Procurement Outsourcing Market Growth, Size, Trends, Demand, Challenges and Future Outlook
Procurement Outsourcing Market Size- By Service, By Component, By Deployment Model, By Enterprise Size, By Application, By Industry Vertical- Regional Outlook, Competitive Strategies and Segment Forecast to 2033
| Published: Jan-2023 | Report ID: IACT2313 | Pages: 1 - 234 | Formats*: |
| Category : Information & Communications Technology | |||
Procurement Outsourcing Market Introduction and Overview
According to SPER Market Research, the Global Procurement Outsourcing Market is estimated to reach USD 13.52 billion by 2033 with a CAGR of 14.53.
The report includes an in-depth analysis of the Global Procurement Outsourcing Market, including market size and trends, product mix, distribution channels, and supplier analysis. The procurement outsourcing refers to the practice of companies outsourcing their procurement processes and activities to third-party service providers. Procurement, which involves sourcing and purchasing goods and services necessary for business operations, can be a complex and time-consuming function. As a result, organizations often opt to leverage the expertise and capabilities of external vendors specialized in procurement outsourcing. This market has been steadily growing due to several factors such as globalization, increased market competition, and the need for cost optimization.
- Focus on Core Competencies: Outsourcing procurement allows companies to focus on their core competencies and strategic initiatives while leaving non-core functions to specialized vendors. This enables organizations to allocate their resources and attention to activities that directly contribute to their competitive advantage and growth.
- Scalability and Flexibility: Outsourcing procurement offers scalability and flexibility to adapt to changing business needs. Organizations can easily scale up or down their procurement operations based on market demand, without the need for significant investments in infrastructure, technology, and manpower.
Market Opportunities and Challenges
Procurement outsourcing presents several market opportunities for businesses looking to streamline their operations and optimize their supply chain management. Firstly, it offers cost savings by leveraging the expertise and economies of scale of specialized procurement service providers, enabling companies to reduce their procurement costs and improve overall efficiency.
Additionally, outsourcing procurement functions allows businesses to focus on their core competencies and strategic initiatives, freeing up internal resources for more value-added activities. This can lead to enhanced competitiveness and increased market share. Moreover, procurement outsourcing provides access to a global network of suppliers and vendors, enabling companies to tap into new markets and leverage international expertise.
The procurement outsourcing market is not without its challenges. One of the primary hurdles is the potential loss of control and visibility over the procurement process. Companies may feel uneasy about handing over their purchasing decisions and supplier relationships to external providers, fearing a loss of strategic control and the ability to align procurement activities with their specific business objectives.
Another challenge is the complexity of integrating outsourced procurement functions with existing systems and processes. Seamless integration requires robust technology platforms, effective data management, and strong communication channels between the company and the outsourcing provider. Additionally, cultural differences and language barriers can pose challenges when dealing with offshore providers, impacting effective collaboration and communication.
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Market Competitive Landscape
The competitive landscape of the procurement outsourcing market is dynamic and diverse. Numerous players, including global service providers, niche specialists, and technology-enabled platforms, compete to capture market share and meet the evolving needs of businesses. Large multinational companies such as Accenture, IBM, GEP, and Capgemini dominate the market with their extensive service offerings, global reach, and strong industry expertise. These established players often provide end-to-end procurement outsourcing solutions, encompassing strategic sourcing, category management, supplier relationship management, and transactional procurement services.
Scope of the Report:
| Report Metric | Details |
| Market size available for years | 2019-2033 |
| Base year considered | 2022 |
| Forecast period | 2023-2033 |
| Segments covered | By Service, By Component, By Deployment Model, By Enterprise Size, By Application, By Industry Vertical. |
| Regions covered | Asia-Pacific, Europe, Middle East and Africa, North America, Latin America |
| Companies Covered | Accenture Plc., Capgemini SE, DXC Technology Company, Genpact Ltd., GEP, Infosys Ltd., International Business, Machines Corporation, Tata Consultancy Service Limited., Wipro Limited., WNS Limited. |
COVID-19 Impact on Global Procurement Outsourcing Market
The COVID-19 pandemic has had a significant impact on procurement outsourcing, both in terms of challenges and opportunities. On the one hand, the disruption caused by the pandemic has highlighted the importance of resilient and agile supply chains, leading to an increased focus on risk management and supply chain diversification. This has created opportunities for procurement outsourcing providers to offer their expertise in mitigating supply chain disruptions, identifying alternative sources of supply, and enhancing supplier relationship management. Additionally, the pandemic has accelerated the adoption of digital technologies in procurement processes, such as e-procurement platforms, digital collaboration tools, and remote working capabilities.
Key Target Audience:
- Procurement Directors
- Supply Chain Managers
- Chief Financial Officers
Our in-depth analysis of the Procurement Outsourcing Market includes the following segments:
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Key Topics Covered in the Report:
- Global Procurement Outsourcing Market Size (FY’2023-FY’2033)
- Overview of Global Procurement Outsourcing Market
- Segmentation of Global Procurement Outsourcing Market By Service (Business Process Outsourcing Services, Consulting Services)
- Segmentation of Global Procurement Outsourcing Market By Component (Solution, Services)
- Segmentation of Global Procurement Outsourcing Market By Deployment Model (On-Premises, Cloud)
- Segmentation of Global Procurement Outsourcing Market By Enterprise Size (Large Enterprises, Small Medium Enterprises)
- Segmentation of Global Procurement Outsourcing Market By Application (Marketing Related Services, IT Related Services, HR Related Services, Facilities Management Office Services, Others)
- Segmentation of Global Procurement Outsourcing Market By Industry Vertical (BFSI, Energy Utilities, Healthcare, IT Telecom, Professional Services, Manufacturing, Retail, Logistics, Others)
- Statistical Snap of Global Procurement Outsourcing Market
- Expansion Analysis of Global Procurement Outsourcing Market
- Problems and Obstacles in Global Procurement Outsourcing Market
- Competitive Landscape in the Global Procurement Outsourcing Market
- Impact of COVID-19 and Demonetization on Global Procurement Outsourcing Market
- Details on Current Investment in Global Procurement Outsourcing Market
- Competitive Analysis of Global Procurement Outsourcing Market
- Prominent Players in the Global Procurement Outsourcing Market
- SWOT Analysis of Global Procurement Outsourcing Market
- Global Procurement Outsourcing Market Future Outlook and Projections (FY’2023-FY’2033)
- Recommendations from Analyst
1. Introduction
1.1. Scope of the report1.2. Market segment analysis
2. Research Methodology
2.1. Research data source2.1.1. Secondary Data2.1.2. Primary Data2.1.3. SPER’s internal database2.1.4. Premium insight from KOL’s2.2. Market size estimation2.2.1. Top-down and Bottom-up approach2.3. Data triangulation
3. Executive Summary
4. Market Dynamics
4.1. Driver, Restraint, Opportunity and Challenges analysis4.1.1. Drivers4.1.2. Restraints4.1.3. Opportunities4.1.4. Challenges4.2. COVID-19 Impacts of the Global Procurement Outsourcing Market
5. Market variable and outlook
5.1. SWOT Analysis5.1.1. Strengths5.1.2. Weaknesses5.1.3. Opportunities5.1.4. Threats5.2. PESTEL Analysis5.2.1. Political Landscape5.2.2. Economic Landscape5.2.3. Social Landscape5.2.4. Technological Landscape5.2.5. Environmental Landscape5.2.6. Legal Landscape5.3. PORTER’s Five Forces5.3.1. Bargaining power of suppliers5.3.2. Bargaining power of buyers5.3.3. Threat of Substitute5.3.4. Threat of new entrant5.3.5. Competitive rivalry5.4. Heat Map Analysis
6. Competitive Landscape
6.1. Global Procurement Outsourcing Market Manufacturing Base Distribution, Sales Area, Product Type6.2. Mergers & Acquisitions, Partnerships, Product Launch, and Collaboration in Global Procurement Outsourcing Market
7. Global Procurement Outsourcing Market, By Service (USD Million)
7.1. Global Procurement Outsourcing Market Value Share and Forecast, By Service, 2023-20337.2. Business Process Outsourcing Services7.3. Consulting Services
8. Global Procurement Outsourcing Market, By Component (USD Million)
8.1. Global Procurement Outsourcing Market Value Share and Forecast, By Component, 2023-20338.2. Solution8.3. Services
9. Global Procurement Outsourcing Market, By Deployment Model (USD Million)
9.1. Global Procurement Outsourcing Market Value Share and Forecast, By Deployment Model, 2023-20339.2. On-Premises9.3. Cloud
10. Global Procurement Outsourcing Market, By Enterprise Size (USD Million)
10.1. Global Procurement Outsourcing Market Value Share and Forecast, By Enterprise Size, 2023-203310.2. Large Enterprises10.3. Small Medium Enterprises
11. Global Procurement Outsourcing Market, By Application (USD Million)
11.1. Global Procurement Outsourcing Market Value Share and Forecast, By Application, 2023-203311.2. Marketing Related Services11.3. IT Related Services11.4. HR Related Services11.5. Facilities Management Office Services11.6. Others
12. Global Procurement Outsourcing Market, By Industry Vertical (USD Million)
12.1. Global Procurement Outsourcing Market Value Share and Forecast, By Industry Vertical, 2023-203312.2. BFSI12.3. Energy Utilities12.4. Healthcare12.5. IT Telecom12.6. Professional Services12.7. Manufacturing12.8. Retail12.9. Logistics12.10. Others
13. Global Procurement Outsourcing Market Forecast, 2019-2033 (USD Million)
13.1. Global Procurement Outsourcing Market Size and Market Share
14. Global Procurement Outsourcing Market, By Service, 2019-2033 (USD Million)
14.1. Global Procurement Outsourcing Market Size and Market Share By Service (2019-2026)14.2. Global Procurement Outsourcing Market Size and Market Share By service (2027-2033)
15. Global Procurement Outsourcing Market, By Component, 2019-2033 (USD Million)
15.1. Global Procurement Outsourcing Market Size and Market Share By Component (2019-2026)15.2. Global Procurement Outsourcing Market Size and Market Share By Component (2027-2033)
16. Global Procurement Outsourcing Market, By Deployment Model, 2019-2033 (USD Million)
16.1. Global Procurement Outsourcing Market Size and Market Share By Deployment Model (2019-2026)16.2. Global Procurement Outsourcing Market Size and Market Share By Deployment Model (2027-2033)
17. Global Procurement Outsourcing Market, By Enterprise Size, 2019-2033 (USD Million)
17.1. Global Procurement Outsourcing Market Size and Market Share By Enterprise Size (2019-2026)17.2. Global Procurement Outsourcing Market Size and Market Share By Enterprise Size (2027-2033)
18. Global Procurement Outsourcing Market, By Application, 2019-2033 (USD Million)
18.1. Global Procurement Outsourcing Market Size and Market Share By Application (2019-2026)18.2. Global Procurement Outsourcing Market Size and Market Share By Application (2027-2033)
19. Global Procurement Outsourcing Market, By Industry Vertical, 2019-2033 (USD Million)
19.1. Global Procurement Outsourcing Market Size and Market Share By Industry Vertical (2019-2026)19.2. Global Procurement Outsourcing Market Size and Market Share By Industry Vertical (2027-2033)
20. Global Procurement Outsourcing Market, By Region, 2019-2033 (USD Million)
20.1. Global Procurement Outsourcing Market Size and Market Share By Region (2019-2026)20.2. Global Procurement Outsourcing Market Size and Market Share By Region (2027-2033)20.3. Asia-Pacific20.3.1. Australia20.3.2. China20.3.3. India20.3.4. Japan20.3.5. South Korea20.3.6. Rest of Asia-Pacific20.4. Europe20.4.1. France20.4.2. Germany20.4.3. Italy20.4.4. Spain20.4.5. United Kingdom20.4.6. Rest of Europe20.5. Middle East and Africa20.5.1. Kingdom of Saudi Arabia20.5.2. United Arab Emirates20.5.3. Rest of Middle East & Africa20.6. North America20.6.1. Canada20.6.2. Mexico20.6.3. United States20.7. Latin America20.7.1. Argentina20.7.2. Brazil20.7.3. Rest of Latin America
21. Company Profile
21.1. Accenture Plc.21.1.1. Company details21.1.2. Financial outlook21.1.3. Product summary21.1.4. Recent developments21.2. Capgemini SE21.2.1. Company details21.2.2. Financial outlook21.2.3. Product summary21.2.4. Recent developments21.3. DXC Technology Company21.3.1. Company details21.3.2. Financial outlook21.3.3. Product summary21.3.4. Recent developments21.4. Genpact Ltd.,21.4.1. Company details21.4.2. Financial outlook21.4.3. Product summary21.4.4. Recent developments21.5. GEP21.5.1. Company details21.5.2. Financial outlook21.5.3. Product summary21.5.4. Recent developments21.6. Infosys Ltd.21.6.1. Company details21.6.2. Financial outlook21.6.3. Product summary21.6.4. Recent developments21.7. International Business Machines Corporation21.7.1. Company details21.7.2. Financial outlook21.7.3. Product summary21.7.4. Recent developments21.8. Tata Consultancy Service Limited21.8.1. Company details21.8.2. Financial outlook21.8.3. Product summary21.8.4. Recent developments21.9. Wipro Limited21.9.1. Company details21.9.2. Financial outlook21.9.3. Product summary21.9.4. Recent developments21.10. WNS Limited.21.10.1. Company details21.10.2. Financial outlook21.10.3. Product summary21.10.4. Recent developments
22. List of Abbreviations
23. Reference Links
24. Conclusion
25. Research Scope
SPER Market Research’s methodology uses great emphasis on primary research to ensure that the market intelligence insights are up to date, reliable and accurate. Primary interviews are done with players involved in each phase of a supply chain to analyze the market forecasting. The secondary research method is used to help you fully understand how the future markets and the spending patterns look likes.
The report is based on in-depth qualitative and quantitative analysis of the Product Market. The quantitative analysis involves the application of various projection and sampling techniques. The qualitative analysis involves primary interviews, surveys, and vendor briefings. The data gathered as a result of these processes are validated through experts opinion. Our research methodology entails an ideal mixture of primary and secondary initiatives.
Frequently Asked Questions About This Report
Procurement Outsourcing Market is projected to reach USD 13.52 billion by 2033, growing at a CAGR of 14.53% during the forecast period.
Procurement Outsourcing Market grew in market size from 2023. The Market is expected to reach USD 13.52 billion by 2032, at a CAGR of 14.53% during the forecast period.
Procurement Outsourcing Market CAGR of 14.53% during the forecast period.
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Procurement Outsourcing Market size is USD 13.52 billion from 2023 to 2033.
Procurement Outsourcing Market Segment is Covered By Component, By Service Type, By Deployment Model, By Enterprise Size, By Application, By End User.
The North America region is anticipated to have the highest market share in the Procurement Outsourcing Market.
The key players in the market include Companies Covered Accenture, AEGIS Company, Aquanima S.A., Broadcom, Capgemini, Corbus, LLC, DXC Technology Company, Genpact, GEP, HCL Technologies Limited, IBM, Infosys Limited, Oracle, Proxima, Tata Consultancy Services Limited, Wipro Limited, WNS.
The most common actions for which the company enters into an agreement are often procurement categorization and vendor management of raw materials and services. One advantage of procurement outsourcing is that it frees up internal staff members' time to concentrate on the core functions of the company.
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