Procurement Outsourcing Market
Market Overview
Procurement outsourcing is a method of managing and acquiring the raw materials that are further used to manufacture a product or supply a specific service. The system helps to flow the information to a third-party vendor. Hence, the procurement process plays a significant role in industries. Hence, the Procurement Outsourcing Market demand is increasing worldwide in different business sectors. The major adoption of key procurement activities regarding procurement and vendor management to a third party helps decrease overall costs. This factor helps companies to focus on their competitors. The market research report covers a variety of topics ,including supply chain analysis, value chain analysis, risk analysis, drivers, Procurement Outsourcing market Size, share, upcoming trends, expert review & forecast.
The crucial benefits of procurement outsourcing include reducing the time for internal staff to keep the focus on the other core business activities. The procurement process increases production rate and efficiently outsources activities; it streamlines operations and reduces overall operational costs. Hence, the market plays a major role in driving business productivity, and the business sectors are the key drivers of the Procurement Outsourcing Market. It helps in the procurement of indirect materials and services.
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The major drivers contributing to the market’s growth are the increased outsourcing of procurement functions by various enterprises. The rise in concern and need to drive efficiency and effectiveness in the supply chain process is a primary driving factor. Rising opportunities like the adoption of artificial intelligence and big data analytics to digitalize outsourcing procurement for vendors will fuel up the market.
The Procurement Outsourcing Market is estimated to register a strong CAGR of 15.5% and reach an approximate value of USD 4.19 billion by 2023 during the forecast period.
Market Segments
The Procurement Outsourcing Market is segmented based on component, deployment mode, organization size, and vertical.
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The component segment is bifurcated into solutions and services and, the deployment mode segment of the market is divided into on-premise and cloud-based.
The organization size section is comprised of small and medium-sized enterprises and large enterprises. The vertical segment includes IT & telecommunication, banking, financial services and insurance (BFSI), healthcare, retail & consumer products and goods, manufacturing, and others.
Regional Analysis
The growth of the Procurement Outsourcing Market is noticed in different components worldwide, such as the Asia Pacific region, North America, Europe, and the rest of the world.
Among the above geographical regions, the North American region holds the largest market share, and it is expected to maintain its consistent growth in the forecast period.
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Following North America, the European market is projected to be the second-largest region due to the rapid adoption of procurement outsourcing services in different industrial verticals such as healthcare, energy and utilities, and life sciences. The Asia-Pacific is a rapidly growing market with a good growth value because of the major adoption of the procurement outsourcing activity in the manufacturing sector. Developing countries such as China, India, the South Korean region, Japan and Singapore are driving the regional market of the Asia Pacific region. Retail and consumer goods, manufacturing and IT and telecommunications are boosting the others regions of the world.
Industry News
Credit Suisse is outsourcing its procurement of goods and services to the specialist provider Chain IQ, which will help to pare back costs, the bank said in an internal memo.
TABLE OF CONTENTS
1 Executive Summary
1.1 Market Attractiveness Analysis
1.1.1 Global Procurement Outsourcing Market, By Component
1.1.2 Global Procurement Outsourcing Market, By Deployment
1.1.3 Global Procurement Outsourcing Market, By Organization Size
1.1.4 Global Procurement Outsourcing Market, By Vertical
1.1.5 Procurement Outsourcing Market, By Region
2 Scope Of The Report
Continued...
3 Market Research Methodology
Continued...
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- It Provides A Forward-Looking Perspective on Different Factors Driving or Restraining Market Growth.
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