Retail Sourcing and Procurement Market Expanding at a CAGR of 12.8% during 2023-2028
IMARC Group, a leading market research company, has recently releases report titled “Retail Sourcing and Procurement Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global retail sourcing and procurement market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
How big is the retail sourcing and procurement market?
The global retail sourcing and procurement market size reached US$ 4.5 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 9.2 Billion by 2028, exhibiting a growth rate (CAGR) of 12.8% during 2023-2028.
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What is retail sourcing and procurement?
The services used by organizations to assess and enlist suppliers to obtain goods and services are called as retail sourcing and procurement. This assistance encompasses numerous processes, including insourcing, outsourcing, and global and strategic sourcing, which use automated, mobile, and cloud technologies. Retail sourcing and procurement solutions additionally aid in managing suppliers and contracts, providing services, such as procure-to-pay and spend analysis. In recent times, they are widely utilized by organizations of all sizes, including small, medium, and large, to optimize their sourcing and procurement activities, enhance customer retention, and improve the overall consumer experience.
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| Retail Sourcing and Procurement Market Report Analysis |
What are the emerging trends in the retail sourcing and procurement market?
The expanding trade industry across the globe is among the key factors driving the retail sourcing and procurement market. Moreover, the rising usage of these solutions allows organizations to automate spend management activities and enhance the efficiency of procure-to-pay processes, which is also stimulating the market growth. Besides this, the escalating demand for improved visibility in tracking data, centralized procurement procedures, and better collaboration between retailers and suppliers is acting as another significant growth-inducing factor.
Furthermore, several technological advancements, such as the integration of the Internet of Things (IoT), artificial intelligence (AI), cloud technology, and big data solutions, are further propelling the global market. Apart from this, the widespread adoption of these technologies enables enterprises to efficiently trace and procure goods, maximize profits, and monitor future business transactions and supplier performance, which is positively influencing the market growth.
Additionally, the increasing consumer spending power and the automation of procurement activities are anticipated to fuel the retail sourcing and procurement market over the forecasted period.
Who are the key players operating in the industry?
The report covers the major market players including:
- Basware Corporation
- Blue Yonder Group Inc. (Panasonic Corp.)
- Epicor Software Corporation
- International Business Machines Corporation
- Infor Inc. (Koch Industries Inc.)
- Ivalua Inc
- Kinaxis
- Oracle Corporation
- Proactis Holdings Plc
- SAP SE
- JAGGAER Inc.
- Zycus Inc.
Report Segmentation:
The report has segmented the market into the following categories:
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
- Asia Pacific
- Europe
- Latin America
- Middle East and Africa
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Key Highlights of the Report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- 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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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.
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