Procurement Outsourcing Market Size, Analysis by Industry Share, Forthcoming Developments, End-User Demand, Size Estimation, Growth Factors, Overview, and Forecast Report till 2030

In a recent published report, Kenneth Research has updated the market report for Procurement Outsourcing Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.

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U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4  billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Procurement Outsourcing Market products.

Moreover, increase in ICT spending around the globe for hardware, software, services, new technologies and telecom among others is also anticipated to contribute to the growth of the market in the coming years. The spending on new technologies recorded around USD 0.6 million in 2018 and is further estimated to reach close to USD 1.3 million by 2023. The total ICT spending around the globe further recorded close to USD 5 million in 2019 and is further projected to touch USD 6 million by 2023.

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Market Synopsis

The global procurement outsourcing market is expected to register a CAGR of 15.5% during the forecast period to reach USD 4.19 billion by 2023.Procurement outsourcing is the transfer of specified key procurement activities relating to sourcing and supplier management to a third party. This method is implemented to reduce overall costs and enable the company to focus on its core competencies. Procurement categorization and vendor management of indirect materials and services are the most popularly outsourced activities. This process witness a high demand for the procurement of indirect materials and services such as marketing, IT-related services, HR, facility management, and others.

The Final Report will cover the impact analysis of COVID-19 on this industry:

The major factors contributing to market growth are increasing outsourcing of procurement functions by enterprises to leverage external sourcing expertise and technology know-how. The increasing need to drive efficiency and effectiveness in the supply chain is also aiding the market growth. Also, the need to adhere to regulatory guidelines and ensure compliance is fueling the adoption of procurement outsourcing. However, concerns regarding data privacy and integrity are expected to restrain market growth during the forecast period. The adoption of artificial intelligence (AI) and big data technology with analytics for digitizing the process of procurement outsourcing is a great opportunity for the solution vendors. Along with this, increasing acceptance of procurement outsourcing across verticals offers lucrative opportunity to players in the global procurement outsourcing market.

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Segmentation

The global procurement outsourcing market has been segmented based on component, deployment mode, organization size, vertical, and region/country.By component, the global procurement outsourcing market has been divided into solutions and services.

Based on deployment mode, the global procurement outsourcing market has been classified into on-premise and cloud.The organization size segment of the global procurement outsourcing market are small and medium-sized enterprises (SMEs) and large enterprises.

On the basis of vertical, the global procurement outsourcing market has been divided into banking, financial services and insurance (BFSI), healthcare, IT & telecommunication, retail & consumer products and goods, manufacturing, and others.The global procurement outsourcing market has been analyzed for four regions—North America, Europe, Asia-Pacific, and the rest of the world.

Regional Analysis

The market in North America is expected to account for the largest market share during the forecast period. The market in North America is mature and is expected to have a steady growth rate during the assessment period. The market in Europe is expected to be the second-largest during the review period due to the increasing adoption of procurement outsourcing services across verticals such as energy and utilities, healthcare, and life sciences. The market in Asia-Pacific is expected to be the fastest-growing during the assessment period and major adoption in the manufacturing vertical. Developing countries such as India, China, and South Korea; and relatively mature markets of Japan and Singapore are driving the growth of the procurement outsourcing market. The market in the rest of the world offers numerous opportunities to vendors of the procurement outsourcing solutions and services. The verticals such as retail and consumer goods, manufacturing and IT and telecommunications are expected to boost the market of the rest of the world.

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Competitive Analysis

There are a number of vendors from the US and Europe in the global procurement outsourcing market. These players are focusing on expanding their customer base across the world by adopting various organic and inorganic growth strategies. New technologies such as AI, big data, analytics are being leveraged for digital transformation of procurement outsourcing services. Also, mergers, acquisitions, and collaborations are done in this market. For instance, in July 2018, Aegis (US) and StarTek (US) announced their alliance which is a great move to capture more market share.

Key Players

The key players in the global procurement outsourcing market are identified based on their country of origin, presence across different regions, recent key developments, product diversification, and industry expertise. These include Accenture (Ireland), GEP (US), e-Business International Inc. (US), IBM Corporation (US), Tata Consultancy Services (India), Infosys Limited (India), Capgemini (France), Genpact (US), Wipro Limited (India), WNS (Holdings) Ltd. (India), Corbus LLC (US), HCL Technologies Limited (India), Aquanima S.A. (Spain), Aegis (India) and Outsourcing Procurement Ltd (India). The key strategies adopted by most of the players are partnerships, agreements, collaborations, and launch of solutions and services.

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Intended Audience

Procurement Outsourcing providers

Systems integrators

Cloud services providers

Government organizations

Resellers and distributors

Investors and venture capitalists

Consulting agencies

About Kenneth Research

Kenneth Research is a reselling agency providing market research solutions in different verticals such as Automotive and Transportation, Chemicals and Materials, Healthcare, Food & Beverage and Consumer Packaged Goods, Semiconductors, Electronics & ICT, Packaging, and Others. Our portfolio includes set of market research insights such as market sizing and market forecasting, market share analysis and key positioning of the players (manufacturers, deals and distributors, etc), understanding the competitive landscape and their business at a ground level and many more. Our research experts deliver the offerings efficiently and effectively within a stipulated time. The market study provided by Kenneth Research helps the Industry veterans/investors to think and to act wisely in their overall strategy formulation

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Darlene Dooley is a research expert and freelance writer. She is very dedicated towards her work and writing. She enjoys to write on current news on any industry and conclude the news with highly professional report. She has almost 8 years of experience in the same field. She has strong professional skill in Market research, Business Strategies, online marketing, Industry analysis interested in innovative and trending technologies.

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