Procurement Outsourcing Services Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts, 2021 to 2029

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 2021 to 2029. Procurement outsourcing services refers to a process in which a company appoints an external service provider to manage the primary and secondary or other transactions of the company. Therefore, it helps the company to reduce its operational costs, increase savings and thereby improve business. The growth of 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 procurement outsourcing services market during the forecast period.

Manufacturing to Continue Dominating the Market

The manufacturing sector is a prominent user of procurement outsourcing services all around the globe. Owing 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 market. Backed by low capital expenditure and reduced operational costs, manufacturing segment shall be the fastest growing segment in the procurement outsourcing services. On the other hand, BFSI sector shall be the second segment after manufacturing to grow significantly. Thus, electronic circuits segment would continue leading the market throughout the forecast period.

Asia Pacific to Register the Fastest Growth

Procurement outsourcing services market is led by North America. The US and Canada led the procurement services market in the region. 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. Growth in the economies of China, India and other south Asian countries shall be 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 of the 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, Corbus LLC among others.

Historical & Forecast Period

This research report presents the analysis of each segment from 2019 to 2029 considering 2020 as the base year for the research. Compounded Annual Growth Rate (CAGR) for each respective segments calculated for the forecast period from 2021 to 2029.

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. The report provides a holistic view of global procurement outsourcing services market based on product type, end-user and geography. Key segments covered in the report are as follows:

Product Type (2019-2029; US$ Bn)

• Business process outsourcing
• Consulting

End-User Type (2019-2029; US$ Bn)

• Manufacturing
• BFSI
• Retail
• IT and Telecom

Geography (2019-2029; US$ Bn)

• North America (U.S., Rest of North America)
• Europe (U.K., Germany, France, Rest of Europe)
• Asia Pacific (China, Japan, India, Rest of Asia Pacific)
• Rest of the World (Middle East & Africa, Latin America)

Key questions answered in this report

• What was the market size of procurement outsourcing services in 2020 and forecast up to 2029?
• Which is the largest regional market for procurement outsourcing services?
• What are the major trends followed in overall procurement outsourcing services across different regions?
• Who are the key procurement outsourcing services companies leading the market?
• What are the key strategies adopted by the leading procurement outsourcing services companies in market?

Unique data points of this report

• Statistics on procurement outsourcing services worldwide
• Recent trends across different regions in terms of adoption of procurement outsourcing services across various applications
• Notable developments going on in procurement outsourcing services market
• Attractive investment proposition for segments as well as geography
• Comparative scenario for all the segments for years 2020 (actual) and 2029 (forecast)

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