According to a new report, published by KBV research, The Global Retail Sourcing And Procurement Market size is expected to reach $14.5 billion by 2031, rising at a market growth of 15.8% CAGR during the forecast period.
The role of automation in retail procurement cannot be overstated. Tasks such as invoice processing, order generation, and contract management are streamlined by automated procurement processes, which minimize the risk of human error and reduce manual effort. Automation enables procurement teams to concentrate on strategic activities, such as market analysis and supplier negotiations, rather than becoming entangled in routine administrative tasks.
The Cloud segment is experiencing a CAGR of 15.5 % during the forecast period. Cloud deployment offers retail companies numerous advantages, including scalability, remote accessibility, and reduced upfront infrastructure costs, making it an attractive option for large corporations and SMEs. Taking advantage of the adaptability of cloud solutions, merchants can respond more quickly to shifts in the market and improve their ability to collaborate across geographical locations.
The Solution segment led the maximum revenue in the Global Retail Sourcing And Procurement Market by Component in 2023, thereby, achieving a market value of $8.4 billion by 2031. This segment's prominence reflects the growing demand for advanced procurement technologies and platforms, which enable retailers to automate and streamline sourcing, enhance supplier management, and optimize supply chain operations. Solutions within this segment include cloud-based procurement software, data analytics tools, and AI-driven platforms that provide real-time insights, supporting more efficient and data-driven decision-making in retail procurement.
The Large Enterprises segment is growing at a CAGR of 15.5 % during the forecast period. Large enterprises often have complex procurement needs, requiring robust sourcing and procurement systems to handle vast supplier networks, intricate supply chains, and high transaction volumes. These companies invest heavily in advanced procurement solutions, including automation, data analytics, and AI, to optimize sourcing strategies, improve efficiency, and reduce costs.
Full Report: https://www.kbvresearch.com/retail-sourcing-and-procurement-market/
The North America region dominated the Global Retail Sourcing And Procurement Market by Region in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $5 billion by 2031. The Europe region is anticipated to grow at a CAGR of 15.7% during (2024 - 2031). Additionally, The Asia Pacific region would witness a CAGR of 16.3% during (2024 - 2031).
By Deployment
By Component
By Enterprise Size
By Geography
Unique Offerings 
