Procurement Outsourcing Services Market By Product (Business Process Outsourcing, Consulting), By End-User (Manufacturing, Retail, IT & Telecom) - Growth, Future Prospects And Competitive Analysis, 2019 - 2027

Increasing adoption of IT to Boost the Procurement outsourcing services Market

The procurement outsourcing services market worldwide is expected to grow with a CAGR of 15% during the forecast period from 2019 to 2027. Procurement outsourcing services refers to a process in which a company appoints an external service provider to manage the company's primary and secondary or other transactions. Therefore, it helps the company reduce its operational costs, increase savings, and improve business. The growth of the procurement outsourcing services market is driven by the demand for the same in manufacturing, BFSI, retail, healthcare, IT & telecom, and various other segments. Due to all these factors, we are expecting rapid growth in the procurement outsourcing services market during the forecast period.

Market Synopsis

Manufacturing to Continue Dominating the Market

The manufacturing sector is a prominent user of procurement outsourcing services all around the globe. Due to increased adoption of IT solutions, changes in modern consumer trends and emphasis on business process automation shall increase the demand for procurement outsourcing services. Backed by low capital expenditure and reduced operational costs, the manufacturing segment shall be the fastest-growing procurement outsourcing service. On the other hand, the BFSI sector shall be the second segment after manufacturing to grow significantly. Thus, the electronic circuits segment would continue leading the market throughout the forecast period.

The Asia Pacific to Register the Fastest Growth

North America leads the procurement outsourcing services market. The US and Canada led the procurement services market in the region. The Asia Pacific is set to expand at the highest rate in the market in years to come. The region has been witnessing industrial sector growth along with new technological advancements, which further supports the demand for procurement outsourcing services. In addition, growth in the economies of China, India, and other south Asian countries shall further drive the Procurement outsourcing services market. Considering these factors, Asia Pacific is projected to grow with the highest CAGR throughout the forecast period.

Some prominent players operating in the procurement outsourcing services market include Accenture PLC, Genpact Ltd., GEP, HCL Technologies, IBM Corporation, Infosys Ltd., WNS Aquanima, Optimum Procurement, and Corbus LLC, among others.

Historical & Forecast Period

This research report presents the analysis of each segment from 2017 to 2027, considering 2018 as the base year for the research. In addition, compounded Annual Growth Rate (CAGR) for each respective segment was calculated for the forecast period from 2019 to 2027.

Report Scope by Segments

The procurement outsourcing services market report provides market size and estimates based on market dynamics and key trends observed in the industry. In addition, the report provides a holistic view of the global procurement outsourcing services market based on product type, end-user, and geography.

Frequently Asked Questions:

The market for Procurement Outsourcing Services is expected to reach US$ XX Bn by 2027.

The Procurement Outsourcing Services market is expected to see significant CAGR growth over the coming years, at 15%.

The report is forecasted from 2019-2027.

The base year of this report is 2021.

Accenture LLC, Genpact Ltd., GEP, HCL Technologies, IBM Corporation, Infosys Ltd., WNS Aquanima, Optimum Procurement are some of the major players in the global market.

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Published Date:  Nov 2019
Category:  Outsourcing Services
Report ID:   60043
Report Format:   PDF
Pages:   120
Rating:    4.4 (58)
Delivery Time: 24 Hours to 48 Hours   
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