Global retail sourcing and procurement market is expected to reach $5,418.0 million by 2023, according to P&S Intelligence.
Growing demand for centralized procurement, need for increased visibility in supply chain, and increasing focus on digital transformation, are some of the factors driving market growth.
Insights on market segments
On the basis of offering, the retail sourcing and procurement market has been categorized into service and solution, where the solution category is projected to continue to hold a larger revenue share through 2023, owing to the surging demand for effective sourcing and procurement services, in order to optimize an organization’s operations and reduce operational costs. Globally, small and large organizations (SMBs) are increasingly adopting methods to analyze their expenditures, management of contracts, evaluate purchasing activities, and to understand the risks involved. Attributed to these factors, the retail sourcing and procurement solutions are experiencing significant growth across the globe.
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Based on solution, the market for spend analysis is expected to witness the fastest CAGR of over 12%, during the forecast period. This is attributed to the increasing focus of organizations to improve efficiency of their operational activities, especially purchasing process. Spend analysis solution offers a detailed cleansing, grouping, categorizing, and analyzing spend data, which further assists them to scrutinize future expenses and help them devise corporate strategies.
With increasing globalization and growing business complexities, the need for efficient and effective sourcing and procurement solutions is increasing year-over-year. The retail industry has always been prone to constant changes owing to shifting customer preferences. Despite increasing footprint, some retailers face declining profits due to rising business complexities, which can impede customer experience.
The market for retail sourcing and procurement in APAC is projected to witness fastest growth during the forecast period, owing to rapid growth of retail industry, and increasing awareness among regional retailers to improve operational activities, in terms of procurement expenses, supplier management, contact management, and efficient tactics for continuous development of business optimization. Moreover, training, support and consulting services are increasingly being adopted by retail store owners and businesses of the region; primarily in order to enhance their corporate strategies, and evaluate risk management and customer relationships. As a result, APAC retail sourcing and procurement market is expected to post a CAGR of over 14%, during the forecast period.
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Some of the key players operating in the global retail sourcing and procurement market are Oracle Corporation, Proactis Holdings PLC, Zycus Inc., Ivalua Inc., GT Nexus, JAGGAER, Epicor Software Corporation, SAP SE, JDA Software Group Inc., and IBM Corporation.