Procurement Outsourcing
The Procurement Outsourcing Market Report by The Business Research Company delivers a detailed market assessment, covering size projections from 2025 to 2034. This report explores crucial market trends, major drivers and market segmentation by [key segment categories].
How Big Is the Procurement Outsourcing Market Size Expected to Be by 2034?
The market size for procurement outsourcing has seen a swift expansion in the past few years. With an anticipated escalation from $4.78 billion in 2024 to $5.52 billion in 2025, it’s expected to exhibit a compound annual growth rate (CAGR) of 15.5%. The pronounced growth observed in the historic phase is ascribed to a series of factors including cost efficiency, focal shift towards primary capabilities, globalization, risk management and adaptable resource allocation.
There is an anticipated swift expansion in the procurement outsourcing market over the coming years. The market is predicted to inflate to $9.02 billion by the year 2029, with a compound annual growth rate (CAGR) of 13.1%. Factors such as strategic sourcing, sustainability and corporate social responsibility, resilience planning, the need for specialized skills, and data security and compliance are behind expected growth in the forecast period. Looking forward, the forecast period will see main trends such as digital transformation, advancements in technology, flexible and agile procurement models, data analytics and business intelligence, as well as a focus on strategic sourcing.
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What Are the Emerging Segments Within the Procurement Outsourcing Market?
The procurement outsourcing market covered in this report is segmented –
1) By Component: Solution, Services
2) By Deployment: On-Premises, Cloud
3) By Enterprise Size: Large Enterprises, Small And Medium Enterprise
4) By Industry Verticals: Banking, Financial Services, And Insurance (BFSI), Energy And Utilities, HealTH*Care, IT And Telecom, Professional Services, Manufacturing, Retail, Logistics, Other Industry Verticals
Subsegments:
1) By Solution: Procurement Software Solutions, Supplier Management Solutions, E-Sourcing And E-Procurement Solutions, Procurement Analytics And Reporting Tools, Spend Management Solutions
2) By Services: Strategic Sourcing Services, Supplier Relationship Management Services, Procurement Operations Management, Purchase Order And Invoice Management Services, Procurement Consulting And Advisory Services, Contract Management Services, Procurement Process Outsourcing (PPO)
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What Long-Term Drivers Are Shaping Procurement Outsourcing Market Trends?
The procurement outsourcing market is likely to expand, driven by the escalating growth of the e-commerce sector. E-commerce refers to the online buying and selling of goods and services over various electronic platforms. This includes the management of supplier contracts, ensuring regulation compliance, and pinpointing renegotiation possibilities in procurement outsourcing. The Boston Consulting Group Inc., a US-based management consulting company, noted in its October 2023 report that European e-commerce sales rose by 3%, while sales in the US and Asia climbed by 7% in 2022. Additionally, global e-commerce is projected to witness an annual growth rate of 9% by 2027. Thus, the booming e-commerce sector will stimulate the procurement outsourcing market’s expansion. Higher rates of urbanization are seen as another factor accelerating the procurement outsourcing market’s progress. Urbanization occurs when an increasingly larger fraction of the population starts living in towns and cities, resulting in urban areas’ growth and expansion as people migrate from rural areas to urban centres. Procurement outsourcing becomes crucial in urbanization to efficiently oversee and streamline the buying process of goods and services for the expanding city populations. For example, a statistical analysis by our world in data, a science-based online publication in the UK, by February 2024, around 56.9% of the total world population lived in cities. The trend is expected to persist with predictions indicating that more than 68% of the world’s populace will be urban dwellers by 2050. Consequently, the augmentation in urbanization rates is fueling the procurement outsourcing market’s growth.
Who Are the Top Competitors in Key Procurement Outsourcing Market Segments?
Major companies operating in the procurement outsourcing market report are Microsoft Corporation, Siemens AG, General Electric Company, accen*ture PLC, International Business Machines Corporation, Ernst & Young LLP, SAP SE, Tata Consultancy Services Limited, Capgemini SE, Cognizant Technology Solutions Corporation, Infosys Limited, DXC Technology Company, Wipro Limited, HCL Technologies Limited, Rockwell Automation Inc., CGI Inc., Concentrix Services India Private Limited (CSIPL), GEP Worldwide, WNS Denali, JAGGAER, Corbus LLC, Aquanima SA, Xchanging Solutions Limited, Intetics Inc., Aegis One Consults Ltd.
What Procurement Outsourcing Market Trends Are Gaining Traction Across Different Segments?
Key players in the procurement outsourcing market are putting their focus on integrating technological improvements like artificial intelligence (AI) to refine procurement processes, amplify decision-making, and stimulate cost-effectiveness. AI represents a technological sphere focused on creating machines capable of executing tasks that demand human-like intelligence, including learning, problem-solving, and pattern recognition. For instance, Acquire BPO, an Australian business process outsourcing firm, rolled out Acquire.AI in July 2024. Acquire.AI offers customized AI solutions to augment business productivity and customer interactions, promulgating full-fledged AI incorporation across multiple sectors and propelling growth and operational enhancements.
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Which Regions Are Becoming Hubs for Procurement Outsourcing Market Innovation?
North America was the largest region in the procurement outsourcing market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the procurement outsourcing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Procurement Outsourcing Market?
2. What is the CAGR expected in the Procurement Outsourcing Market?
3. What Are the Key Innovations Transforming the Procurement Outsourcing Industry?
4. Which Region Is Leading the Procurement Outsourcing Market?
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