2025-2034 Retail Sourcing And Procurement Market Evolution: Disruptions, Innovations, and Untapped Opportunities

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What Is the Expected CAGR for the Retail Sourcing And Procurement Market Through 2025?
There has been a swift expansion in the size of the retail sourcing and procurement market in recent years. Its growth is projected to escalate from $5.61 billion in 2024 to $6.34 billion in 2025, experiencing a compound annual growth rate (CAGR) of 13.1%. The historical period's growth can be traced back to a heightening of digitalization in the retail field, an influx in automation in procurement, and an upsurge in funds and investments dedicated to retail sourcing and procurement platforms.

What's the Projected Size of the Global Retail Sourcing And Procurement Market by 2029?
In the forthcoming years, the market size of retail sourcing and procurement is anticipated to witness a fast-paced expansion, reaching $10.73 billion by 2029 at a 14.0% Compound Annual Growth Rate (CAGR). The rise during the projected period is due to factors like increased usage of cloud-based platforms, enhanced adoption of blockchain in sourcing and procurement, and advancements in digital technologies like automation, analytics, and AI (artificial Intelligence). The period is likely to see significant trends such as a focus on localizing suppliers, procurement-as-a-service (PaaS) model adoption, use of artificial intelligence and digitalization, introducing novel and innovative products, emphasis on mergers and acquisitions, and providing sustainable procurement software solutions.

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Top Growth Drivers in the Retail Sourcing And Procurement Industry: What's Accelerating the Market?
The growth of the retail sourcing and procurement market is anticipated to be driven by the accelerating trend of digitalization. This involves transforming physical characteristics into a digital format. The introduction of digital solutions in retail sourcing and procurement has greatly benefited the market. For instance, 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, climbing to 65.9 billion from the preceding six-month period. The total worth of these transactions rose by 2.8%, hitting €118.8 ($128.55) trillion. Consequently, the surge in digitization is fueling the expansion of the retail sourcing and procurement market.

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Which Fast-Growing Trends Are Poised to Disrupt the Retail Sourcing And Procurement Market?
Providers of retail sourcing and procurement solutions are introducing cutting-edge products to maintain their market competitiveness. Craft, a prominent supplier intelligence platform provider, launched three fresh product offerings in September 2022 - Craft Risk Hub, Craft N-Tier Mapping, and Craft Alerts. These products offer instantaneous risk assessment using objective data and advanced machine learning algorithms. Specifically, Craft Risk Hub provides data-driven benchmarking, delivering contextualized insights on suppliers to supply chain and procurement professionals.

What Are the Main Segments in the Retail Sourcing And Procurement Market?
The retail sourcing and procurementmarket 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 Top Companies are Driving Growth in the Retail Sourcing And Procurement Market?
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, accenture*, 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 Will Dominate the Retail Sourcing And Procurement Market Through 2029?
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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