL/ IT Service Management (ISO 20000). Coral is the FIRST Indian consulting organization which provides an Integrated Management System Consulting, Consisting of ISO 27001, ISO 20000 and BS25999 – ALL THREE IN ONE! Coral provides Consulting, Assurance audit and Training to address these
Interior Designers India, Designers and Architects India
Today, we have recognized ourselves as a booming beauty interior designing firm, offering services that include interior designing. We are a winning firm, which is based on the strong foundation of innovative and original ideas for interior, architectural and landscaping designing services. Synergy Corporate Interior Design Association has more corporate members. Who provide Products and services. We support Interior Designers India, Designers and Architects India. We are committed to the
Domain Registration India, Web Hosting India, Payment Gateway India is a Quality Web Hosting Company India, provide all web related support and Web hosting services like linux web hosting, windows web hosting, web hosting packages, domain registration in india, Corporate email solution, business email hosting, payment gateway integration, SSL with supports like free php, cgi, asp, free msaccess, free cdonts, free webmail, web based control panel, unlimited ftp access, unlimited data transfer. During the domain registration process, you will
ISO 27001 india, 27001 training india ISO, 17799 training india ISO, Compliance …
Our foundation of service delivery is based on sound research - thereby customers realizing definitive delight and Assurance resilience in their management system. We provide Consulting Services for ISO 27001 india, 27001 training india ISO,17799 training India ISO Security, BCM/BS25999, SAS 70, COBIT Implementation, Annual Compliance Check, Best Practices Implementation, & Quick Gap Analysis. It is a set of ‘best practices’ controls - management and systems - that enables