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Retail Sourcing, Procurement Trends, Global Market Growth, Insights 2024
Global Retail Procurement, Market Analysis
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According to The Business Research Company's, 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..
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Market Drivers and Trends:
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.
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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Major Key Players of the Market:
The AT&T Inc, Verizon Communications Inc, T-Mobile, Motorola Solutions, Inc, Bell Canada Enterprises Inc, L3Harris Technologies, Inc, Telefonaktiebolaget LM Ericsson, Zebra Technologies Corporation, Hytera Communications Corp Ltd, Icom Inc, Singtel Optus Pty Limited, Bharti Airtel, Reliance Jio Infocomm Ltd., Bharat Sanchar Nigam Limited (BSNL), Nippon Telegraph and Telephone, KDDI Corporation, Tait Communications, Telstra, Iptt & International Push To Talk Ltd, Vodafone, Orange, SFR, Deutsche Telekom AG,, BT Group plc, Virgin Media, TIM S.p.A, Wind Tre S.p.A., MásMóvil Ibercom, S.A., MTS, MegaFon, Polkomtel Spo.o., CETIN a.s., Nordic Telecom s.r.o, Multicom SA, TELUS, Zello, ESChat, Iridium Communications Inc., Qualcomm Technologies, Inc., Voxer, Mondelez Brasil Norte Nordeste Ltda, Signify Iluminacao Brasil Ltda, Thuraya Telecommunications Company, Etisalat, Nedaa, Shatel
Retail Sourcing And Procurement Market 2024 Key Insights:
• 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%.
• Digitalization Drives Growth In The Retail Sourcing And Procurement Market
• Innovative Product Launches Drive Competition In Retail Sourcing And Procurement Solutions Market
• North America was the largest region in the retail sourcing and procurement market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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Learn More About The Business Research Company
The Business Research Company ( https://www.thebusinessresearchcompany.com ) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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