According to a new market research report published by Credence Research, the global procurement outsourcing market services is set to grow by 15% over the forecast period.
The overall market for procurement outsourcing services is strongly driven by a rapidly increasing focus on better customer experience worldwide. As a result of increased regulatory compliance across different industries, companies are widely adopting procurement outsourcing services. Procurement outsourcing services enable industries and businesses to better align their processes and thus improve their operational efficiency. In addition, the services help companies increase customer experience, work on strategic ingenuities and other business activities. Growing demand for procurement outsourcing services in different segments around the globe will drive growth in procurement outsourcing services over the forecast period.
Based on the product, the business process outsourcing segment led the market with a significant contribution to the procurement outsourcing services market revenue. The segment offers services across different end-user segments. The business process outsourcing segment of the continues to grow, supported by the introduction of new technologies and cost-effective solutions. Furthermore, the demand-driven business process outsourcing segment is growing through the adoption of developing technologies such as cloud computing, process automation, CRM outsourcing and human resource outsourcing. This will further boost the growth of the procurement outsourcing services market. In view of all these factors, we expect the business process outsourcing segment to continue to lead the procurement outsourcing services market throughout the forecast period.
Geographically, North America dominates the market for procurement outsourcing services. On the other hand, Asia Pacific is set to show the fastest growth in the market over the forecast period. Attracted by the high success rate and strong demand in the procurement outsourcing services market, many small and large scale enterprises shall enter the market. Furthermore, the rapid expansion of the IT & Telecom sector in the Asia-Pacific economies will drive demand for procurement outsourcing services. As a result, Asia Pacific is expected to grow with the highest growth rate in the forecast period.
Some of the major companies profiled in the report include Accenture PLC, Genpact Ltd., GEP, HCL Technologies, IBM Corporation, Infosys Ltd., WNS Aquanima, Optimum Procurement, Corbus LLC, and others.