Procurement Outsourcing Services Market to Register Swift Growth due to Increasing Focus on Core Competencies and Major Technological Advancements

Market Scope & Overview:

Based on SNS Insider, the Procurement Outsourcing Services Market reached a value of USD 6.73 billion in 2022. It is projected to expand at a CAGR of 9.8% during the forecast period 2023-2030, with an estimated worth of USD 14.21 billion by 2030.

Procurement outsourcing services refer to the practice of entrusting certain procurement functions and activities to external service providers. In this arrangement, organizations delegate the responsibility for sourcing, purchasing, and managing their supply chain to specialized third-party companies. These service providers possess the expertise, resources, and industry knowledge necessary to efficiently handle various procurement processes on behalf of their clients.

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Major Key Players Included are:

• International Business Machines Corporation
• GEP
• Infosys Ltd
• Capgemini SE
• Genpact Ltd
• Tata Consultancy Services Limited
• DXC Technology Company
• WNS Limited
• Wipro Limited
• Others

Market Analysis:

One of the key drivers behind the growth of procurement outsourcing services market is the increasing complexity of global supply chains. In today's interconnected world, supply chains have become more intricate, involving multiple suppliers, geographies, and regulatory requirements. Managing these complexities in-house can be challenging and resource-intensive. By outsourcing procurement, organizations can leverage the expertise and networks of specialized service providers to streamline their supply chain operations.

Impact of Recession:

The impact of a recession on the procurement outsourcing services market is multifaceted. While cost reduction and risk mitigation become critical priorities for businesses, procurement outsourcing service providers face challenges in meeting the evolving demands of their clients. By offering flexible engagement models, cost-saving solutions, and demonstrating strong risk management practices, service providers can position themselves favorably in the market. As businesses emerge from the recession, the market is likely to rebound, driven by the need for operational efficiency, scalability, and strategic procurement expertise.

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Segmentation Analysis:

The dominance of the Large Enterprises Segment and the IT-Related Services Segment in the procurement outsourcing services market is driven by their unique requirements and the value they derive from specialized solutions. Large enterprises benefit from comprehensive end-to-end services that address their complex procurement needs, while the IT-related services segment offers technological advancements that optimize procurement processes. As the market continues to grow, these segments are expected to maintain their dominance, with new innovations further shaping the industry landscape.

Market Segmentation and Sub-Segmentation included are:

On The Basis of Component:
• Solution
• Services

On The Basis of Deployment Model:
• On-Premises
• Cloud

On The Basis of Enterprise Size:
• Large Enterprises
• Small & Medium Enterprises

On The Basis of Application:
• Marketing Related Services
• IT Related Services
• HR Related Services
• Facilities Management & Office Services
• Others

On The Basis of Industry Vertical:
• BFSI
• Energy & Utilities
• Healthcare
• IT & Telecom
• Professional Services
• Manufacturing
• Retail
• Logistics
• Others

Regional Status & Analysis:

As the global business landscape becomes increasingly competitive, organizations are recognizing the value of procurement outsourcing services market in achieving operational excellence and cost optimization. North America, with its mature business ecosystem, industry expertise, technological advancements, and favorable business environment, is poised to dominate the procurement outsourcing market. Service providers in the region are well-positioned to leverage these advantages and deliver innovative, customized solutions to meet the evolving needs of their clients.

Conclusion:

The future prospects for the market are promising. The combination of increasing supply chain complexities, digitalization, risk management imperatives, and the pursuit of operational excellence positions outsourcing as a strategic option for organizations.

Frequently Asked Questions:

Q1) What is the projected outlook for procurement outsourcing services market growth?
Ans: The market for procurement outsourcing services is projected to surpass $14.21 billion by the year 2030.

Q2) What are the major factors influencing the procurement outsourcing services market?
Ans: By partnering with reliable and innovative service providers, businesses can unlock value, achieve cost savings, and gain a competitive edge in the evolving global business landscape.

Q3) Who are the leading players in the procurement outsourcing services market?
Ans: International Business Machines Corporation, DXC Technology Company, WNS Limited, Capgemini SE, Genpact Ltd, GEP, Infosys Ltd, Tata Consultancy Services Limited, Wipro Limited.

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Table of Contents - Major Key Points:

1. Introduction
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
4.1. COVID-19 Impact Analysis
4.2. Impact of Ukraine- Russia war
4.3. Impact of ongoing Recession on Major Economies
5. Value Chain Analysis
6. Porter's 5 Forces Model
7. PEST Analysis
8. Procurement Outsourcing Services Market Segmentation, by Component
9. Procurement Outsourcing Services Market Segmentation, by Deployment Model
10. Procurement Outsourcing Services Market Segmentation, by Enterprise Size
11. Procurement Outsourcing Services Market Segmentation, by Application
12. Procurement Outsourcing Services Market Segmentation, by Industry Vertical
13. Regional Analysis
14. Company Profiles
15. Competitive Landscape
16. Conclusion

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