The Latin America, Middle East and Africa Retail Sourcing And Procurement Market would witness market growth of 17.1% CAGR during the forecast period (2024-2031).
The Brazil market dominated the LAMEA Retail Sourcing And Procurement Market by Country in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $259.3 Million by 2031. The Argentina market is showcasing a CAGR of 17.7% during (2024 - 2031). Additionally, The UAE market would register a CAGR of 16.1% during (2024 - 2031).
The demand for real-time data and transparency in this is on the rise as retailers aim to build supply chains that are efficient but also reliable and accountable. With real-time data, retailers can track every stage of their supply chain process, from order placement to delivery, allowing them to monitor the status of shipments, oversee supplier performance, and quickly identify any delays or issues.
Transparency is also essential for assuring compliance and maintaining quality throughout the supply chain. Retailers must ensure that suppliers adhere to agreed-upon standards and ethical practices, especially with increasing consumer demand for responsibly sourced products. Retailers can monitor suppliers' adherence to quality controls, regulatory requirements, and sustainability commitments using real-time data.
Brazil's market is evolving rapidly, driven by significant e-commerce growth and government support. According to the International Trade Administration, Brazil’s e-commerce sector is growing at an impressive rate of 14.3% annually and is expected to surpass US$200 billion by 2026. The Brazilian government is bolstering this growth through initiatives like the "Brazilian Digital Transformation Strategy," which aims to promote innovation and enhance digital infrastructure across the country. As a result, retailers are increasingly adopting advanced procurement solutions to streamline supplier networks, manage inventory efficiently, and meet the rising demand fueled by Brazil’s expanding digital marketplace. In the United Arab Emirates (UAE), the retail sourcing and procurement landscape is advancing, supported by a strong emphasis on innovation and digitalization. UAE retailers implement AI-driven procurement solutions to enhance sourcing accuracy and improve supply chain resilience. The “UAE Digital Government Strategy” aims to make the country a digital leader by encouraging businesses to adopt technology-driven solutions. Furthermore, the UAE Vision 2021 and the UAE Centennial 2071 initiatives support long-term investment in digital procurement, creating a favorable market growth environment. Hence, all these factors will aid in the growth of the market.
Free Valuable Insights: The Worldwide Retail Sourcing And Procurement Market is Projected to reach USD 14.5 Billion by 2031, at a CAGR of 15.8%
Based on Deployment, the market is segmented into Cloud and On-premise. Based on Component, the market is segmented into Solution (Strategic Sourcing, Supplier Management, Contract Management, Procure-to-Pay (P2P), and Other Solution Type) and Service (Implementation, Consulting, and Other Service Type). Based on Enterprise Size, the market is segmented into Large Enterprises and Small & Medium Enterprises. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
By Deployment
By Component
By Enterprise Size
By Country
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