Global Procurement Outsourcing Services Market was valued US$ XX Bn in 2018 and is expected to reach US$ XX Bn by 2026, at CAGR of XX% during forecast period.
The process procurement outsourcing services involves an external service provider to manage a company’s core & non-core buying transactions and expenditures. This supports the company allocate important resources to work on strategic initiatives and handling important business activities. Procurement outsourcing services help companies reduce operating costs, increase savings on investments, and develop businesses.
Global Procurement Outsourcing Services Market
Recently, technological advancements have taken place in the procurement outsourcing services market. Manufacturing, BFSI, IT & telecom, retail, and healthcare sectors broadly use procurement outsourcing services. Accordingly, the procurement outsourcing services market is expected to grow hastily in the forecast time (2019-2026). The increase in the necessity to adopt new IT solutions with modern consumer trends across the world is mainly driving the demand for procurement outsourcing services.
On the other hand, increasing space growing between client requirements & organization capability, high risks involved in outsourcing, and complexity associated with the category management are likely to hinder the growth of the procurement outsourcing services market across the globe.
According to the type, the business process outsourcing services segment was considered for a significant market share globally in 2018 and is expected to hold its leading position throughout the forecast period. The category management sub-segment accounted for a primary market share in 2018, whereas procure to pay sub-segment is expected to grow rapidly in the forecast period.
Region-wise, North America region is expected to contribute significant growth of the global procurement outsourcing services market in the estimated period, thanks to the large base of customers with these services in the region. The procurement outsourcing services market in Europe is expected to follow a similar trend between 2019 and 2026. Also, the procurement outsourcing services market in the Asia Pacific is likely to grow at a healthy CAGR of XX% in the forecast period.
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The report covers the prominent players attracted by the achievement of the market and underlying primary demand, many small and large-scale enterprises are adopting procurement outsourcing services. Providers of procurement outsourcing services are appealing in the new method of offering services, technology & tools, upgrade of R&D, and partnership with other firms to grow their business. As, in January 2017, WNS come into a complete agreement to acquire Denali Sourcing Services, a provider of strategic procurement BPM solutions.
The objective of the report is to present a comprehensive analysis of the Global Procurement Outsourcing Services Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers and new entrants by Application. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors by Application on the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers. The report also helps in understanding Global Procurement Outsourcing Services Market dynamics, structure by analyzing the market segments and project the Global Procurement Outsourcing Services Market size. Clear representation of competitive analysis of key players by Type, price, financial position, Product portfolio, growth strategies, and regional presence in the Global Procurement Outsourcing Services Market make the report investor’s guide.
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The report study has analyzed revenue impact of covid-19 pandemic on the sales revenue of market leaders, market followers and disrupters in the report and same is reflected in our analysis.
Scope of the Global Procurement Outsourcing Services Market :Inquire before buying
Global Procurement Outsourcing Services Market, By Type
• Business Process Outsourcing Services
o Category Management
o Source Management
o Procurement Management
o Supplier Management
o Procure to Pay
• consulting services
Global Procurement Outsourcing Services Market, By Industry
• BFSI (Banking, Financial Services and Insurance)
• Energy and Utilities
o Oil & Gas
o Power Generation
• IT and Telecom
• Professional Services
o Consumer Goods
• Others (Defense, Paper & Pulp)
Global Procurement Outsourcing Services Market, By Region
• North America
• Asia Pacific
• Middle East and Africa
• South America
Key players operating in Global Procurement Outsourcing Services Market
• Accenture Plc.
• Genpact Ltd.
• Optimum Procurement
• Corbus, LLC
• Wipro Limited
• Infosys Ltd.
• HCL Technologies
• IBM Corporation
• Alorica Inc.
• Capita plc.
• Concentrix Corporation
• Conduent, Inc.
• Convergys Corporation
• Hexaware Technologies
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