The global Procurement Outsourcing Market Growth Accelerated by Strategic Sourcing
Procurement outsourcing enables companies to focus on their core operations by outsourcing procurement activities to third-party service providers. These activities include spend analysis, supplier selection and performance monitoring, contract negotiations, purchase order management, and accounts payable automation. Outsourcing procurement functions helps reduce operating costs and boosts procurement efficiency.
The global Procurement Outsourcing Market is estimated to be valued at US$ 5.15 billion in 2024 and is expected to exhibit a CAGR of 6.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Strategic sourcing has emerged as a key trend in the procurement outsourcing market. It helps companies gain a competitive advantage by effectively managing their supplier relationships and procurement spend. Strategic sourcing focuses on evaluating suppliers, negotiating optimal contracts, and selecting suppliers that offer best value in terms of price, quality, and delivery. Outsourcing procurement functions enables companies to leverage the strategic sourcing expertise of third-party providers to centralize procurement activities, gain economies of scale in procurement, and optimize procurement costs. This has further accelerated revenue growth in the procurement outsourcing market over the recent years.
Segment Analysis
The global procurement outsourcing market is segmented by source into direct procurement and indirect procurement. The direct procurement segment is expected to dominate the market in the forecast period due to increasing focus of organizations on core business areas and outsourcing of non-core procurement processes such as maintenance, repair, and operating supplies procurement.
Key Takeaways
The Global Procurement Outsourcing Market Share is expected to witness high growth. The global Procurement Outsourcing Market is estimated to be valued at US$ 5.15 billion in 2024 and is expected to exhibit a CAGR of 6.5% over the forecast period 2023 to 2030.
North America is expected to dominate the procurement outsourcing market during the forecast period. This is owing to a large presence of procurement outsourcing service providers such as GEP, IBM, Accenture and other key players in countries such as US and Canada.
Key players related content comprises Key players related content: Key players operating in the procurement outsourcing market are GEP, IBM Corporation, Accenture plc, Infosys Limited, Capgemini, HCL Technologies, Wipro, Tata Consultancy Services, Genpact, and WNS.
For more details on the report, Read- https://www.insightprobing.com/procurement-outsourcing-market-size-and-share/
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