Retail Sourcing And Procurement Market Size Projected To Reach $10.83 Billion By 2034 With A Cagr Of 14.2%

The Retail Sourcing And Procurement Market Report by The Business Research Company delivers a detailed market assessment, covering size projections from 2025 to 2034. This report explores crucial market trends, major drivers and market segmentation by [key segment categories].

What Is the Expected Retail Sourcing And Procurement Market Size During the Forecast Period?
The market size of retail sourcing and procurement has considerably expanded over the past few years. The market is expected to surge from $5.61 billion in 2024 to $6.37 billion in 2025, growing at a Compound Annual Growth Rate (CAGR) of 13.6%. The previous growth trajectory was boosted by factors such as the rise in retail sector digitalization, heightened automation in procurement processes, and increased capital and investments towards retail sourcing and procurement platforms.

The market size for retail sourcing and procurement is anticipated to undergo swift expansion in the coming years. The market is forecasted to reach a value of $10.83 billion in 2029, with a compound annual growth rate (CAGR) of 14.2%. This growth within the projection period is primarily due to the escalating utilization of cloud-based platforms, rising adoption of blockchain within procurement and sourcing, and the expansion in digital technology areas such as automation, analytics, and artificial intelligence (AI). The period under forecast is also expected to see trends such as localization of suppliers, embracing the procurement-as-a-service (PaaS) model, deployment of artificial intelligence and digitization, launching of innovative products, focus on mergers and acquisitions, and offering sustainable procurement software solutions.

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What Are the High-Growth Segments in 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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What Key Drivers Are Expected to Influence Future Retail Sourcing And Procurement Market Growth?
The growth of the retail sourcing and procurement market is anticipated to be driven by escalating digitalization. Creating a digital avatar of physical attributes is what digitalization implies. By offering digital solutions, digitalization facilitates the retail sourcing and procurement market. For instance, the European Central Bank, a Germany-based central bank, stated in November 2023 that there was an 8.8% increase in the total number of non-cash payments in the European area in the latter half of 2022, reaching 65.9 billion, compared to the first half of the same year. The total value of these transactions rose by 2.8%, hitting €118.8 ($128.55) trillion. Hence, the surge in digitization is propelling the expansion of the retail sourcing and procurement market.

Which Companies Hold the Largest Share Across Different Retail Sourcing And Procurement Market Segments?
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, , 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

What Trends Are Expected to Dominate the Retail Sourcing And Procurement Market in the Next 5 Years?
Providers of retail sourcing and procurement solutions are introducing advanced and inventive products to maintain their competitive edge in the market. In September 2022, Craft, a top supplier intelligence platform provider, rolled out three new product offerings - Craft Risk Hub, Craft N-Tier Mapping, and Craft Alerts. These new offerings deliver real-time risk evaluations using objective data and forefront machine learning algorithms. Specifically, the Craft Risk Hub provides supply chain and procurement professionals with relevant insights about suppliers via data-driven benchmarking.

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What Are the Emerging Geographies for The Retail Sourcing And Procurement Market Growth?
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.

Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Retail Sourcing And Procurement Market?
2. What is the CAGR expected in the Retail Sourcing And Procurement Market?
3. What Are the Key Innovations Transforming the Retail Sourcing And Procurement Industry?
4. Which Region Is Leading the Retail Sourcing And Procurement Market?

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