The rise in the need to adopt new IT solutions with modern consumer trends, elevated demand from enterprises to simplify the procurement process, and rise in the need to manage compliance policies and agreements are the factors driving the growth of the procurement outsourcing market. In addition, the increased gap between rising customer needs and business capability is propelling the growth of the market. However, the elevated risk linked with outsourcing and difficulties associated with the management are the factors hampering the growth of the market. Furthermore, technological advancements, upsurge in demand for procurement outsourcing services from the manufacturing sectors, and adoption of artificial intelligence and big data technologies are expected to provide lucrative opportunities to the growth of the procurement outsourcing market during the forecast period.
The adoption of latest technologies to ease out the business operations is driving the growth of the procurement outsourcing market during the forecast period. Companies are looking forward to adopting these technologies in order to improve their scalability, and flexibility, and reduce the overall cost of the business operations. In order to focus on the core competencies, the companies are outsourcing their business processes to the third-party company with the help of software as a service. Additionally, artificial intelligence and machine learning are helping to automate business processes.
Asia-Pacific is expected to lead the market during the forecast period owing to the increasing adoption of procurement outsourcing services across multiple industry verticals such as healthcare, energy and utilities, life sciences, and others.
The manufacturing sector is likely to be the largest adopter of the procurement outsourcing market in the region. Developing countries in the region like China, India, and others are projected to become the evolving procurement outsourcing markets during the forecast period. Some of the developed countries like Japan and Singapore have already emerged as potential growth markets for procurement outsourcing and have observed steady growth for the last few years.
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Major industry players such as – International Business Machines Corporation, Accenture Plc, GEP, Infosys Ltd., Capgemini SE, Genpact Ltd., Tata Consultancy Services Limited, DXC Technology Company, WNS Limited, Wipro Limited.
Regions covered – North America (U.S. and Canada), Europe (Germany, UK, France, and rest of Europe), Asia-Pacific (China, Japan, India, and rest of Asia-Pacific), Latin America (Brazil, Mexico, and rest of LATAM) and Middle East & Africa
Key drivers that are propelling the growth of the market included in the report. Additionally, challenges and restraining factors that are likely to curb the growth of the market are put forth by the analysts to prepare the manufacturers for future challenges in advance.
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