Global Procurement Outsourcing Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Procurement Outsourcing Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Procurement Outsourcing is the transfer of key procurement activities related to sourcing and supplier management to a third party to help companies focus & tighten their core competencies.

Market Overview:

The latest research study on the global Procurement Outsourcing market finds that the global Procurement Outsourcing market reached a value of USD 4606.8 million in 2022. It’s expected that the market will achieve USD 8955.41 million by 2028, exhibiting a CAGR of 11.72% during the forecast period.

Change of Corporate Concept

Many companies have begun to realize that human resource management itself and time cost are important, economic development and competition are becoming more and more fierce. Enterprises begin to outsource their operations in order to improve operational efficiency and quality.

Regulations from Government

The comprehensive factors of perfection of laws and regulations, network, systematic process management, statistical analysis, etc. have a great impact on the implementation of personnel outsourcing.

IT outsourcing

IT Outsourcing is a service model in which a customer completes all or part of an IT work package to a professional company. Customers integrate their best external IT specialization resources to achieve a management model that reduces costs, improves efficiency, leverages their core competencies, and enhances their ability to respond to the external environment. This has become a fast-growing industry and continues to grow rapidly after 2000. 60% of US companies have rapidly expanded their businesses with professional IT outsourcing services.

Region Overview:

Geographically, North America held the largest market share – 30.04% in 2022.

Company Overview:

Accenture is one of the major players operating in the Procurement Outsourcing market, holding a share of 17.33% in 2023.

Accenture

Accenture plc provides consulting, technology, and outsourcing services in Ireland and internationally. Its Communications, Media & Technology segment provides professional services that help clients accelerate and deliver digital transformation, develop industry-specific solutions, and enhance efficiencies and business results for communications, media, high tech, software, and platform companies.

GEP

GEP provides software outsourcing and consulting services. The Company provides its services to health care, chemicals, government, financial, and industrial sectors. GEP serves customers worldwide.

Segmentation Overview:

Among different product types, Direct Procurement segment is anticipated to contribute the largest market share in 2028.

Direct Procurement

Direct procurement is the focus in supply chain management, and it directly affects the production process of manufacturing firms

Indirect Procurement

Indirect procurement refers to the way in which procurement is carried out through intermediaries, which is also called entrusted procurement or intermediary procurement, which mainly includes entrusting circulation enterprises to purchase and allocate purchases.

Application Overview:

By application, the Manufacturing segment occupied the biggest share from 2018 to 2022.

Key Companies in the global Procurement Outsourcing market covered in Chapter 3:

Capgemini
GEP
Aegis
Infosys
Wipro
Proxima
Xerox
HCL
IBM
Corbus
TCS
Accenture
Xchanging
TechMahindra
Genpact
WNS

In Chapter 4 and Chapter 14.2, on the basis of types, the Procurement Outsourcing market from 2018 to 2029 is primarily split into:

Direct Procurement
Indirect Procurement

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Procurement Outsourcing market from 2018 to 2029 covers:

CPG and Retail
BFSI Sector
Manufacturing
Others

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)