Procurement Outsourcing Market Trends: Expected to Grow at a CAGR of 11% from 2024-2032, Claims AMR

The global procurement outsourcing market was valued at $6.4 billion in 2023 and is projected to reach $16.1 billion by 2032, expanding at a CAGR of 11% from 2024 to 2032.

Key Drivers of Market Growth:

1. Technological advancements are enhancing procurement processes.

2. Rising demand for increased efficiency and productivity in operations.

Market Restraints:

1. Loss of control and visibility over outsourced processes.

2. Concerns regarding data security and privacy.

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Opportunities:

1. Growing need for strategic sourcing.

2. Increasing adoption of category management practices.

Component Insights:
In 2023, the solution segment held the largest market share in the procurement outsourcing industry. This was largely due to the growing trend among organizations to outsource procurement functions to specialized service providers. Such outsourcing helps businesses reduce costs, boost efficiency, and focus more effectively on core operations.

Deployment Insights:
The cloud segment is expected to experience the fastest growth throughout the forecast period. Notably, it also held the highest market share in 2023. The popularity of cloud-based solutions stems from their scalability, flexibility, cost-effectiveness, and ease of implementation. These solutions provide organizations with seamless, anytime-anywhere access to procurement services and data, offering superior convenience and accessibility.

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Organization Size Insights:
The large enterprises segment accounted for the largest market share in 2023. This is because large companies often deal with complex procurement processes, high transaction volumes, and sizable budgets-making outsourcing a more practical and efficient option. Additionally, their vast supplier networks and the need for specialized procurement expertise further drive this trend. This segment is also projected to grow at the fastest rate during the forecast period.

Industry Vertical Insights:
The banking, financial services, and insurance (BFSI) sector led the market in 2023, claiming the highest share. Its dominance is driven by the industry's intricate procurement needs, including strict regulatory compliance, risk management, and a strong emphasis on cost optimization. Throughout the forecast period, the BFSI segment is also expected to be the fastest-growing.

Regional Insights:
North America dominated the market in terms of revenue in 2023 and is projected to maintain this leading position through 2032. The region's continued growth is fueled by rapid technological advancements and digital transformation across various industries, such as IT, telecom, retail, and finance.

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Key Market Players:
The report highlights several leading players in the global procurement outsourcing market, including:

IBM Corporation

Infosys

Capgemini

Genpact

Wipro Limited

WNS

Corbus LLC

HCL Technologies Limited

Tata Consultancy Services

These companies have adopted various strategies-such as product launches, partnerships, expansions, joint ventures, and agreements-to strengthen their market presence and regional reach. The report offers a comprehensive analysis of these players, covering their business performance, operational segments, product offerings, and strategic initiatives to illustrate the competitive landscape.

Recent Developments:

1. February 2024: Genpact announced a partnership with ServiceNow to deliver Source-to-Pay solutions powered by AI. This collaboration aims to enhance productivity, streamline user experiences, and improve cost efficiency in finance and supply chain operations.

2. September 2022: GEP expanded its global footprint by opening a new office in Abu Dhabi, offering a full suite of procurement and supply chain consulting services, along with its industry-leading software platform.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP, based in Portland, Oregon. AMR provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients in making strategic business decisions and achieving sustainable growth in their respective market domains.

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