Procurement Outsourcing Services Market Competitive Growth Analysis, Industry Size, Share, And Forecast 2032

The move towards a hybrid procurement model is gaining momentum, as an increasing number of organizations recognize the advantages of combining internal capabilities with outsourced services. Although it enables companies to maintain control over the procurement activities essential to their core operations, the business can still utilize the expertise, skills, resources, and experience of an external organization. By utilizing a hybrid model, businesses can guarantee not only flexibility but also scalability. Although those elements are inherently valuable, the hybrid model enables a business to be more flexible with the changes required by the current market conditions and operational processes.

The Procurement Outsourcing Services Market is Valued USD 2.81 billion in 2022 and projected to reach USD 10.7 billion by 2032, growing at a CAGR of 14.70% During the Forecast period of 2024-2032.

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The report presents authenticated data derived from extensive primary and secondary research. By analysing historical growth trends and the current market landscape, it aims to provide actionable insights and forecasts for global and regional market growth. It takes into account revenue generated from report sales and related technologies across various application segments while exploring market data tables. Key market factors, including macroeconomic conditions, the overall market environment, government policies, and the competitive landscape, are carefully examined to ensure a comprehensive analysis.

Top companies covered in this report: GEP (U.S.), IBM (U.S.), Broadcom (U.S.), Oracle. (U.S.), Infosys Limited (India), Genpact (U.S.), Proxima (U.K.), WNS (Holdings) Ltd. (India), Capgemini (France), Wipro Limited (India), HCL Technologies Limited (India), Tata Consultancy Services Limited. (India), DXC Technology Company (U.K.), AEGIS Company. (India), Corbus, LLC. (India), and Aquanima S.A. (Spain). and others.

Industry News:

In 2023 IBM launched its new AI-driven procurement platform to enhance supply chain visibility and decision-making. This new launch helps the company to grow in the market.

In 2023 GEP introduced new features to its GEP SMART platform, enhancing its capabilities for managing supplier risk and sustainability.

Procurement Outsourcing Services Market Segmentation:

By Services
Savings-Focused
Category Management
Tail-Spend Management
Spend Analysis
Others
Operations-Focused
Transactions Management
Contract Management
Sourcing Process Management
Tracking & Compliance

By Deployment Mode
On-Premises
Cloud-Based

By Organization Size
SMEs
Large Enterprises

By End-use Verticals
BFSI
Energy & Utilities
Healthcare
IT & Telecom
Professional Services
Manufacturing
Retail
Logistics
Others

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Regional Analysis

North America (USA and Canada)
Europe (UK, Germany, France and rest of Europe)
Asia-Pacific (China, Japan, India, and Rest of Asia Pacific)
Latin America (Brazil, Mexico, and Rest of Latin America)
Middle East and Africa (GCC and Rest of the Middle East and Africa)

In 2023, North America accounted for the highest market share at approximately 42%. North America's market is well-established, and it is expected to expand at a consistent pace throughout the assessment period. As a result of the growing use of procurement outsourcing services in sectors like energy and utilities, healthcare, and life sciences. The existence of prominent procurement service providers in the area also aids market expansion, as they provide a variety of specialized services customized to the distinct requirements of North American companies. In addition, economic elements like increasing operational expenses and a competitive market have led companies to embrace outsourcing strategies to sustain agility and responsiveness. This blend of elements places North America as a leader in the procurement outsourcing services sector.

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Important Features of the reports:

- Detailed analysis of the Procurement Outsourcing Services Market
- Fluctuating market dynamics of the industry
- Detailed market segmentation
- Historical, current and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape of the Procurement Outsourcing Services Market
- Strategies of key players and product offerings
- Potential and niche segments/regions exhibiting promising growth
- A neutral perspective towards Procurement Outsourcing Services Market performance.

The report provides insights on the following pointers:

Market Penetration: Comprehensive information on the product portfolios of the top players in the Procurement Outsourcing Services Market.

Product Development/Innovation: Detailed insights on upcoming technologies, R&D activities, and product launches in the market.

Competitive Assessment: In-depth assessment of the market strategies, and geographic and business segments of the leading players in the market.

Market Development: Comprehensive information about emerging markets. This report analyzes the market for various segments across geographies.

Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the Procurement Outsourcing Services Market

How big will the market and growth rate be in 2032?

What are the key drivers for the global Procurement Outsourcing Services Market?
What are the major market trends influencing the growth of the global Procurement Outsourcing Services Market?
What are the challenges for market growth?
Who are the key vendors in the global Procurement Outsourcing Services Market?
What market opportunities and threats are vendors facing in the global Procurement Outsourcing Services Market?
What are the main findings of the five forces analysis of the global Procurement Outsourcing Services Market?

Conclusion: At the end of the Procurement Outsourcing Services Market report, all findings and estimates are presented. It also includes key drivers and opportunities and regional analysis. The Segmental analysis is also provided in terms of type and application.

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