With the emergence and long-term Impact of COVID-19, Global Procurement Outsourcing Market to reach USD XX Billion by 2030
Bizwit Research & Consulting LLP’s Recent Analysis on Global Procurement Outsourcing Market is poised to raise up to USD XXX Billion by 2030. Procurement outsourcing is a strategic approach used to effectively obtain and handle the necessary raw materials for manufacturing a product or delivering a particular service. It involves outsourcing the procurement process to a third-party vendor, which facilitates the smooth flow of critical information. This information encompasses the placement of orders and the subsequent payment for products and services.
The growth of the procurement outsourcing market is fueled by various factors, including the increasing requirement to adopt new IT solutions in line with evolving consumer trends, a growing demand from enterprises to streamline the procurement process, and a rising need to effectively manage compliance policies and agreements. Furthermore, the market is experiencing growth due to the expanding gap between the increasing demands of customers and the capabilities of businesses, prompting the adoption of procurement outsourcing solutions.
Geographically, the global Procurement Outsourcing market has been segmented into North America, Europe, Asia Pacific (APAC), Latin America, and Middle East and Africa (MEA). Asia Pacific dominated the market in 2022 owing to its widespread adoption across various industries, including healthcare, energy & utilities, life sciences, and information technology. Within the region, the manufacturing industry is expected to implement procurement outsourcing at the fastest pace. North America is expected to grow at fastest growth rate during the forecast period, owing to mature economies, a large consumer base advanced IT infrastructure, and a focus on improving procurement processes. Also, the presence of major market players in the region drives demand for procurement as-a-service solutions is anticipated to support the market growth.
The global Procurement Outsourcing market is highly competitive owing to the presence of several key manufacturers such as International Business Machines Corporation, Wipro Limited., Genpact Ltd, DXC Technology Company, Capgemini SE, GEP Worldwide, Tata Consultancy Services Limited, and others.
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Key findings of the study suggest:
- Global Procurement Outsourcing Market is anticipated to grow with a healthy growth rate of more than XX% over the forecast period 2023-2030.
- In the Services segment, Business Process Outsourcing Services emerged out as the leading market segment in 2022.
- In the Component segment, Services emerged out as the leading market segment in 2022
- Asia Pacific is anticipated to drive regional growth Owing to rising continuous innovation in Procurement Outsourcing products, growing demand for functional meals, and rising awareness of the benefits of fiber for health.
- Asia-Pacific is expected to grow at higher rate followed by North America during 2020-2027.
Bizwit Research & Consulting has considered following segments for the study:
Services:
- Business Process Outsourcing Services
- Consulting Services
Component:
- Solution
- Services
Deployment Model:
- On-Premises
- Cloud
Enterprise Size:
- Large Enterprises
- Small Medium Enterprises
Application:
- Marketing Related Services
- IT Related Services
- HR Related Services
- Facilities Management Office Services
- Others
Industry Vertical:
- BFSI
- Energy & Utilities
- Healthcare
- IT & Telecom
- Professional Services
- Manufacturing
- Retail
- Logistics
- Others
Regional Outlook
- North America
- US
- Canada
- Europe
- UK
- Germany
- France
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Korea
- Australia
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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Bizwit Research & Consulting LLP is a global provider of business intelligence & consulting services. The company has a strong primary base of key industry leaders along with the chain of industry analysts to analyze the market trends and its future impact in order to estimates and forecast different business segments and markets. Bizwit incorporate big data, expert analysis, and huge industry database to deliver client focused business consulting reports. Our analysts perform unbiased measurement and assessment of market opportunities to comprehend detailed market forecast. Our team of key opinion leaders evaluates the market size, growth prospects, end-use, applications, value & supply chain and top vendors in the industry to help the clients to take conversant business decisions without any vague assumptions.
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