The global procure-to-pay outsourcing market size reached US$ 6.62 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 10.13 Billion by 2028, exhibiting a growth rate (CAGR) of 7.40% during 2023-2028. The growing need to increase productivity and optimize procurement processes, increasing focus on enhancing data quality in procurement operations, and rising preferences for cloud-based procuring and paying solutions represent some of the key factors driving the market.
Procure-to-pay (P2P) outsourcing comprises scanning, processing invoices, vendor queries, master data management, and claims management to ensure on-time payments. It is cost-effective, saves time, ensures accuracy, and improves efficiency in a business. It offers improved cash flow visibility and decreases economic volatility in an organization. It assists in reducing manual labor work and chances of errors and mistakes in work. It aids in reducing the risks of value leakages and enhancing the satisfaction of vendors and employees. Besides this, it is beneficial in focusing more on core business tasks, boosting compliance, building enhanced supplier relationships, and encouraging better decision-making. As a result, P2P outsourcing is widely employed in the healthcare, information technology (IT) and telecommunication, energy and utilities, and banking, financial services, and insurance (BFSI) industries across the globe.
Procure-To-Pay Outsourcing Market Trends:
At present, the increasing adoption of P2P outsourcing, as it provides easy access to local talent and skilled employees at lower costs represents one of the primary factors impelling the growth of the market. In line with this, the growing demand for P2P outsourcing among business organizations to streamline their procurement processes and improve operational efficiency is offering a positive market outlook. Moreover, the increasing preference for cloud-based procuring and paying solutions, as they offer enhanced convenience to users, is propelling the growth of the market. Apart from this, the rising adoption of P2P outsourcing to lower the paper-based documentation and minimize confusion and delays in financial-related work is supporting the growth of the market. In addition, various benefits offered by P2P outsourcing, such as advanced order processing ability, catalog management, spot buying facilities, invoice data capturing and matching, and mailroom and document scanning, are strengthening the growth of the market. Besides this, the growing demand for P2P outsourcing among various companies to increase productivity and optimize procurement processes is positively influencing the market. Additionally, the increasing employment of P2P outsourcing to enhance data quality in procurement operations is offering lucrative growth opportunities to industry investors. Furthermore, the rising emergence of specialized P2P service providers around the world are contributing to the growth of the market.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each segment of the global procure-to-pay outsourcing market, along with forecasts at the global, regional, and country levels from 2023-2028. Our report has categorized the market based on type and application.
- Inventory Management
- Logistics Services
- Customer Service
- Business Process Outsourcing (BPO)
The report has provided a detailed breakup and analysis of the procure-to-pay outsourcing market based on the type. This includes inventory management, logistics services, customer service, business process outsourcing (BPO), and e-procurement. According to the report, inventory management represented the largest segment.
- Private Enterprise
A detailed breakup and analysis of the procure-to-pay outsourcing market based on the application has also been provided in the report. This includes SME, private enterprise, utilities, and others. According to the report, SME accounted for the largest market share.
- North America
- Asia Pacific
- South Korea
- United Kingdom
- Latin America
- Middle East and Africa
The report has also provided a comprehensive analysis of all the major regional markets, which include 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 the Middle East and Africa. According to the report, North America was the largest market for procure-to-pay outsourcing. Some of the factors driving the North America procure-to-pay outsourcing market included the growing demand for e-procurement solutions among businesses, rising adoption in the BFSI industry to reduce financial frauds, increasing need for improved operational efficiency with reduced overall costs, etc.
The report has also provided a comprehensive analysis of the competitive landscape in the global procure-to-pay outsourcing market. Detailed profiles of all major companies have been provided. Some of the companies covered include Accenture plc, C1 India Private Limited, Capgemini SE, Coupa Software Inc., Genpact, GEP Worldwide, IBM Corporation, Infosys Limited, Jaggaer, SAP SE, Zycus Inc, etc. Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.
|Base Year of the Analysis
|Scope of the Report
||Exploration of Historical and Forecast Trends, Industry Catalysts and Challenges, Segment-Wise Historical and Predictive Market Assessment:
||Inventory Management, Logistics Services, Customer Service, Business Process Outsourcing (BPO), E-Procurement
||SME, Private Enterprise, Utilities, Others
|| 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
||Accenture plc, C1 India Private Limited, Capgemini SE, Coupa Software Inc., Genpact, GEP Worldwide, IBM Corporation, Infosys Limited, Jaggaer, SAP SE, Zycus Inc, etc.
||10% Free Customization
|Report Price and Purchase Option
||Single User License: US$ 2499
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Corporate License: US$ 4499
|Post-Sale Analyst Support
||PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)
Key Questions Answered in This Report:
- How has the global procure-to-pay outsourcing market performed so far, and how will it perform in the coming years?
- What are the drivers, restraints, and opportunities in the global procure-to-pay outsourcing market?
- What is the impact of each driver, restraint, and opportunity on the global procure-to-pay outsourcing market?
- What are the key regional markets?
- Which countries represent the most attractive procure-to-pay outsourcing market?
- What is the breakup of the market based on the type?
- Which is the most attractive type in the procure-to-pay outsourcing market?
- What is the breakup of the market based on the application?
- Which is the most attractive application in the procure-to-pay outsourcing market?
- What is the competitive structure of the global procure-to-pay outsourcing market?
- Who are the key players/companies in the global procure-to-pay outsourcing market?
Key Benefits for Stakeholders:
- IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the procure-to-pay outsourcing market from 2017-2028.
- The research study provides the latest information on the market drivers, challenges, and opportunities in the global procure-to-pay outsourcing market.
- The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
- Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the procure-to-pay outsourcing industry and its attractiveness.
- Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.