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.
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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.
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