Procurement Outsourcing Market Scope
Market Research Future (MRFR) believes that the Procurement Outsourcing Market 2020 can advance at a decent rate of 15.5% from 2018 to 2023 (analysis period). The market can also reach a striking valuation of USD 4.19 billion by 2023, adds MRFR. We will provide covid-19 impact analysis with the report. The COVID-19 impact on the market has been carefully studied, following which the report outlines the key developments post the coronavirus disease outbreak.
COVID-19 outbreak has resulted in a supply shortage across various industries worldwide. The pandemic is testing the supply chain as well as risk management preparedness of procurement companies everywhere. The electronics industry among others has been struck hard due to novel coronavirus, due to China’s prominence in the component manufacturing world. Even leaders such as Hitachi and Apple have witnessed a setback in demand and supply due to the lockdown imposed by the government. A number of firms are observing delay in launches, ceased production schemes, and are exploring alternate ways to carry on with their operations.
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In the SARS-CoV-2 era, the need for effective procurement has mounted exponentially, with respect to management of cost and sharpening the supply chain to elevate the business performance. Companies now more than ever need shorter cycle times, richer and agile insights as well as efficient and transparent performance, which calls for procurement solutions. Further, procurement outsourcing has now become highly critical since it is not just about bringing down the costs but also about enjoying the advantages of judicious outsourcing such as accessing talented expertise, lesser overhead, better efficiency, flexible workforce, bringing down the turnaround time and eventually garnering excellent profits. These are the governing aspects that can be great boosters in the procurement outsourcing market, especially after the onset of COVID-19.
Procurement Outsourcing Market Renowned Firms
Some of the renowned firms identified in the market study include Outsourcing Procurement Ltd (India), Aegis (India), Capgemini (France), Accenture (Ireland), Infosys Limited (India), GEP (US), Corbus LLC (US), e-Business International Inc. (US), HCL Technologies Limited (India), Genpact (US), IBM Corporation (US), Wipro Limited (India), Aquanima S.A. (Spain), Tata Consultancy Services (India), WNS (Holdings) Ltd. (India), to mention a few.
Top Boosters and Key Challenges
A large number of procurement outsourcing vendors that are based in Europe and US market are striving to expand their customer base worldwide with the adoption of organic as well as inorganic strategies. The latest technologies such as big data, AI and analytics are being extensively used for inducing digital transformation in procurement outsourcing solutions and services. Some of the key strategies that help companies boost their business profits include collaborations, agreements, product launches and more. For instance, in June 2020, Scout RFP collaborated with Suplari, an AI-driven insights and analytics procurement platform. With this collaboration, the customer bases of both the platforms will be able to integrate Scout RFP platform with Suplari’s high visibility as well as analytics data, with respect to procurement.
Several firms are progressively taking up procurement outsourcing services owing to the regulatory standards that are generally implemented across different industries. Procurement outsourcing helps businesses organize their processes and boost the operational productivity. Enterprises across industries are required to adhere to these guidelines while also safeguarding their sensitive data when using the network security process. Therefore, the growing need to follow all the guidelines and comply can be a significant driving factor in the procurement outsourcing market growth.
Furthermore, vendors now prefer to change their BPO locations to better the quality of their services. Surge in BPO services’ near shore locations across Europe has prompted firms to outsource their services to countries like Romania, Hungary and Poland. Thus, offshore and near shore outsourcing locations and their increasing prevalence can be the latest procurement outsourcing market trends. Also, the indirect procurement outsourcing market seems to be performing well, given that many companies now understand the importance of this particular aspect. The areas that come under indirect procurement are outsourcing contracts, utilities, I/T, consumables, marketing, capital expenditures, temporary labor, facilities, freight and logistics, travel and legal and human resources.
Procurement Outsourcing Market Segmental Analysis
Global Procurement Outsourcing Market has been considered for component, deployment mode, organization size and vertical.
The key components discussed in the research are solutions as well as services.
The deployment modes considered in the report are on-premise along with cloud.
The organization size ranges covered in the study are small and medium-sized enterprises/SMEs as well as large enterprises.
The verticals that deploy procurement outsourcing services include manufacturing, retail & consumer products and goods, IT & telecommunication, healthcare, banking, financial services and insurance (BFSI), and more.
Europe, North America, APAC/Asia Pacific, and RoW or rest of the world are the major regions where the procurement outsourcing services market is expected to expand over the forecast period.
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The North American market has the highest chances of attaining the top position in the coming years, thanks to the escalating consumption of procurement outsourcing services across the financial and manufacturing sectors in the region. Significant adoption rate of advanced IT solutions in line with the modern consumer norms in the United States/U.S can be another major growth booster in the regional market.
Europe can be the second strongest contender in the global market, as a result of the rising deployment of procurement outsourcing solutions across industries like healthcare, life sciences and energy and utilities. The leading providers in the region are employing new ways to offer these services, better research and development, partnership with other companies and exploration of new tools and technologies to increase their presence, which ultimately benefits the market.
The APAC market can expect fastest growth in the ensuing years, because of the rising adoption of these services in the manufacturing sector. Emerging countries like India, South Korea and China, along with stable markets in Singapore and Japan are the top contributors to the market growth in the region.
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