Retail Sourcing and Procurement Market 2022-2027, Bolstered by Rising Need for Centralized Processes

Retail Sourcing and Procurement Market 2022-2027, Bolstered by Rising Need for Centralized Processes

November 03
13:02 2022
Retail Sourcing and Procurement Market 2022-2027, Bolstered by Rising Need for Centralized Processes
Global Retail Sourcing and Procurement Market Report
The rising need for centralization of procurement processes and better visibility in sourcing-related data are driving the global market growth.

According to the latest report by IMARC Group, titled “Retail Sourcing and Procurement Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, the global retail sourcing and procurement market size reached US$ 4.0 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 8.3 Billion by 2027, exhibiting a growth rate (CAGR) of 13.01% during 2022-2027.

What is the retail sourcing and procurement?

Retail sourcing and procurement represent the services utilized by small, medium, and large-size organizations for engaging and evaluating the suppliers for acquiring goods and services. They involve the use of several processes, such as insourcing, outsourcing, global and strategic sourcing, etc., via automated, mobile, and cloud technologies. In addition to this, retail sourcing and procurement solutions facilitate supplier and contract management and offer spend analysis and procure-to-pay. They find wide-ranging applications for training, implementation, and consulting to improve customer retention, optimize sourcing and procurement activities, enhance the overall user experience, etc.

Global Retail Sourcing and Procurement Market Trends: 

The widespread adoption of these services to automate spend management activities and improve the efficiency of procure-to-pay processes is primarily driving the retail sourcing and procurement market. Additionally, the escalating demand for enhancing visibility in tracking related data and increasing collaboration between retailers and suppliers is further catalyzing the market growth. Besides this, the growing automation in procurement activities and the expanding retail industry are acting as significant growth-inducing factors. Moreover, the rising integration of connected devices with artificial intelligence (AI), the Internet of Things (IoT), cloud technology, and big data solutions that enables enterprises to trace and acquire goods promptly, maximize profits, keep track of the business transaction and supplier performance, etc., is anticipated to fuel the retail sourcing and procurement market over the forecasted period.

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Retail Sourcing and Procurement Market 2022-2027 Competitive Analysis and Segmentation:

Competitive Landscape With Key Players:

The competitive landscape of the global retail sourcing and procurement market has been studied in the report with the detailed profiles of the key players operating in the market.

Some of these key players include:

  • Basware Corporation (HEL: BAS1V)
  • Blue Yonder Group Inc. (Panasonic Corp.)
  • Epicor Software Corporation (NASDAQ : EPIC)
  • International Business Machines Corporation (NYSE: IBM)
  • Infor Inc. (Koch Industries Inc.)
  • Ivalua Inc
  • Kinaxis (OTCMKTS: KXSCF)
  • Oracle Corporation (NYSE: ORCL)
  • Proactis Holdings Plc
  • Zycus Inc.

Retail Sourcing and Procurement Market Segmentation:

The report has segmented the global retail sourcing and procurement market on the basis of solution, service, deployment, end use and region.

Breakup by Solution:

  • Strategic Sourcing
  • Supplier Management
  • Contract Management
  • Procure-to-pay
  • Spend Analysis

Breakup by Service:

  • Implementation
  • Consulting
  • Training and Support

Breakup by Deployment:

  • On-premise
  • Hybrid
  • Cloud

Breakup by End Use:

  • Small and Medium Enterprise (SME)
  • Large Enterprise

Breakup by Region:

  • North America: (United States, Canada)
  • Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
  • Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
  • Latin America: (Brazil, Mexico, Others)
  • Middle East and Africa

Explore Full Report with TOC & List of Figure

Key Highlights of the Report:

  • Market Performance (2016-2021)
  • Market Outlook (2022-2027)
  • Market Trends
  • Market Drivers and Success Factors
  • Impact of COVID-19
  • Value Chain Analysis
  • Comprehensive mapping of the competitive landscape

If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

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About Us

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

Our offerings include comprehensive market intelligence in the form of research reports, production cost reports, feasibility studies, and consulting services. Our team, which includes experienced researchers and analysts from various industries, is dedicated to providing high-quality data and insights to our clientele, ranging from small and medium businesses to Fortune 1000 corporations.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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