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Procurement Outsourcing Market to Reach $16.1 Billion, Globally, by 2032 at 11% CAGR: Allied Market Research
The global procurement outsourcing market has grown due to several factors such as technological advancements and rise in need for advanced efficiency & productivity.
NEW CASTLE, Del., Aug. 16, 2024 /PRNewswire/ — Allied Market Research published a report, titled, “Procurement Outsourcing Market by Component (Solution, and Service), Deployment (On-premise, and Cloud), Organization Size (Small and Medium-sized Enterprises (SMEs), and Large Enterprises), and Industry Vertical (Banking Financial Services & Insurance (BFSI), Healthcare, and IT & Telecommunication): Global Opportunity Analysis and Industry Forecast, 2024-2032″. According to the report, the procurement outsourcing market was valued at $6.4 billion in 2023, and is estimated to reach $16.1 billion by 2032, growing at a CAGR of 11% from 2024 to 2032.
Prime determinants of growth
The global procurement outsourcing market has grown due to several factors such as technological advancements and rise in need for advanced efficiency & productivity. However, loss of control & visibility and data security & privacy act as restraints for the procurement outsourcing market. In addition, the surge in demand for strategic sourcing and category management are expected to provide ample opportunities for market growth during the forecast period.
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Report coverage & details:
|
Report Coverage |
Details |
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Forecast Period |
2024–2032  |
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Base Year |
2023 |
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Market Size in 2023 |
$6.4 Billion |
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Market Size in 2032 |
$16.1 Billion |
|
CAGR |
11.0 % |
|
No. of Pages in Report |
400 |
|
Segments Covered |
Component, Deployment, Organization Size, Industry Vertical, and Region. |
|
Drivers |
|
|
Opportunity |
|
|
Restraints |
|
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The solution segment is expected to grow faster throughout the forecast period.
By component, the solution segment held the highest market share in 2023, as organizations are increasingly outsourcing their procurement activities to specialized service providers to optimize costs, improve efficiency, and enhance their focus on core business operations.
The cloud segment is expected to grow faster throughout the forecast period.
By deployment, the cloud segment held the highest market share in 2023. This is attributed to its inherent benefits, such as scalability, flexibility, cost-effectiveness, and ease of implementation. Cloud-based solutions enable organizations to access procurement services and data seamlessly, anytime, and anywhere, using any device, providing convenience and accessibility.
The large enterprises segment is expected to grow faster throughout the forecast period.
By organization size, the large enterprises segment held the highest market share in 2023. As large enterprises typically have more complex procurement needs, higher transaction volumes, and larger budgets, outsourcing is a more viable option for them. Large enterprises often have diverse supplier networks, operations, and the need for specialized procurement expertise.
The BFSI segment is expected to grow faster throughout the forecast period.
By industry vertical, the BFSI segment held the highest market share in 2023. The dominance of the banking, financial services, and insurance (BFSI) segment in the procurement outsourcing market is driven by its complex procurement requirements, such as regulatory compliance, risk management, and cost optimization. The BFSI industry relies on robust procurement solutions to address these specific needs.
North America to maintain its dominance by 2032
By region, North America held the highest market share in terms of revenue in 2023 and is expected to boost in terms of revenue throughout the forecast period. The market for outsourcing services in North America is expanding as a result of the escalating technical breakthroughs and digital transformations occurring across several business verticals, including telecommunications, IT, retail, and finance.
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Major Industry Players: –
- Accenture
- IBM Corporation
- Infosys
- Capgemini
- Genpact
- Wipro Limited
- WNS
- Corbus LLC
- HCL Technologies Limited
- Tata Consultancy Services.
The report provides a detailed analysis of these key players in the global procurement outsourcing market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Recent Industry Development:
- In February 2024, Genpact partnered with ServiceNow, to deliver Source-to-Pay applications across finance and supply chain operations. The Genpact Source-to-Pay offering uses ServiceNow AI capabilities to help accelerate team productivity, simplify the user experience, and increase cost efficiency.
- In September 2022, GEP expanded its services by the opening of a new office in Abu Dhabi. The firm’s newest office provides a full range of procurement and supply chain consulting services and the industry’s leading procurement software platform.
- In October 2021, Accenture acquired Xoomworks Group, a consulting and technology company that specializes in procurement technology, digital innovation, and software solutions development. The acquisition is expected to expand Accenture’s capabilities for helping clients accelerate technology-led business and procurement transformation.
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About Us:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports Insights” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies, and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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Fintech PR
Wahed appoints Khalid Al Jassim as Executive Chairman of Wahed MENA to help guide the strategic growth of Wahed in the region
DOHA, Qatar, Nov. 24, 2024 /PRNewswire/ — Wahed, a global Shariah-compliant fintech, has appointed Khalid Al Jassim as Chairman of Wahed MENA.
On this appointment, Khalid commented, ”I am excited to guide Wahed’s growth in the region. Wahed’s mission of furthering Islamic Finance is one I resonate with deeply and I look forward to supporting its growth ambitions.”
Khalid has over twenty five years of investment banking and corporate advisory experience gained with some of the most innovative and groundbreaking institutions in the world.
His career spans leading firms including SABIC, Arthur Anderson and Arcapita Bank in Bahrain, where he was instrumental in making it into one of the PE powerhouses in the region. His responsibilities started in the earlier years with establishing the Investment Placement Team and transforming it into one of the most robust teams in the industry. At the time that Khalid left Arcapita to build his personal business, he was an Executive Director. Today he is Chairman of Afkar Vision, a private advisory house specialized in mergers and acquisitions with offices in Manama, Dubai and Riyadh.
As well as being one of the earliest investors in Wahed, he is currently Chairman of the Audit Committee and Board Member at Bahrain Islamic Bank, the 4th oldest Islamic Bank in the World and Board Member at SICO Bank and SICO Capital in Saudi, an $8bn asset manager in the region.
Mohsin Siddiqui, Wahed CEO said, “We are delighted to announce Khalid’s appointment. His unique understanding of the financial landscape in the MENA region is unparalleled and we are excited to bring this expertise in continuing to grow our presence in the region.”
About Wahed
Founded in 2015, Wahed is a financial technology company that is advancing financial inclusion through accessible, affordable, and values-based investing. The company has made significant inroads in the world Shariah compliant investing by creating an easy-to-use digital platform that provides a suite of Shariah compliant investing products including managed portfolios and venture and real estate investments. Wahed caters to over 400,000 customers globally and manages over $ 1 billion in assets.
For more information, visit: www.wahed.com
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DOHA, Qatar, Nov. 24, 2024 /PRNewswire/ — Qatar Development Bank (QDB) announces a strategic investment in Wahed, a global Shariah-compliant fintech.
Wahed currently manages over $1 billion in assets and has attracted over 400,000 clients worldwide. The company is built on the principles of democratizing access to financial services and offers clients access to Shariah-compliant investments in its mobile app. Wahed removes the barriers to sophisticated investment management services that have been traditionally reserved for high-net-worth investors.
Khalid Al Jassim, Executive Chairman of Wahed MENA said: ‘We are delighted to welcome our new shareholders, QDB. We believe Qatar is fully aligned with our mission in creating a technology-first Islamic finance leader that unlocks a financial ecosystem free from Riba. We look forward to supporting the Qatar National Vision 2030 of becoming a leading knowledge-based economy.
Ali Rahimtula, Partner at Cue Ball Capital said: “Qatar Development Bank’s strategic investment is a clear signal of the faith the industry has in Wahed and its ability to create the future of Islamic Finance.”
About Wahed
Founded in 2015, Wahed is a financial technology company that is advancing financial inclusion through accessible, affordable, and values-based investing. The company has made significant inroads in the world Shariah compliant investing by creating an easy-to-use digital platform that provides a suite of Shariah compliant investing products including managed portfolios and venture and real estate investments. Wahed caters to over 400,000 customers globally and manages over $ 1 billion in assets.
For more information, visit: www.wahed.com
About Qatar Development Bank
Qatar Development Bank’s mission is to advance the economic and innovation development cycle of Qatar, supporting and contributing to the nation’s economic diversification. As well as a focus on the development of Qatar’s private sector, QDB is a powerful catalyst for socio-economic development in the country, empowering the local economy and bettering living standards.
For more information, visit: https://www.qdb.qa/
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DHAKA, Bangladesh, Nov. 23, 2024 /PRNewswire/ — With the popularity of electric vehicles in Bangladesh, the globally renowned AIMA brand has also arrived in Bangladesh. The esteemed DX Group has brought the AIMA F-626 to customers. This environmentally friendly battery-operated electric motorbike has already been approved by the Bangladesh Road Transport Authority (BRTA) now.
In light of the increasing popularity of electric motorcycles in the country, the internationally-leading brand AIMA has entered the market. By the end of 2023, AIMA electric two-wheelers had established a presence in over 50 countries worldwide, with 11 global production bases, including overseas factories in Indonesia and Vietnam. In 2022, AIMA collaborated with Rob Janoff, the designer of the Apple logo, to refresh the brand’s VI system with a youthful and fashionable image. In 2023, AIMA teamed up with PANTONE, the global authority in color expertise, to create the trending color of the year. As an industry leader, AIMA spearheads the electric two-wheeler sector and showcases the prowess of a leading electric two-wheeler brand on a global scale. As of March 31, 2024, AIMA’s total electric two-wheeler sales had reached 80 million units, earning certification from Frost & Sullivan, a globally recognized business growth consulting firm, as the “Global Leading Electric Two-wheeler Brand”.
Over the years, AIMA has always been a product trendsetter in the electric two-wheeler sector. As of March 31, 2024, the total sales volume of AIMA electric two-wheelers reached 80 million, and Frost & Sullivan, a world-renowned market consulting company, awarded AIMA with the market status certification of the “Global Leading Electric Two-wheeler Brand (by Sales)”.
AIMA adhere to the customer-centered product philosophy and technologies that support long-term innovation and breakthroughs. We believe that the efficiency and modern technology of the AIMA F-626 will present an excellent alternative means of communication for our customers.
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