Indizes
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 |
Forecast Period | 2024-2032 |
Base Year | 2023 |
Market Size in 2023 | $6.4 Billion |
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: -
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.
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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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IMAGES
COMMENTS
Procurement market research is a specific type of market research that focuses on gathering and analyzing information related to the procurement of goods and services by organizations or businesses. The main objective of procurement market research is to gain insights into suppliers, products, services, and market conditions to support informed ...
10.001 Policy. (a) Agencies shall —. (1) Ensure that legitimate needs are identified and trade-offs evaluated to acquire items that meet those needs; (2) Conduct market research appropriate to the circumstances-. (i) Before developing new requirements documents for an acquisition by that agency; (ii) Before soliciting offers for ...
Market research is mandated for every acquisition, as governed by FAR Part 10, and is intended to help: Discover prevailing industry practices. Identify the availability (if any) of commercially available solutions. Identify customary industry terms, conditions, and warranties. Understand distribution and logistics capabilities.
Market research, as defined in Federal Acquisition Regulation (FAR) Part 2, "Definitions," is the ... WHY DO MARKET RESEARCH? Federal procurement law and regulations require market research under certain circumstances. Federal statutes found in the United States Code (U.S.C.)—41 U.S.C. 253a(a)(1), 41 U.S.C. 264b, ...
By aligning procurement efforts with overall business objectives, you can focus your market research efforts on the areas that matter most. For example, if your organization is looking to expand ...
So, the real key is to begin market research early before the procurement action is underway. 3.6 Analyze Market Research. Reference Source: Guidance from OUSD(A&S) Based on DAU Service Acquisition Mall, Step 3, Jan 2020. Once the market research is completed, it's now time to analyze the information and data accumulated. This also is a task ...
Definition - "Market research is a continuous process for gathering data on product characteristics, suppliers' capabilities, and the business practices/trends that surround them — plus the analysis of that data to make smart acquisition decisions." (FAR 2.1). Federal Acquisition Regulations (FAR) for Market Research. FAR Part 8 "Required Sources of Supplies and Services ...
The market research phase of the procurement lifecycle is defined as the process of defining the specific need and determining the most appropriate acquisition method for a procurement. The market research phase is arguably the most important phase of the procurement lifecycle in that it is where the research is performed, the vast majority of ...
Procurement covers all areas of getting the goods and services a firm needs. It includes the goods needed for the firm's day-to-day tasks, sourcing, pricing terms, and buying goods. It also covers getting and testing goods as required and keeping track of the whole process. When we compare value, size, time, and place, we see how procurement ...
There are five primary roles for market research in the federal acquisition environment: First, to learn more than what is already known. At any point in the acquisition process, increased knowledge of the market, buyers, sellers and users increases the likelihood of a successful match among the four. Second, as a strategy to realize a mission ...
The publication, issued late in 2014, noted that market research provides the dynamics "used to collect and analyze data about capabilities in the market that could satisfy an agency's procurement needs.". Decisions in the federal court system, including the Supreme Court, have clarified the role of market research in procurement processes.
Contract opportunities on SAM.gov Search current federal contract opportunities and procurement notices. Forecast of contracting opportunities Anticipated contracts offered by GSA. Vendor support center Research the federal market, report sales, and upload contract information.
The market research phase of the procurement lifecycle is defined as the process of defining the specific need and determining the most appropriate acquisition method for a procurement. The market research phase is arguably the most important phase of the procurement lifecycle in that it is where the research is performed, the vast majority of ...
Market research is the process of gathering, analyzing and interpreting information about a product or service. A procurement professional, working independently or in conjunction with a team, conducts market research to gain insight into the procurement need and the market that supplies the product or service.
A market study (also known as market analysis, market assessment, market sounding, market research, etc.) is useful when defining requirements; preparing budgets; choosing procurement method; planning and scheduling the procurement of goods, services and works; evaluation of bids/proposal, and sometimes to justify contract amendments osterreichische-apotheke.com. The extent of a…
Market research is an essential tool for public procurement success. It empowers decision-making through the compilation and analysis of information on the capabilities and limitations in the commercial marketplace. Publications.
The market research process is essential for providing relevant and current information for the public procurement professional to consider when making a decision about procuring commodities or construction. Some of the reasons the market research process may be initiated include bench-marking, competitive analysis, decisions about salary ...
Research should also consider elements such as whether the procurement is a one-time purchase or long-term contract. Research steps: 1. Establish the purpose and desired outcome of the market research process. 2. Determine the research approach. 3. Collect data and information. Establish Purpose and Desired Outcome.
After the RFI closes, a market research report is designed specifically to see how the GSA market can meet technical requirements and mission needs provided. Market research reports are designed to facilitate completing Small Business Office review forms, developing acquisition plans, and assisting in formulating an overall acquisition strategy.
Procurement marketing is a multifaceted approach aimed at connecting with potential buyers within a marketplace where the acquisition of goods or services takes place. It encompasses a range of strategies, both direct and indirect, to engage prospective customers. 1. Direct Procurement Marketing.
EME can help you to: openly and transparently discuss "the problem" and possible solutions. write clearer requirements to include in your specification and business case. encourage competition and ensure a good number of applications. gain a better understanding at an early stage of how much a contract could cost and how long it could take.
Market research is a key step for any procurement professional in making sure they make strategic decisions that align with the latest developments and trends in the global market. Compared to traditional methods, AI's role in market research offers faster, more efficient, and more accurate processing of data — plus more!
At its core, the procurement process is about ensuring that a company obtains the right products or services, at the right time, in the right quantity, from the right source, and at the right price. It involves strategic planning, market research, negotiation, contract management, and ongoing supplier evaluation.
A Request for Information is primarily used in solicitation Phase 1: Planning for Procurement to conduct Market Research. Market research is conducted to determine the availability of commercial products and services and to identify and evaluate market practices. It's a continuous process of finding viable sources of goods and services to ...
Conducting Market Research Conclusion. Market assessment for procurement is essential when you need to outline your specific requirements and get them while ensuring that they are not complex to get and go easy on the budget. There are many ways through which in-depth market research can be done. Through the help of potential suppliers ...
Market research is the blueprint that can provide critical insights toward a robust and resilient supply chain framework. Forbes Business Council is the foremost growth and networking organization ...
From brand design and product development to buyer personas and competitive analysis, I've researched a number of initiatives in my decade-long marketing career.. And let me tell you: having the right marketing research methods in your toolbox is a must. Market research is the secret to crafting a strategy that will truly help you accomplish your goals.
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 ...
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 ...
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."