Global Procurement Outsourcing Services Market By Type (Business Process Outsourcing Services, Category Management, Source Management, Procurement Management, Supplier Management, Procure to Pay), Industry (BFSI, Energy & Utilities, Oil & Gas, Power Generation, Water, Healthcare, Pharmaceuticals, Biotechnology, IT & Telecom, Professional Services, Manufacturing, Automotive, Consumer Goods, Industrial, Electronics, Retail, Logistics, Defense, Paper & Pulp), Geography (North America, South America, Europe, Asia-Pacific, Middle East and Africa) – Industry Trends and Forecast to 2026
Market Analysis: Global Procurement Outsourcing Services Market
Global procurement outsourcing services market is set to witness a healthy CAGR of 15.05% in the forecast period of 2019- 2026. The report contains data of the base year 2018 and historic year 2017. Rising demand of procurement outsourcing services from manufacturing and financial industry is major factor for the growth of this market.
Market Definition: Global Procurement Outsourcing Services Market
Procurement outsourcing services is a process in which a company hires an external so that they can manage their company activities like transaction, purchases etc. This helps the company to focus more on their competitions and manage important business activities. This reduces the overall production cost and improves the business. The procurement activity is divided into two types- direct procurement and indirect procurement. They are used in wide number of industries like healthcare, pharmaceutical, IT and telecom, oil and gas etc. Rising popularity of IT solutions is fuelling the growth of this market.
- · Increasing prevalence of IT solutions is driving the growth of this market
- · Technological development and advancement is another factor driving the market growth.
- · Growing demand of procurement outsourcing service from manufacturing and financial industry will also enhance the market
- · Increasing requirement to stick to the guidelines and ensure conformity will also propel growth.
- · Rising space growing between client requirements and organization capability is restraining the growth of this market
- · High risk related with outsourcing is restraining the growth of this market
- · Complexity associated with the category management will also restrict the growth
Segmentation: Global Procurement Outsourcing Services Market
· By Type
o Business Process Outsourcing Services
o Category Management
o Source Management
o Procurement Management
o Supplier Management
o Procure to Pay
· By Industry
o Energy & Utilities
o Oil & Gas
o Power Generation
o IT & Telecom
o Professional Services
o Consumer Goods
o Paper & Pulp
· By Geography
· North America
· South America
o Rest of South America
o United Kingdom
o Rest of Europe
o South Korea
o Rest of Asia-Pacific
· Middle East and Africa
o South Africa
o Saudi Arabia
o United Arab Emirates
o Rest of Middle East and Africa
Key Developments in the Market:
- · In January 2018, Inprova Group announced that they have acquired Energy & Carbon Management Ltd. The main aim of the acquisition is to increase the efficiency and decrease the operational cost. This will also help the company to expand them in the energy sector
- · In January 2017, WNS Ltd announced that they are going to acquire Denali Sourcing Services so that they can add critical attainment capability to their finance and accounting solutions. This acquisition will help the WNS to enhance their solutions and strengthen themselves in financial and accounting
Global procurement outsourcing services market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of procurement outsourcing services market for global, Europe, North America, Asia-Pacific and South America.
Major Market Competitors/Players
Few of the major competitors currently working in the global procurement outsourcing services market are Accenture, Aegis, Alorica Inc., Capita plc., Concentrix Corporation, Conduent, Inc., Convergys Corporation, Genpact, Hexaware Technologies, TATA CONSULTING SERVICES, Teleperformance, Wipro Limited, TTEC., Corbus, LLC., Infosys Limited, IBM Corporation., WNS (Holdings) Ltd., GEP, McKinsey & Company and others.
Research Methodology: Global Procurement Outsourcing Services Market
Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analysed and forecasted using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please request an analyst call or can drop down your enquiry.
The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, other data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Top to Bottom Analysis and Vendor Share Analysis. To know more about the research methodology, drop in an inquiry to speak to our industry experts.
Key Insights in the report:
- · Complete and distinct analysis of the market drivers and restraints
- · Key market players involved in this industry
- · Detailed analysis of the market segmentation
- · Competitive analysis of the key players involved