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

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).

In recent years, the global Procurement Outsourcing market has been changing consumer preferences. Increasing complexities in supply chain management, coupled with the need for cost optimization, are propelling organizations to outsource their procurement processes.

The demand for specialized expertise in strategic sourcing, supplier management, and procurement analytics is fostering the growth of outsourcing services. Technological advancements, including the integration of AI and automation, are enhancing the efficiency and accuracy of procurement processes.

Furthermore, the trend towards digitalization and the adoption of cloud-based procurement solutions are reshaping the market landscape.

As businesses strive for agility and flexibility, procurement outsourcing emerges as a strategic solution, offering scalability and access to global talent pools. The market is characterized by the presence of key players offering end-to-end procurement services, and the evolving regulatory landscape and emphasis on sustainable and ethical sourcing practices are additional factors shaping the market dynamics.