Press release
Retail Sourcing and Procurement Market Size, Share, Growth, Trends and Forecast 2016 - 2024
Sourcing and procurement processes is designed to evaluate and engage suppliers for acquiring goods and services. It includes processes such as outsourcing, insourcing, global sourcing and strategic sourcing among others. The retail industry is expanding and rapidly shifting towards automated, industrialized and cloud based solutions for consumer retention and enhance consumer experience. Also, the retail industry is focusing on adoption of cloud and mobile technologies in sourcing and procurement activities so as to increase the sales and bussiness in order establish themselves in the global market.
The automation in procurement activities is witnessed during the past few years and is expected to continue due to high adoption of cloud based applications and mobile applications supporting procurement and sourcing processes. The technological adoption in sourcing and procurement process for retail industry is leading to increased competition in retail industry due to low barrier for small niche companies to enter in the market and rising online sourcing and procurement services due to geographic proximity. To maintain the market position with evolving technological advancement, large retailers poses opportunities to become industry infrastructure providers due to high demand for, inventory management and store operations in near future.
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The demand for centralized procurement processes, better visibility in sourcing related data and improved collaboration between suppliers and retails is expected to drive the growth of retail sourcing and procurement market. The development and innovation in mobile and cloud technologies increasing efficiency of processes and customer satisfaction is further contributing to the growth of retail sourcing and procurement market. Additionally, retail sourcing and procurement market is growing as end-users are becoming more informed about resources as product choices are proliferating rapidly due to globalization. However, inappropriate management and reluctance to adopt new technology is hampering the growth of this market. The adoption of sourcing and procurement processes by food and beverages and aerospace suppliers are further expected to enhance the market of retail sourcing and procurement during the forecast period.
The retail sourcing and procurement market is segmented on the basis of deployment type, solution, enterprise, services and geography. On the basis of deployment type, the retail sourcing and procurement market is segmented into cloud based retail sourcing and procurement and on-premises retail sourcing and procurement. In terms of solution, the retail sourcing and procurement market is segmented into contract management solutions, supplier management solutions, spend analysis solutions, strategic sourcing solutions and procure-to-pay solutions. Based on the type of enterprise, the retail sourcing and procurement market is segmented into large enterprises and small and medium enterprises (SMEs). In terms of services, the retail sourcing and procurement market is classified into training and support services, implementation services and consulting services. Moreover, on the basis of geography the retail sourcing and procurement market is segmented into North America, Europe, Middle East and Africa, Asia Pacific and Latin America. North America is expected to lead the market due to constant technological advancement in the region along with increasing use of automation for sourcing and procurement processes.
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Zycus Inc. is one of the leading provider of sourcing and procurement for industry verticals such as retail, energy and utilities, chemical, electronics and oil and gas. Some of the other key players in retail sourcing and procurement market are Oracle Corporation, Zycus Inc., Sciquest, Ivalua Inc., JDA Software Group, SAP SE, GT Nexus, IBM Corporation, Proactis and Epicor Software Corporation.
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The study is a source of reliable data on:
Key market segments and sub-segments
Evolving market trends and dynamics
Changing supply and demand scenarios
Quantifying market opportunities through market sizing and market forecasting
Tracking current trends/opportunities/challenges
Competitive insights
Opportunity mapping in terms of technological breakthroughs
The regional analysis covers:
North America (U.S. and Canada)
Latin America (Mexico, Brazil, Peru, Chile, and others)
Western Europe (Germany, U.K., France, Spain, Italy, Nordic countries, Belgium, Netherlands, Luxembourg)
Eastern Europe (Poland, Russia)
Asia Pacific (China, India, Japan, ASEAN, Australia and New Zealand)
Middle East and Africa (GCC, Southern Africa, North Africa)
TMR estimates the market size of various sectors using a combination of available data on the number and revenue of companies within each sub-sector and tiers of companies. The basic components used to determine market size and forecast for a specific product area are not only limited to supply-side data, but are also related to demand, industry trends, and the economic outlook. All the above data points are utilized to generate a statistical model targeting the sector marketplace. More than 300 TMR analysts across the world integrate these elements into a framework to determine the subsector market size for a base year and then forecast growth within each market.
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TMR regularly interviews technology and business professionals as an ongoing effort to track the latest developments within each sector. These continuous surveys are stratified by company size and industry segment and weighted to reflect the global market place. All data are collected on an ongoing effort through a structured questionnaire rolled over the web or conducted via telephones. This provides the TMR team opportunities to request for detailed question sets, complex skip patterns, and real-time calculations, which assists respondents in answering questions involving numbers and percentages. Respondents, who are interviewed as experts, are screened and qualified based on certain criteria in addition to their decision-making authority and the scope of activity within their organizations.
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