Procurement Outsourcing Market Expected to Achieve 13.1% CAGR by 2029: Growth Forecast Insights

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How Large Will the Procurement Outsourcing Market Size By 2025?
The market size for procurement outsourcing has been expanding rapidly in the past few years. It is set to escalate from a valuation of $4.78 billion in 2024 to $5.52 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 15.5%. Factors such as cost efficiency, increased emphasis on core competencies, globalization, risk management, and flexible resource allocation have contributed to the growth observed during the historic period.

How Big Is the Procurement Outsourcing Market Size Expected to Grow by 2029?
In the coming years, the procurement outsourcing market is projected to witness swift expansion. The market is anticipated to reach the value of $9.02 billion by 2029, exhibiting a compound annual growth rate (CAGR) of 13.1%. Factors such as strategic sourcing, sustainability and csr, resilience planning, the need for specialized skills, and data security and compliance contribute to the predicted growth during the forecast period. Key trends during this period will be digital transformation, advancements in technology, agile and flexible procurement models, data analytics, business intelligence, and a renewed emphasis on strategic sourcing.

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Which Key Market Drivers Powering Procurement Outsourcing Market Expansion and Growth?
The expanding e-commerce sector could have a positive impact on the growth of the procurement outsourcing market in the future. E-commerce, which involves the online exchange of goods and services, relies on procurement outsourcing to manage vendor contracts, guarantee compliance, and spot potential renegotiation opportunities. As per the Boston Consulting Group Inc., a US-based consultancy firm, e-commerce sales in Europe and the United States and Asia witnessed a surge of 3% and 7%, respectively, in October 2023. Furthermore, global e-commerce is predicted to witness an annual growth of 9% by 2027. Hence, the burgeoning e-commerce industry will catalyze the expansion of the procurement outsourcing market. Procurement Outsourcing Market Driver: Surge in Urbanization Fuelling Market Demand

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Which Fast-Growing Trends Are Poised to Disrupt the Procurement Outsourcing Market?
Leading businesses in the procurement outsourcing market are capitalizing on technological innovations like artificial intelligence (AI) to upgrade procurement procedures, make better decisions, and promote cost effectiveness. AI refers to a technological domain centered on constructing machines capable of executing tasks that necessitate human-like intellect, including learning, solving problems, and recognizing patterns. For instance, in July 2024, Acquire BPO, an Australian firm specializing in business process outsourcing, introduced Acquire.AI. Acquire.AI offers bespoke AI solutions to bolster business efficiency and customer experience, encouraging widespread adoption of AI across numerous sectors and fuelling growth and operational enhancements.

What Are the Emerging Segments in the Procurement Outsourcing Market?
The procurement outsourcing market covered in this report is segmented -

1) By Component: Solution, Services
2) By Deployment: On-Premises, Cloud
3) By Enterprise Size: Large Enterprises, Small And Medium Enterprise
4) By Industry Verticals: Banking, Financial Services, And Insurance (BFSI), Energy And Utilities, Healthcare, IT And Telecom, Professional Services, Manufacturing, Retail, Logistics, Other Industry Verticals

Subsegments:
1) By Solution: Procurement Software Solutions, Supplier Management Solutions, E-Sourcing And E-Procurement Solutions, Procurement Analytics And Reporting Tools, Spend Management Solutions
2) By Services: Strategic Sourcing Services, Supplier Relationship Management Services, Procurement Operations Management, Purchase Order And Invoice Management Services, Procurement Consulting And Advisory Services, Contract Management Services, Procurement Process Outsourcing (PPO)

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Who Are the Global Leaders in the Procurement Outsourcing Market?
Major companies operating in the procurement outsourcing market report are Microsoft Corporation, Siemens AG, General Electric Company, PLC, International Business Machines Corporation, Ernst & Young LLP, SAP SE, Tata Consultancy Services Limited, Capgemini SE, Cognizant Technology Solutions Corporation, Infosys Limited, DXC Technology Company, Wipro Limited, HCL Technologies Limited, Rockwell Automation Inc., CGI Inc., Concentrix Services India Private Limited (CSIPL), GEP Worldwide, WNS Denali, JAGGAER, Corbus LLC, Aquanima SA, Xchanging Solutions Limited, Intetics Inc., Aegis One Consults Ltd.

Which are the Top Profitable Regional Markets for the Procurement Outsourcing Industry?
North America was the largest region in the procurement outsourcing market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the procurement outsourcing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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