Procurement
Outsourcing Market Scope
Market Research Future (MRFR) believes that the Procurement Outsourcing Market 2020 can advance at a
decent rate of 15.5% from 2018 to 2023 (analysis period). The market can also
reach a striking valuation of USD 4.19 billion by 2023, adds MRFR. We will
provide covid-19 impact analysis with the report. The COVID-19 impact on the
market has been carefully studied, following which the report outlines the key
developments post the coronavirus disease outbreak.
COVID-19 Analysis
COVID-19 outbreak has resulted in a supply shortage
across various industries worldwide. The pandemic is testing the supply chain
as well as risk management preparedness of procurement companies everywhere.
The electronics industry among others has been struck hard due to novel
coronavirus, due to China’s prominence in the component manufacturing world.
Even leaders such as Hitachi and Apple have witnessed a setback in demand and
supply due to the lockdown imposed by the government. A number of firms are
observing delay in launches, ceased production schemes, and are exploring
alternate ways to carry on with their operations.
Get Free Sample Copy at: https://www.marketresearchfuture.com/sample_request/7592
In the SARS-CoV-2 era, the need for effective
procurement has mounted exponentially, with respect to management of cost and
sharpening the supply chain to elevate the business performance. Companies now
more than ever need shorter cycle times, richer and agile insights as well as
efficient and transparent performance, which calls for procurement solutions.
Further, procurement outsourcing has now become highly critical since it is not
just about bringing down the costs but also about enjoying the advantages of
judicious outsourcing such as accessing talented expertise, lesser overhead,
better efficiency, flexible workforce, bringing down the turnaround time and
eventually garnering excellent profits. These are the governing aspects that
can be great boosters in the procurement outsourcing market, especially after
the onset of COVID-19.
Top Boosters and Key Challenges
A large number of procurement outsourcing vendors
that are based in Europe and US market are striving to expand their customer
base worldwide with the adoption of organic as well as inorganic strategies.
The latest technologies such as big data, AI and analytics are being
extensively used for inducing digital transformation in procurement outsourcing
solutions and services. Some of the key strategies that help companies boost
their business profits include collaborations, agreements, product launches and
more. For instance, in June 2020, Scout RFP collaborated with Suplari, an
AI-driven insights and analytics procurement platform. With this collaboration,
the customer bases of both the platforms will be able to integrate Scout RFP
platform with Suplari’s high visibility as well as analytics data, with respect
to procurement.
Several firms are progressively taking up
procurement outsourcing services owing to the regulatory standards that are
generally implemented across different industries. Procurement outsourcing
helps businesses organize their processes and boost the operational
productivity. Enterprises across industries are required to adhere to these
guidelines while also safeguarding their sensitive data when using the network
security process. Therefore, the growing need to follow all the guidelines and
comply can be a significant driving factor in the procurement outsourcing
market growth.
Furthermore, vendors now prefer to change their BPO
locations to better the quality of their services. Surge in BPO services’ near
shore locations across Europe has prompted firms to outsource their services to
countries like Romania, Hungary and Poland. Thus, offshore and near shore
outsourcing locations and their increasing prevalence can be the latest
procurement outsourcing market trends. Also, the indirect procurement
outsourcing market seems to be performing well, given that many companies now
understand the importance of this particular aspect. The areas that come under
indirect procurement are outsourcing contracts, utilities, I/T, consumables,
marketing, capital expenditures, temporary labor, facilities, freight and
logistics, travel and legal and human resources.
Segmental Analysis
Global Procurement Outsourcing Market has been
considered for component, deployment mode, organization size and vertical.
The key components discussed in the research are
solutions as well as services.
The deployment modes considered in the report are
on-premise along with cloud.
The organization size ranges covered in the study
are small and medium-sized enterprises/SMEs as well as large enterprises.
The verticals that deploy procurement outsourcing
services include manufacturing, retail & consumer products and goods, IT
& telecommunication, healthcare, banking, financial services and insurance
(BFSI), and more.
Regional Insight
Europe, North America, APAC/Asia Pacific, and RoW or
rest of the world are the major regions where the procurement outsourcing
services market is expected to expand over the forecast period.
The North American market has the highest chances of
attaining the top position in the coming years, thanks to the escalating
consumption of procurement outsourcing services across the financial and
manufacturing sectors in the region. Significant adoption rate of advanced IT
solutions in line with the modern consumer norms in the United States/U.S can
be another major growth booster in the regional market.
Europe can be the second strongest contender in the
global market, as a result of the rising deployment of procurement outsourcing
solutions across industries like healthcare, life sciences and energy and
utilities. The leading providers in the region are employing new ways to offer
these services, better research and development, partnership with other
companies and exploration of new tools and technologies to increase their
presence, which ultimately benefits the market.
The APAC market can expect fastest growth in the
ensuing years, because of the rising adoption of these services in the
manufacturing sector. Emerging countries like India, South Korea and China,
along with stable markets in Singapore and Japan are the top contributors to
the market growth in the region.
Renowned Firms
Some of the renowned firms identified in the market
study include Outsourcing Procurement Ltd (India), Aegis (India), Capgemini
(France), Accenture (Ireland), Infosys Limited (India), GEP (US), Corbus LLC
(US), e-Business International Inc. (US), HCL Technologies Limited (India),
Genpact (US), IBM Corporation (US), Wipro Limited (India), Aquanima S.A.
(Spain), Tata Consultancy Services (India), WNS (Holdings) Ltd. (India), to
mention a few.
Get Complete Report Details at: https://www.marketresearchfuture.com/reports/procurement-outsourcing-market-7592
About Market Research Future:
At
Market Research Future (MRFR), we enable our customers to unravel the
complexity of various industries through our Cooked Research Report (CRR),
Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed
Research (CFR), and Market Research & Consulting Services.
Contact:
Market Research Future
+1 646 845 9312
Email: sales@marketresearchfuture.com
No comments:
Post a Comment