Retail Sourcing and Procurement Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Retail Sourcing and Procurement Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

The global retail sourcing and procurement market size reached US$ 4.5 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 9.2 Billion by 2028, exhibiting a growth rate (CAGR) of 12.7% during 2022-2028.

Retail sourcing and procurement refers to the services used by organizations for evaluating and engaging the suppliers for acquiring goods and services. It involves processes such as insourcing, outsourcing and global and strategic sourcing through automated, mobile and cloud technologies. The retail sourcing and procurement solutions also facilitate supplier and contract management and offer services, such as procure-to-pay and spend analysis. They are commonly used by small, medium and large-sized organizations for implementation, training and consulting to optimize sourcing and procurement activities, improve customer retention and enhance overall consumer experience.

Significant growth in the retail industry across the globe is one of the key factors creating a positive outlook for the market. Retail sourcing and procurement solutions facilitate the organizations to automate spend management activities and improve the efficiency of procure-to-pay processes. Moreover, the increasing demand for enhanced visibility in tracking related data, centralized procurement processes and improved collaboration between retailers and suppliers is providing a thrust to the market growth. Additionally, various technological advancements, such as the integration of connected devices with the Internet of Things (IoT), artificial intelligence (AI), cloud technology and big data solutions, are acting as other growth-inducing factors. The adoption of these technologies enables the enterprises to trace and procure goods promptly, efficiently, maximize profits and keep track of the future business transaction and supplier performance. Other factors, including rising expenditure capacities of the consumers, along with increasing automation in procurement activities, are anticipated to drive the market toward growth.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global retail sourcing and procurement market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on solution, service, deployment and end use.

Breakup by Solution:

Strategic Sourcing

Supplier Management

Contract Management

Procure-to-pay

Spend Analysis



Breakup by Service:

Implementation

Consulting

Training and Support



Breakup by Deployment:

On-premise

Hybrid

Cloud



Breakup by End Use:

Small and Medium Enterprise (SME)

Large Enterprise



Breakup by Region:

North America

United States

Canada

Asia-Pacific

China

Japan

India

South Korea

Australia

Indonesia

Others

Europe

Germany

France

United Kingdom

Italy

Spain

Russia

Others

Latin America

Brazil

Mexico

Others

Middle East and Africa



Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles of the key players being Basware Corporation, Blue Yonder Group Inc. (Panasonic Corp.), Epicor Software Corporation, International Business Machines Corporation, Infor Inc. (Koch Industries Inc.), Ivalua Inc, Kinaxis, Oracle Corporation, Proactis Holdings Plc, SAP SE, JAGGAER Inc. and Zycus Inc.

Key Questions Answered in This Report:

How has the global retail sourcing and procurement market performed so far and how will it perform in the coming years?

What has been the impact of COVID-19 on the global retail sourcing and procurement market?

What are the key regional markets?

What is the breakup of the market based on the solution?

What is the breakup of the market based on the service?

What is the breakup of the market based on the deployment?

What is the breakup of the market based on the end use?

What are the various stages in the value chain of the industry?

What are the key driving factors and challenges in the industry?

What is the structure of the global retail sourcing and procurement market and who are the key players?

What is the degree of competition in the industry?