According to a new report, published by KBV research, The Global Procurement Outsourcing Market size is expected to reach $12.5 billion by 2031, rising at a market growth of 10.7% CAGR during the forecast period.
The Services segment is leading the Global Procurement Outsourcing Market by Component in 2023; thereby, achieving a market value of $6.5 billion by 2031. This segment encompasses a variety of services offered by procurement outsourcing providers, including strategic sourcing, supplier negotiation, procurement process optimization, and procurement advisory services. The growth of the service segment is driven by the increasing complexity of global supply chains and the need for specialized expertise to navigate these challenges.
The On-Premise segment is experiencing a CAGR of 11.3% during (2024 - 2031). On-premise solutions provide organizations with greater control over their data and systems. They can be customized to fit specific business needs. For companies with strict data security requirements, on-premise solutions may offer enhanced data protection, as all data is stored and managed within the organization's infrastructure. Certain industries with stringent regulatory requirements may prefer on-premise solutions to ensure compliance with data residency and other legal standards.
The BFSI segment is generating the highest revenue in the Global Procurement Outsourcing Market by Industry Vertical in 2023; thereby, achieving a market value of $5.2 billion by 2031. SMEs, characterized by their smaller scale and limited resources compared to large enterprises, have distinct needs and challenges in procurement management. The increasing revenue share of the SME segment can be attributed to the growing recognition of the benefits of procurement outsourcing among smaller businesses. SMEs often face constraints in terms of budget, manpower, and expertise, making it challenging to maintain efficient and cost-effective procurement operations.
The Small and Medium-sized Enterprises (SMEs) segment is registering a CAGR of 11.2% during (2024 - 2031). SMEs, characterized by their smaller scale and limited resources compared to large enterprises, have distinct needs and challenges in procurement management. The increasing revenue share of the SME segment can be attributed to the growing recognition of the benefits of procurement outsourcing among smaller businesses. SMEs often face constraints in terms of budget, manpower, and expertise, making it challenging to maintain efficient and cost-effective procurement operations.
Full Report: https://www.kbvresearch.com/procurement-outsourcing-market/
The North America region dominated the Global Procurement Outsourcing Market by Region in 2023; thereby, achieving a market value of $4,.6 billion by 2031. The Europe region is poised to grow at a CAGR of 10.3% during (2024 - 2031). Additionally, The Asia Pacific region would witness a CAGR of 11.3% during (2024 - 2031).
By Component
By Deployment
By Industry Vertical
By Organization Size
By Geography
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