The global procurement market will increase from $ 5 billion in 2019 to +8 billion by 2024, with an average annual growth rate (CAGR) + 8% over the forecast period. As companies need to reduce costs associated with purchases and simplify their purchases, they are expected to drive market growth across industries worldwide.
By component, the strategic sourcing sector will maintain the largest market size for the forecast period.
Strategic sourcing is an integral part of any business, regardless of industry. Strategic sources include an analysis of what the organization buys, what, price and quantity. Strategic sources include activities such as determining the company's external costs, implementing RFQ, negotiating prices with suppliers, and concluding contracts. Strategic sources are balancing the quality and price of goods and services. Strategic sourcing service providers have experience in a variety of procurement activities and offer companies the opportunity to provide services that can simplify the procurement process.
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Key Market Segments:
Key Market Players:
The major Procurement vendor includes Accenture (Ireland), Infosys (India), GEP (US), Genpact (US), Proxima (UK), WNS (India), Capgemini (France), IBM (US), Wipro (India), HCL Technologies (India), TCS (India), Xchanging (UK), Aegis (India), Corbus (India), and CA Technologies (US).
Accenture is one of the leading providers in the market for buying as a service with robust services. It helps companies reduce costs and improve performance. With more than 16,000 qualified professionals, additional source-to-contract (S2C) or P2P services, operational support and procurement operations, Accenture manages more than 35,000 projects per year. Accenture's ability to provide industry-specific professional consulting and management services is its core competency. The company has entered into alliances with numerous technologies, as well as sales and delivery companies, to provide its customers with improved and expanded services. Accenture's strong financial growth relative to other service providers is an important strategic factor that drives many investors and partners to invest in the company, thereby increasing its overall market value.
By Organization Size:
- Strategic Sourcing
- Spend Management
- Contract Management
- Category Management
- Process Management
- Transactions Management
By Industry Vertical:
- Large enterprises
- Small and Medium-sized Enterprises (SMEs)
- Retail and consumer packaged goods
- Banking, Financial Services, and Insurance (BFSI)
- IT and Telecom
- Energy and Utilities
- Travel and Hospitality
- Others (government, and media and entertainment)
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Vertical manufacturing industry to maintain the largest market for the forecast period:
- North America
- Rest of Europe
- Australia and New Zealand (ANZ)
- Rest of APAC
- United Arab Emirates (UAE)
- Saudi Arabia
- South Africa
- Rest of MEA
- Latin America
- Rest of Latin America
The growth of global competition and increased consumer demand can differentiate the company from its competitors. Industrial companies need to provide superior quality at low prices, new features and short production times while maintaining their market position and controlling costs. As a result, manufacturing companies can gradually adopt outsourcing solutions and technology-based solutions to simplify manufacturing processes and significantly reduce costs. This allows you to focus on specialized areas such as manufacturing technology, production, and on-time delivery. Procurement in the manufacturing industry handles processes such as cost analysis, source and category management, supplier management, secure payment management (P2P) and payment source (S2P). Supply chain cost planning and management.
North America will be the largest market in the forecast period.
As this region is a major center of technological innovation and early adoption of new technologies, North America is expected to have the largest market size in the service market. Companies in North America are improving procurement processes and implementing best practices. Outsourcing in procurement helps companies increase the efficiency of their procurement process. It also helps you stay competitive in the market. In the case of key players in this area, the purchase approval request is supported.
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Table of Content:
Chapter 1 Global Procurement Market Overview
Chapter 2 Global Economic Impact on Procurement Industry
Chapter 3 Global Procurement Market Competition by Manufacturers
Chapter 4 Global Procurement Production, Revenue (Value) by Region (2012-2018)
Chapter 5 Global Procurement Supply (Production), Consumption, Export, Import by Regions (2012-2018)
Chapter 6 Global Procurement Production, Revenue (Value), Price Trend by Type
Chapter 7 Global Procurement Market Analysis by Application
Chapter 8 Procurement Manufacturing Cost Analysis
Chapter 9 Industrial Chain, Sourcing Strategy and Downstream Buyers
Chapter 10 Marketing Strategy Analysis, Distributors/Traders
Chapter 11 Market Effect Factors Analysis
Chapter 12 Global Procurement Market Forecast (2018-2023)
Chapter 13 Appendix
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