What is Global Procurement Outsourcing Services Market?
The Global Procurement Outsourcing Services Market is a vast and dynamic sector that plays a crucial role in the global economy. It refers to the practice of businesses engaging third-party service providers to manage their procurement activities. These activities can range from strategic planning and sourcing to transaction management. The market is driven by the need for businesses to reduce operational costs, improve process efficiency, and gain access to skilled expertise. The global procurement outsourcing services market is not confined to a specific industry or region, but spans across various sectors and geographies, making it a truly global market. The market is characterized by the presence of numerous service providers offering a wide range of procurement solutions tailored to meet the specific needs of businesses.
Category Management, Source Management, Procurement Management, Supplier Management in the Global Procurement Outsourcing Services Market:
Category Management, Source Management, Procurement Management, and Supplier Management are all integral components of the Global Procurement Outsourcing Services Market. Category Management involves the organization of procurement resources to focus on specific areas of spends. This approach can facilitate the effective management of a company's supply chain. Source Management, on the other hand, involves identifying, evaluating, and establishing relationships with the most suitable suppliers in the market. Procurement Management is the overarching process that encompasses all the activities related to the acquisition of goods and services. It involves the strategic planning, sourcing, negotiation, and purchasing of goods and services. Supplier Management is the process of managing relationships with suppliers to ensure the efficient delivery of goods and services. It involves activities such as supplier evaluation, contract negotiation, and performance monitoring. These four components collectively contribute to the effective functioning of the global procurement outsourcing services market.
BFSI, Energy and Utilities, Healthcare, IT and Telecom, Other in the Global Procurement Outsourcing Services Market:
The Global Procurement Outsourcing Services Market finds extensive application in various sectors including BFSI, Energy and Utilities, Healthcare, IT and Telecom, among others. In the BFSI sector, procurement outsourcing services are used to manage the procurement of IT services, office supplies, and other operational resources. In the Energy and Utilities sector, these services help in the procurement of energy resources, equipment, and maintenance services. The Healthcare sector utilizes procurement outsourcing services for the acquisition of medical supplies, equipment, and pharmaceuticals. In the IT and Telecom sector, these services are used for the procurement of hardware, software, and IT services. Other sectors where procurement outsourcing services are used include manufacturing, retail, and logistics. The wide-ranging application of these services across various sectors underscores their importance in the global market.
Global Procurement Outsourcing Services Market Outlook:
Looking at the market outlook, the Global Procurement Outsourcing Services Market was valued at a significant US$ 4477.6 million in 2023. The market is expected to witness a steady growth, reaching a value of US$ 5869.6 million by 2030. This growth trajectory translates to a Compound Annual Growth Rate (CAGR) of 4.0% during the forecast period from 2024 to 2030. This growth can be attributed to the increasing adoption of procurement outsourcing services by businesses across various sectors. The market's growth is also driven by the ongoing digital transformation in the procurement landscape, which is prompting businesses to leverage advanced procurement solutions offered by third-party service providers.
| Report Metric | Details |
| Report Name | Procurement Outsourcing Services Market |
| Accounted market size in 2023 | US$ 4477.6 million |
| Forecasted market size in 2030 | US$ 5869.6 million |
| CAGR | 4.0% |
| Base Year | 2023 |
| Forecasted years | 2024 - 2030 |
| Segment by Type |
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| Segment by Application |
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| By Region |
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| By Company | Accenture, GEP, Genpact, Aquanima, Optimum Procurement, Corbus, Wipro, Infosys, HCL Technologies, WNS, IBM Corporation |
| Forecast units | USD million in value |
| Report coverage | Revenue and volume forecast, company share, competitive landscape, growth factors and trends |
