IMARC Group’s latest report, titled “Retail Sourcing and Procurement Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” finds that the global retail sourcing and procurement market reached a value of US$ 4.5 Billion in 2022. Retail sourcing and procurement refer to business functions used by organizations to automate spend management activities and improve the efficiency of procure-to-pay processes. It helps enterprises in outsourcing, insourcing, inventory, contracting, and other purchasing-related activities through mobile, automated and cloud technologies. In recent years, retail sourcing and procurement solutions have gained traction as they assist in simplifying procurement decisions, form processes, and select suitable procurement solutions.
Global Retail Sourcing and Procurement Market Trends:
The rising need for centralization of procurement processes and better visibility in sourcing-related data are driving the market growth. Besides this, rapid globalization and growing business complexities have increased the need for efficient and effective sourcing and procurement solutions. Moreover, market players are implementing advanced technologies, such as artificial intelligence (AI), deep learning and blockchain, to help the retail sector automate sourcing and procurement activities. They are also developing mobile and cloud technologies to enable organizations to reduce costs and integrate with a web-based, on-demand solution that does not require infrastructure investment. Looking forward, the market is expected to grow at a CAGR of 12.8% during the forecast period (2023-2028).
- Based on the solution, the market has been segmented into strategic sourcing, supplier management, contract management, procure-to-pay and spend analysis.
- On the basis of the service, the market has been categorized into implementation, consulting and training and support.
- The market has been classified based on the deployment into on-premises, hybrid and cloud.
- On the basis of the end use, the market has been segregated into small and medium enterprises (SME), and large enterprises.
- Region-wise, the market has been segmented into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
- The competitive landscape of the market has also been examined, with some of the key players being Basware Corporation, Blue Yonder Group Inc. (Panasonic Corp.), Epicor Software Corporation, International Business Machines Corporation, Infor Inc. (Koch Industries Inc.), Ivalua Inc, Kinaxis Inc., Oracle Corporation, Proactis Holdings Plc, SAP SE, JAGGAER Inc. and Zycus Inc.
|Base Year of the Analysis
||Solution, Service, Deployment, End Use, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||Basware Corporation, Blue Yonder Group Inc. (Panasonic Corp.), Epicor Software Corporation, International Business Machines Corporation, Infor Inc. (Koch Industries Inc.), Ivalua Inc, Kinaxis, Oracle Corporation, Proactis Holdings Plc, SAP SE, JAGGAER Inc. and Zycus Inc.
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