Global Retail Sourcing And Procurement Market Projected to Grow at 14.2% CAGR, Reaching $10.83 Billion by 2029

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What Will the Retail Sourcing And Procurement Industry Market Size Be by 2025?
The size of the retail sourcing and procurement market has experienced swift growth in the past few years. The expansion is predicted to continue, increasing from $5.61 billion in 2024 to $6.37 billion in 2025 with a compound annual growth rate (CAGR) of 13.6%. This growth during the historical period is largely due to heightened digitalization within the retail industry, escalating automation in procurement, and an upsurge in funding and investments towards retail sourcing and procurement systems.

What's the Long-Term Growth Forecast for the Retail Sourcing And Procurement Market Size Through 2029?
The market size of retail sourcing and procurement is predicted to experience accelerated expansion in the coming years, reaching an estimated value of $10.83 billion by 2029, with a 14.2% CAGR. This projected increase during the forecast period is primarily due to the rising utilization of cloud-based platforms, growing deployment of blockchain in the procurement and sourcing sectors, and advancements in digital technologies including automation, analytics and AI. The forthcoming period sees key trends such as emphasizing local supplier sourcing, leaning towards the adoption of the procurement-as-a-service (PaaS) model, prioritizing the implementation of artificial intelligence and digitization, launching innovative product lines, strategic mergers and acquisitions, and providing environmentally friendly procurement software solutions.

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What Are the Key Growth Drivers Fueling the Retail Sourcing And Procurement Market Expansion?
The growth of the retail sourcing and procurement market is anticipated to be fueled by escalating digitalization. The process of digitalization involves turning physical attributes into digital form, and when applied to retail sourcing and procurement, it offers digital solutions to the market. For example, the European Central Bank, based in Germany, reported in November 2023 that there was an 8.8% increase in the total number of non-cash payments in the European region in the latter half of 2022, bringing the total to 65.9 billion. This was a rise from the figure of the previous six months. Additionally, the total value of these payments saw a 2.8% increase, amounting to €118.8 ($128.55) trillion. Consequently, the continuous upsurge in digitalization is one of the primary drivers in the progression of the retail sourcing and procurement market.

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What Are the Key Trends Driving Retail Sourcing And Procurement Market Growth?
In a bid to remain relevant in the market, providers of retail sourcing and procurement solutions are introducing novel and inventive products. Craft, a renowned platform for supplier intelligence, unveiled three new product offerings in September 2022. These are Craft Risk Hub, Craft N-Tier Mapping, and Craft Alerts, designed to deliver real-time risk evaluation using objective data and advanced machine learning algorithms. For example, the Craft Risk Hub provides supply chain and procurement professionals with contextualized data-driven insights on suppliers via benchmarking.

How Is the Retail Sourcing And Procurement Market Segmented?
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 Companies Are Leading the Charge in Retail Sourcing And Procurement Market Innovation?
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

Which Regions Are Leading the Global Retail Sourcing And Procurement Market in Revenue?
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.

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