Retail Sourcing And Procurement Market 2024 Analysis By Size, Share, Growth, Trends Up To 2033 | IBM Corporation, Oracle Corporation, SAP SE, Coupa Software Incorporated, Ivalua Inc

"The retail sourcing and procurement market size has grown rapidly in recent years. It will grow from $5 billion in 2023 to $5.71 billion in 2024 at a compound annual growth rate (CAGR) of 14.2%. The growth in the historic period can be attributed to increasing digitalization in the retail sector, rising automation in procurement and increased funding and investments for retail sourcing and procurement platforms..

The retail sourcing and procurement market size is expected to see rapid growth in the next few years. It will grow to $9.57 billion in 2028 at a compound annual growth rate (CAGR) of 13.8%. The growth in the forecast period can be attributed to the increasing use of cloud-based platforms, increasing adoption of blockchain in procurement and sourcing and growth in digital technologies such as automation, analytics and ai (artificial intelligence) . Major trends in the forecast period include focus on localization of suppliers, focus on adoption of procurement-as-a-service (paas) model, focus on deploying artificial intelligence and digitization, focus on launching new, innovative products, focus on mergers and acquisitions and focus on offering sustainable procurement software solutions..

Market Overview -
Retail sourcing and procurement refer to services that are used by organizations to evaluate and engage suppliers in the acquisition of products and services. Retail procurement involves identifying and purchasing the products that retailers want to sell. Retail sourcing and procurement include different types of technologies that help in activities like insourcing, outsourcing, and global and strategic sourcing. Retail sourcing and procurement make things easier for suppliers and contract management.

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Digitalization Drives Growth In The Retail Sourcing And Procurement Market
The increasing digitalization is expected to propel the growth of the retail sourcing and procurement market going forward. Digitalization is referred to as creating a digital representation of physical attributes. Digitalization in retail sourcing and procurement helps the market by providing digital solutions. For instance, according to NASSCOM's (National Association of Software & Services Companies) strategic review, in 2021, India's technology sector reached $194 billion estimating a 2.3% YoY increase on the back of rapid digital transformation and adoption in the country. NASSCOM has also noticed that the country's digital talent pool exceeded 1.17 million employees in 2021, with a 32% YoY surge. Therefore, the increasing digitization is driving the growth of the retail sourcing and procurement market.

Competitive Landscape -
Major companies operating in the retail sourcing and procurement market report are IBM Corporation, Oracle Corporation, SAP SE, Coupa Software Incorporated, Ivalua Inc, Zycus Inc, GEP Worldwide, Epicor Software Corporation, Basware Corporation, Vroozi Inc, ET2C International, Alibaba, RT-MART International Ltd., e-mart, Hi-Living, Gmarket, Tencent Holdings Ltd, Supreme Group, Produze, Infiniti Research, Proactis, Xella, SQLI, Sophie Candau Communication, GEODIS, PwC, ComInk, Jumia, KPMG, Dragon Sourcing, Nixu, 4iG Plc., EDS International, Blue Yonder, Protiviti, Honeywell International Inc., Cloudq, Bain & Company, Veriforce Solutions, Kroger, Theodor Wille Intertrade, Boston Consulting, Ribbons Fit Group Inc, Cayena, FLOKI Techologies, Linkana, Coletar, Rampco International Technical Services, Dukkantek, Conektr, Elkaso, Lawazem, EPCM Holdings

Innovative Product Launches Drive Competition In Retail Sourcing And Procurement Solutions Market
Retail sourcing and procurement solution providers are launching new, innovative products to stay competitive in the market. For example, in September 2022, Craft, a leading provider of supplier intelligence platforms, announced the launch of three new product offerings - Craft Risk Hub, Craft N-Tier Mapping, and Craft Alerts - which provide real-time risk assessment with objective data and cutting-edge machine learning algorithms. Craft Risk Hub, for instance, offers supply chain and procurement experts contextualized insights on suppliers through data-driven benchmarking.

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Key Segments -
The retail sourcing and procurement market covered in this report is segmented -
1) By Solution: Strategic Sourcing, Supplier Management, Contract Management, Procure-to-Pay, Spend Analysis
2) By Service: Implementation, Consulting, Training and Support
3) By Deployment: On-Premise, Hybrid, Cloud
4) By End-User: Small and Medium Enterprise (SME), Large Enterprise

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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