Digitalization Drives Growth In The Retail Sourcing And Procurement Market Driver: A Major Catalyst in the Evolution of the Retail Sourcing And Procurement Market in 2025

What industry-specific factors are fueling the growth of the retail sourcing and procurement market?
The rise in digitalization is anticipated to stimulate growth in the retail sourcing and procurement market. Digitalization involves creating a digital version of physical attributes. The implementation of digitalization within the realms of retail sourcing and procurement aids the market by creating digital solutions. For example, data from the European Central Bank, a German-based Central bank, shows an 8.8% rise in total non-cash payments in Europe in the second half of 2022 to 65.9 billion, compared to the previous six months. The total worth of these transactions rose by 2.8% to a staggering €118.8 ($128.55) trillion. Thus, the burgeoning trend of digitalization is propelling the retail sourcing and procurement market onward.

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What Is the projected market size and growth rate for the retail sourcing and procurement market?
In recent times, the market size of retail sourcing and procurement has witnessed significant growth. The market is projected to expand from $5.61 billion in 2024 to $6.37 billion in 2025, representing a compound annual growth rate (CAGR) of 13.6%. A spurt in digital transformation within the retail industry, the growing trend of automation in procurement processes and a surge in funding and investment targeted at retail sourcing and procurement platforms are factors contributing to the growth experienced during the historical period.

Significant expansion is predicted in the retail sourcing and procurement market over the next few years, with its size projected to reach $10.83 billion in 2029, exhibiting a compound annual growth rate (CAGR) of 14.2%. This impending growth during the forecast period can be linked to the growing utilization of cloud-based platforms, a surge in the uptake of blockchain within procurement and sourcing, and the development in digital technologies like automation, analytics and AI. Key trends projected for this period include a concentration on the localization of suppliers, emphasis on the adoption of the procurement-as-a-service (PaaS) model, a focus on implementing artificial intelligence and digitization, launching new and innovative products, leading mergers and acquisitions and offering sustainable procurement software solutions.

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What are the emerging trends shaping the future of the retail sourcing and procurement market?
Solution providers for retail sourcing and procurement are introducing inventive products to stay ahead in the competition. In September 2022, for instance, Craft, a top player in supplier intelligence platforms, launched three fresh product offerings. These were Craft Risk Hub, Craft N-Tier Mapping, and Craft Alerts, all of which offer instantaneous risk evaluation with fact-based data and state-of-the-art machine learning algorithms. Craft Risk Hub specifically gives procurement and supply chain specialists insights on suppliers using data-driven benchmarking.

What major market segments define the scope and growth of the retail sourcing and procurement market?
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

Subsegments:
1) By Strategic Sourcing: Category Management, Supplier Selection And Evaluation, Sourcing Analytics
2) By Supplier Management: Supplier Risk Management, Supplier Performance Management, Supplier Collaboration
3) By Contract Management: Contract Creation, Contract Compliance, Contract Renewal And Amendment
4) By Procure-To-Pay: Purchase Order Management, Invoice Management, Payment Processing
5) By Spend Analysis: Spend Data Management, Spend Visibility And Reporting, Savings Analysis

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Which region dominates the retail sourcing and procurement market?
North America was the largest region in the retail sourcing and procurement market in 2024. The regions covered in the retail sourcing and procurement market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

Which key market leaders are driving the retail sourcing and procurement industry growth?
Major companies operating in the retail sourcing and procurement market include 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, Supreme Group, Infiniti Research, Proactis, accenture*, GEODIS, PwC, Jumia, KPMG, Dragon Sourcing, EDS International, Blue Yonder, Protiviti, Honeywell International Inc., Bain & Company, Theodor Wille Intertrade, Boston Consulting, Cayena, Linkana, Coletar, Dukkantek, Conektr, Lawazem, EPCM Holdings

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What Is Covered In The Retail Sourcing And Procurement Global Market Report?

• Market Size Forecast: Examine the retail sourcing and procurement market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the retail sourcing and procurement market for a structured understanding.
• Key Players Overview: Analyze major players in the retail sourcing and procurement market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the retail sourcing and procurement market.
• Segment Contributions: Evaluate how different segments drive overall growth in the retail sourcing and procurement market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the retail sourcing and procurement market.
• Industry Challenges: Identify potential risks and obstacles affecting the retail sourcing and procurement market.
• Competitive Landscape: Review strategic developments in the retail sourcing and procurement market, including expansions, agreements, and new product launches.

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