Global Procurement Outsourcing Market to Grow due to Increasing Inclination of Companies toward Process Automation

Published Date : Jun 20, 2016

ALBANY, NY, June 20, 2016 - has added the report ‘Global Procurement Outsourcing Market 2015-2019’ to its offerings. This study presents extensive information on the market for procurement outsourcing. It includes the development prospects of the market within the power industry. The study also highlights procurement outsourcing on the basis of type, end user, and geography. The major players operating in this market have been presented and analyzed on the basis of attributes such as product introductions and company profiles.

The report’s first section covers the market landscape and presents the market size as well as forecast. The global procurement outsourcing market is predicted to expand at a remarkable 14.90% CAGR from 2015 to 2019. Procurement outsourcing is the transferring of particular major procurement activities related to supplier management and sourcing to a third party in order to lower the overall costs of the company. It is also done for shifting the focus of the company toward its core competencies.

Outsource procurement teams help companies benefit immediately from the support of qualified and experienced specialists. The service providers of procurement outsourcing have largely invested in procurement offerings and have thus enhanced their capabilities within numerous areas such as contract drafting, risk analytics and value engineering, and spend analytics, among others.

The major factors driving the growth of the procurement outsourcing market come next in the report. The increasing benefits of strategic procurement management systems such as cost control, process innovation, and enhanced procurement approach will propel the growth of the overall procurement outsourcing market. In addition, the increasing inclination of companies toward process automation, IT environment simplification, and an economical cost structure will also augment the development of the market for procurement outsourcing.

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On the basis of type, the report segments the market into standalone procurement outsourcing and procurement outsourcing as a part of BPO services offered. Amongst these, standalone procurement outsourcing holds the largest share of 52% in the market and is expected to experience swift growth in the forecast horizon. On the other hand, the segment of procurement outsourcing as a part of BPO services offered, constitutes the remaining share of 48% in the market.

By end use, the report segments the market into BFSI, manufacturing, consumer packaged goods, energy and chemicals, software and telecom, automotive, hospitality, pharmaceuticals sector, and others. Amongst these, the sectors of BFSI and manufacturing were the initial adopters of procurement outsourcing services and the remaining industry verticals followed suit.

Geographically, the report segments the market into Asia Pacific (APAC), the Americas, and Europe, the Middle East, and Africa (EMEA). Of these, the Americas procurement outsourcing market constitutes the largest share on the basis of overall spending. The U.S., within the Americas, leads the market. The Americas was trailed by EMEA and APAC; the UK leads the EMEA region in the market for procurement outsourcing.

The report concludes by presenting the major vendors in the global procurement outsourcing market. Some of these prime players are Accenture, Capgemini, Genpact, GEP, and IBM, among others.

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