Procurement Outsourcing Market, By Service Type (Business Process Outsourcing Services, Consulting Services), By End User (Manufacturing, Retail and Consumer Goods, Healthcare, IT and Telecom, BFSI (Banking, Financial Services, and Insurance), Energy and

Procurement Outsourcing Market, By Service Type (Business Process Outsourcing Services, Consulting Services), By End User (Manufacturing, Retail and Consumer Goods, Healthcare, IT and Telecom, BFSI (Banking, Financial Services, and Insurance), Energy and Utilities, Transportation and Logistics, and Others), By Organization Size (Small and Medium-sized Enterprises (SMEs) and Large Enterprises), By Geography (North America, Latin America, Europe, Middle East & Africa, and Asia Pacific)

Procurement outsourcing is the process of assigning procurement-related tasks to a third-party service provider. This can involve shifting all procurement-related responsibilities or just a few of these. The main goal of outsourcing procurement is to reduce costs and free up resources within a company for other purposes. Purchasing experts have access to a larger supplier database than a business does. These people can also use their market power to negotiate better deals on customer’s behalf. This allows businesses to get the best price on all the materials and services customers need. Another benefit of outsourcing procurement is that it lets consumer focus on their core competencies. There are two types of procurement: direct and indirect. Direct procurement includes the purchase of raw materials and tools for a company’s core activities. Outsourcing procurement activities allows companies to focus on their core competencies while leveraging the expertise of specialized third-party providers

Market Dynamics:

Rising inclination of industrial sector toward procurement outsourcing services is expected to drive growth of the global procurement outsourcing market during the forecast period. This is mainly to reduce the cost of purchasing raw materials and other inputs. This will also lead to the increased efficiency of the supply chain network, thereby, enabling companies to provide products and services at competitive prices. Rising need for managing and storing raw materials is creating growth opportunities in the market. On the upside, rising adoption of managed procurement services (MPS) and spend analytics presents significant growth opportunities for market players.

However, lack of skilled professionals and security concerns are likely to hinder growth of the global procurement outsourcing market over the forecast period.

Key features of the study:

• This report provides in-depth analysis of the global procurement outsourcing market, and provides market size (US$ Bn) and compound annual growth rate (CAGR%) for the forecast period (2023–2030), considering 2022 as the base year
• It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market
• This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, market trends, regional outlook, and competitive strategies adopted by key players
• It profiles key players in the global procurement outsourcing market based on the following parameters – company highlights, products portfolio, key highlights, financial performance, and strategies
• Key companies covered as a part of this study include Accenture Plc., IBM Corporation, GEP Worldwide, Infosys Limited, Capgemini SE, Genpact Ltd., WNS (Holdings) Limited, HCL Technologies Ltd., Wipro Limited, Tata Consultancy Services Limited, Xchanging Solutions Limited, Corbus, LLC, Proxima Group, Aquanima, and CA Technologies (Broadcom Inc.)
• Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics
• Global procurement outsourcing market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts
• Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global procurement outsourcing market

Detailed Segmentation:

• By Service Type:
• Business Process Outsourcing Services
• Consulting Services
• By End User:
• Manufacturing
• Retail and Consumer Goods
• Healthcare
• IT and Telecom
• BFSI (Banking, Financial Services, and Insurance)
• Energy and Utilities
• Transportation and Logistics
• Others
• By Organization Size:
• Small and Medium-sized Enterprises (SMEs)
• Large Enterprises
• By Region:
• North America
• Europe
• Asia Pacific
• Middle East & Africa
• Latin America
• Company Profile:
• Accenture Plc.
• IBM Corporation
• GEP Worldwide
• Infosys Limited
• Capgemini SE
• Genpact Ltd.
• WNS (Holdings) Limited
• HCL Technologies Ltd.
• Wipro Limited
• Tata Consultancy Services Limited
• Xchanging Solutions Limited
• Corbus, LLC
• Proxima Group
• Aquanima
• CA Technologies (Broadcom Inc.)