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The Impact Of E-Commerce Growth On Procurement Outsourcing: A Key Catalyst Accelerating Global Procurement Outsourcing Market Growth in 2025
Procurement Outsourcing
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What Is the Expected CAGR for the Procurement Outsourcing Market Through 2025?_x000D_
In the past few years, the size of the procurement outsourcing market has expanded remarkably. The market is projected to swell from $4.78 billion in 2024 to $5.49 billion in 2025, reflecting a compound annual growth rate (CAGR) of 14.9%. This substantial growth over the historic period can be credited to benefits such as cost effectiveness, emphasis on main expertise, globalization, management of risk, and adaptable resource distribution._x000D_
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What's the Projected Size of the Global Procurement Outsourcing Market by 2029?_x000D_
In the coming years, the market size of procurement outsourcing is set to expand rapidly, reaching $8.95 billion in 2029 with a compound annual growth rate (CAGR) of 13.0%. The growth projected for this period is due to factors such as strategic sourcing, sustainability and Corporate Social Responsibility (CSR), resilience planning, the need for specific expertise, and data security and adherence to compliance measures. The upcoming trends during the forecast period comprise digital transition, advancements in technology, the adoption of agile and flexible procurement methodologies, data analytics, business intelligence, with an emphasis on strategic sourcing._x000D_
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https://www.thebusinessresearchcompany.com/report/procurement-outsourcing-global-market-report_x000D_
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Top Growth Drivers in the Procurement Outsourcing Industry: What's Accelerating the Market?_x000D_
The expansion of the e-commerce sector is projected to be a strong driving force for the enhancement of the procurement outsourcing market in the future. E-commerce is the digital platform used for trading goods and services through the Internet and other electronic mediums. Procurement outsourcing plays a significant role in e-commerce by dealing with suppliers, guaranteeing compliance and looking for renegotiation opportunities. For instance, as per the report of the Boston Consulting Group Inc., a management consulting firm based in the US, e-commerce sales surged by 3% in Europe in October 2023, while a 7% increase was seen in the US and Asia in 2022. Moreover, the worldwide e-commerce is projected to witness a 9% yearly increase by 2027. Therefore, the thriving e-commerce industry is set to enhance the growth of the procurement outsourcing market._x000D_
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What Trends Will Shape the Procurement Outsourcing Market Through 2029 and Beyond?_x000D_
Top firms in the procurement outsourcing market are shifting their focus towards the implementation of advanced technologies like artificial intelligence (AI) to streamline procurement procedures, bolster decision-making processes, and foster cost-efficiency. AI is a technological field that seeks to create machines capable of executing tasks requiring human-like intelligence, such as learning, problem-solving, and pattern identification. For example, Acquire BPO, an Australian business process outsourcing company, launched Acquire.AI in July 2024. This platform offers customized AI solutions aimed at enhancing business efficiency and customer satisfaction, promoting widespread AI adoption across numerous sectors and facilitating growth and process improvements._x000D_
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What Are the Main Segments in the Procurement Outsourcing Market?_x000D_
The procurement outsourcingmarket covered in this report is segmented -_x000D_
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1) By Component: Solution, Services_x000D_
2) By Deployment: On-Premises, Cloud_x000D_
3) By Enterprise Size: Large Enterprises, Small And Medium Enterprise_x000D_
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_x000D_
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Subsegments:_x000D_
1) By Solution: Procurement Software Solutions, Supplier Management Solutions, E-Sourcing And E-Procurement Solutions, Procurement Analytics And Reporting Tools, Spend Management Solutions_x000D_
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)_x000D_
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Tailor your insights and customize the full report here:_x000D_
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Which Top Companies are Driving Growth in the Procurement Outsourcing Market?_x000D_
Major companies operating in the procurement outsourcing market report are Microsoft Corporation, Siemens AG, General Electric Company, accenture* 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._x000D_
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Which Regions Will Dominate the Procurement Outsourcing Market Through 2029?_x000D_
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._x000D_
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4.Consultants & Analysts - To support market entry, expansion strategies, and client advisory work._x000D_
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Our flagship product, the Global Market Model (GMM), is a premier market intelligence platform delivering comprehensive and updated forecasts to support informed decision-making._x000D_
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