Press release
Global Retail Sourcing and Procurement Market: Rapid Growth Amid Digitalization and Adoption of AI and Blockchain.
Retail Sourcing and Procurement Market:
Exploring the Forces Propelling the Market from $5.61 Billion in 2024 to an Estimated $10.83 Billion in 2029.
What Is The Projected Market Size Of The Global Retail Sourcing And Procurement Market And Its Growth Rate?
The retail sourcing and procurement market has exhibited substantial growth recently and is set to continue this upward trajectory:
• The market is expected to grow from $5.61 billion in 2024 to $6.37 billion in 2025, marking a compound annual growth rate (CAGR) of 13.6%.
• Further ahead, the market could escalate to a whopping $10.83 billion by 2029 at a CAGR of 14.2%.
This growth primarily stems from the increasing digitalization in the retail sector, rising automation in procurement, and increased funding and investments for retail sourcing and procurement platforms.
What Is Driving The 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 refers to creating a digital representation of physical attributes. For instance, according to the European Central Bank, a Germany-based Central bank, in the second half of 2022, the total number of non-cash payments in the European area increased by 8.8% to 65.9 billion compared to the previous six months. The total value of these payments increased by 2.8%, reaching €118.8 ($128.55) trillion. Thus, the increasing digitization is a key driver of the retail sourcing and procurement market.
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Who Are the Key Players Driving Retail Sourcing And Procurement Market Growth?
Major players that have a significant role in the retail sourcing and procurement market include:
• IBM Corporation
• Oracle Corporation
• SAP SE
• Coupa Software Incorporated
• Ivalua Inc
• Zycus Inc
and many more.
What Are The Key Trends In The Retail Sourcing And Procurement Market?
Trends shaping the future of retail sourcing and procurement market include:
• Increasing use of cloud-based platforms
• Growing adoption of blockchain in sourcing and procurement
• The rise of automation, analytics, and AI (artificial intelligence)
• Focus on supplier localization and adoption of procurement-as-a-service (PaaS) model
• Emphasis on Artificial intelligence and digitization
• Launching innovative products, and sustainable procurement software solutions
What Are The Segments Of The Global Retail Sourcing And Procurement Market?
The global retail sourcing and procurement market is segmented as follows:
• Solution: Strategic Sourcing, Supplier Management, Contract Management, Procure-to-Pay, Spend Analysis
• Service: Implementation, Consulting, Training, and Support
• Deployment: On-Premise, Hybrid, Cloud
• End-User: Small And Medium Enterprise (SME), Large Enterprise
Which Region Leads The Retail Sourcing And Procurement Market?
North America was the largest region in the retail sourcing and procurement market in 2024. The report covers other regions including Asia-Pacific, Western Europe, Eastern Europe, South America, the Middle East, and Africa.
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What Is Covered In The Retail Sourcing And Procurement Market Global Market Report?
• Market Size Analysis: Analyze the Retail Sourcing And Procurement Market size by key regions, countries, product types, and applications.
• Market Segmentation Analysis: Identify various subsegments within the Retail Sourcing And Procurement Market for effective categorization.
• Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
• Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
• Market Contribution: Evaluate contributions of different segments to the overall Retail Sourcing And Procurement Market growth.
• Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
• Industry Challenges: Analyze challenges and risks affecting the Retail Sourcing And Procurement Market.
• Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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