Procurement Outsourcing Services Market Trends, and Forecast 2018 - 2026

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Procurement Outsourcing Services Market to Incur Rapid Extension during 2026 Date: February 25, 2022 Author: Tech News

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According to a new market report titled Procurement Outsourcing Services Market -Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 – 2026 published by Transparency Market Research the global procurement outsourcing services market is expected to reach US$ 8,050.6 Mn by 2026, from US$ 2,819.2 Mn in 2017, expanding at a CAGR of 12.7% from 2018 to 2026. According to the report, the global market is expected to continue to be in uenced by a range of macroeconomic and industry-speci c factors. North America is anticipated to continue to be at the forefront in generating demand for procurement outsourcing services, with the market in the region estimated to expand at a CAGR of 12.7% during the forecast period. Technological advancements, increased digitization, and presence of a large number of procurement outsourcing services providers in the region are anticipated to drive the procurement outsourcing services market in North America.

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ag=S&rep_id=61011 Manufacturing and BFSI industries and stringent regulatory guidelines to drive the global procurement outsourcing services market Increase in adoption of new IT solutions with modern consumer trends in different organizations and rise in emphasis on business process automation are expected to boost the growth of the procurement outsourcing services market in the next few years. Moreover, increase in demand for procurement services from the manufacturing and BFSI industries is expected to fuel the growth of the market in the near future. Companies are increasingly adopting procurement outsourcing services, which are outsourced by third-party vendors, to reduce their operational costs and increase their revenues. This is likely to propel the growth of the market during the forecast period. In terms of growth, both North America and Europe are mature markets for procurement outsourcing services due to high awareness about the services among users and rising number of service providers in the region. The procurement outsourcing services market in Asia Paci c is expected to expand at a robust pace during the forecast period. Rise in penetration of technology as well as signi cant investments for optimal utilization of procurement software and services across countries such as the U.S., U.K., Germany, France, China, India, and Brazil are anticipated to offer lucrative opportunities to the procurement outsourcing services providers in the near future. Get PDF brochure for Industrial Insights and business Intelligence @ https://www.transparencymarketresearch.com/sample/sample.php? ag=B&rep_id=61011 Scope of the report

Based on type, the global procurement outsourcing services market has been segmented into business process outsourcing services and consulting services. The business process outsourcing services segment held signi cant market share and is anticipated to remain dominant over the forecast period. The consulting services segment is anticipated to expand at a signi cant pace during the forecast period due to rise in adoption of procurement services across end-user industries. Procurement process helps companies save on signi cant capital. These savings can arise from risk assessment, material purchase, and superior supplier selection. Consulting services include supply risk management, opportunity assessment, procurement transformation, M&A services, and strategic cost management. Cost reduction, the key objective of chief procurement of cers (CPOs) across end-user industries, is a key driver of the global procurement consulting services market. The business process outsourcing services segment has been further divided into category management, source management, procurement management, supplier management and procure to pay. The category management subsegment accounted for a prominent share of the global market in 2017, followed by the source management sub-segment. The procure to pay subsegment is expected to grow rapidly during the forecast period due to increasing adoption of PO management, spot buy / tactical buy, catalog development & management, master data management, and centralized procurement service desk among various end-user industries. The report includes analysis of the procurement outsourcing services market by region, segmented into North America, Europe, Asia Paci c, Middle East & Africa, and South America. In terms of industry, the procurement outsourcing services market has been segmented into BFSI (banking, nancial services and insurance), energy & utilities, healthcare, IT & telecom, professional services, manufacturing, retail, logistics, and others. The others segment includes defense, paper & pulp sector, and other related sectors. The manufacturing and BFSI sectors are the

early adopters of procurement outsourcing services, followed by retail, IT & telecom, and healthcare. Uncertain economic pressure across the globe makes it important for enterprises to adopt cost-ef cient services to boost up their procurement process. Large and small-scale enterprises can achieve many bene ts such as visibility in the entire procurement process, increased procurement approach, cost control, and process innovation with adoption of strategic procurement management systems. Based on industry, the manufacturing sector is a prominent user of procurement outsourcing services. The segment accounted for a major market share in 2017, while the BFSI sector is expected to hold leading position in the market by the end of the forecast period. The IT & telecom sector is projected to expand at a rapid pace in the near future. Get COVID-19 Analysis @ https://www.transparencymarketresearch.com/sample/sample.php? ag=covid19&rep_id=61011 North America held a prominent share of the global procurement outsourcing services market in 2017.The procurement outsourcing services market in the region is anticipated to expand at a CAGR of 11.9% during the forecast period. In 2017, the U.S. led the procurement outsourcing services market in North America, followed by Canada. The procurement outsourcing services market in Asia Paci c and Middle East & Africa is anticipated to expand at a signi cant CAGR in the next few years. Competitive market dynamics The research study includes pro les of leading companies operating in the global procurement outsourcing services market. The pro les include details on company business overview, broad nancial overview, business strategies, and recent developments. Key players operating in the procurement outsourcing services market pro led in the study are Accenture Plc, GEP, Genpact Ltd., Wipro Limited, Infosys Ltd., HCL Technologies, Aquanima, Optimum Procurement, Corbus, LLC, WNS, IBM Corporation, and Xchanging.

Optimum Procurement, Corbus, LLC, WNS, IBM Corporation, and Xchanging. Market Segmentation Procurement Outsourcing Services Market, by Component Business Process Outsourcing Services Category Management Source Management Procurement Management Supplier Management Procure to Pay Procurement Outsourcing Services Market, by Industry Banking, Financial Services, and Insurance (BFSI) Energy & Utilities Oil & Gas Power Generation Water Healthcare Pharmaceuticals Biotechnology IT & Telecom Professional Services Manufacturing Automotive Consumer Goods

Industrial Electronics Retail Logistics Others (Defense, Paper & Pulp) Enquiry Before Buying : https://www.transparencymarketresearch.com/pressrelease/procurementoutsourcing-services-market.htm About Us Transparency Market Research is a global market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forwardlooking insight for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants, use proprietary data sources and various tools and techniques to gather, and analyse information. Now avail exible Research Subscriptions, and access Research multi-format through downloadable databooks, infographics, charts, interactive playbook for data visualization and full reports through MarketNgage, the uni ed market intelligence engine. Sign Up for a 7 day free trial! Contact Transparency Market Research USA – Canada Toll Free: 866-552-3453 Email: sales@transparencymarketresearch.com Blog: https://tmrblog.com/

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