Procurement Outsourcing Market Size, Share, Growth Analysis, By Service(Strategic Sourcing, Procure-to-Pay Outsourcing, Category Management, Spend Analysis), By End-User(Manufacturing, Healthcare, IT and Telecom, BFSI (Banking), By Organization Size(Small and Medium-sized Enterprises (SMEs), Large Enterprises, and Others), By Region - Industry Forecast 2024-2031

Report ID: SQMIG20I2225 | Region: Global | Published Date: February, 2024
Pages: 157 | Tables: 96 | Figures: 75

Procurement Outsourcing Market News

In October 2023, LogicSource, a prominent procurement services and technology provider, was recognized as a Major Contender and Star Performer in the renowned Procurement Outsourcing Services PEAK Matrix Assessment 2023 by Everest Group. This acknowledgment underscores LogicSource's excellence and high performance in the procurement outsourcing domain.

In November 2023, Accenture (NYSE: ACN) completed the acquisition of The Shelby Group, a prominent provider of digital procurement and optimization services. This strategic move strengthens Accenture's proficiency in sourcing and the transformative aspects of procurement technology.

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Global Procurement Outsourcing Market size was valued at USD 6.15 billion in 2022 and is poised to grow from USD 6.76 billion in 2023 to USD 12.25 billion by 2031, growing at a CAGR of 11.1% in the forecast period (2024-2031).

The competitive environment of the procurement outsourcing market is dynamic and characterized by a diverse array of service providers offering a range of solutions to meet the evolving needs of businesses. The market also features niche players that focus on specific segments, offering specialized solutions in strategic sourcing, supplier management, or specific industry verticals. Collaborations, partnerships, and strategic alliances are prevalent in the competitive landscape, as providers seek to enhance their service offerings and global reach. Additionally, the integration of emerging technologies such as artificial intelligence and robotic process automation is a key competitive differentiator. '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.)', 'DXC Technology Company', 'Tech Mahindra', 'Aegis', 'Xerox'

The increasing complexity in supply chain management, coupled with the need for organizations to enhance cost efficiency, forms a fundamental driver, prompting businesses to leverage external expertise for streamlined procurement processes. Technological advancements play a pivotal role, with the integration of artificial intelligence, automation, and analytics enhancing the efficiency and accuracy of procurement operations. Moreover, the global trend towards digital transformation and the adoption of cloud-based solutions are reshaping procurement strategies.

The growing integration of advanced technologies, such as artificial intelligence (AI), machine learning, and robotic process automation (RPA), into procurement processes. These technologies enhance efficiency, automate routine tasks, and provide valuable insights for strategic decision-making. Another significant trend is the increasing focus on sustainable and socially responsible procurement practices. Businesses are incorporating environmental, social, and governance (ESG) criteria into their procurement strategies, aligning with the global push for sustainability. Additionally, there is a rising preference for end-to-end procurement outsourcing solutions, covering the entire source-to-pay cycle, as organizations seek comprehensive and integrated services.

North America, particularly the United States, is expected to dominate the procurement outsourcing market. The region has a mature outsourcing industry, with many organizations adopting outsourcing strategies to enhance efficiency and focus on core competencies. The presence of a large number of procurement outsourcing service providers, coupled with the region's emphasis on technological innovation, positions North America as a dominant player.

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