2024-2033 Retail Sourcing And Procurement Market Forecast: Predicted Growth Rate and Market Size
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How Rapidly is the Retail Sourcing And Procurement Market Forecasted to Grow Between 2024 and 2033?
The dimension of the retail sourcing and procurement marketplace has expanded significantly in the past few years. The market is projected to escalate from a value of $5 billion in 2023 to about $5.71 billion in 2024, with a Compound Annual Growth Rate (CAGR) of 14.2%. This expansion in the past years is mainly due to the surge in digital transformations in the retail industry, an uptick in the automation of procurement, and greater financial support and investments towards retail sourcing and procurement systems.
In the coming years, a swift expansion is forecasted for the retail sourcing and procurement market, with its value expected to reach $9.57 billion by 2028 with a compound annual growth rate of 13.8%. This substantial growth during the forecast period is likely due to the heightened usage of cloud-based platforms, increasing integration of blockchain in sourcing and procurement practices, and advancements in digital technology such as automation, analytics, and artificial intelligence. Key trends expected throughout this period include a concentrated effort towards locating local suppliers, adopting the procurement-as-a-service (Paas) model, deploying artificial intelligence and digitalization, launching novel and innovative products, engaging in mergers and acquisitions, and supplying sustainable procurement software solutions.
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What Factors Are Behind the Rapid Growth of the retail sourcing and procurement Market?
The surge in digitization is projected to bolster the expansion of the retail sourcing and procurement market in the future. Digitization involves the conversion of physical characteristics into a digital format. The application of digitization in retail sourcing and procurement benefits the market through the delivery of digital solutions. As an illustration, NASSCOM’s (National Association of Software & Services Companies) strategic review reveals that in 2021, the technology sector in India peaked at $194 billion, exhibiting a 2.3% YoY rise, which can be attributed to the fast-paced digital transformation and adoption within the nation. NASSCOM has highlighted that the digital talent pool in the country surpassed 1.17 million employees in 2021, marking a 32% YoY upsurge. Consequently, the escalation in digitization is fueling the growth of the retail sourcing and procurement market.
What Are the Principal Segments of the Retail Sourcing And Procurement Market?
1) By Solution: Strategic Sourcing, Supplier Management, Contract Management, Procure-to-Pay, Spend Analysis
2) By Service: Implementation, Consulting, Training and Support
3) By Deployment: On-Premise, Hybrid, Cloud
4) By End-User: Small and Medium Enterprise (SME), Large Enterprise
What Emerging Patterns Are Redefining the Retail Sourcing And Procurement Market?
To remain competitive in the market, providers of retail sourcing and procurement solutions are introducing fresh and innovative products. For instance, Craft, a foremost provider of supplier intelligence platforms, declared in September 2022 the launch of three novel product lines – Craft Risk Hub, Craft N-Tier Mapping, and Craft Alerts. These products use cutting-edge machine learning algorithms and unbiased data for real-time risk evaluation. More specifically, Craft Risk Hub provides procurement and supply chain professionals with data-driven benchmarking that offers contextual details on suppliers.
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Which Geographical Regions Are Shaping the Retail Sourcing And Procurement Market Growth?
North America was the largest region in the retail sourcing and procurement market in 2023. The regions covered in the retail sourcing and procurement market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The Retail Sourcing And Procurement Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the retail sourcing and procurement market, its market share, and analyzes key competitors along with their market positions.
The Table Of Content For The Retail Sourcing And Procurement Market Include
1. Retail Sourcing And Procurement Market Executive Summary
2. Retail Sourcing And Procurement Market Segments
3. Retail Sourcing And Procurement Market Size And Template Market Growth Rate
4. Key Retail Sourcing And Procurement Market Trends
5. Major Retail Sourcing And Procurement Market Drivers
……
25. Key Mergers And Acquisitions In The Retail Sourcing And Procurement Market
26. Top Retail Sourcing And Procurement Companies
27. Retail Sourcing And Procurement Market Opportunities And Strategies
28. Retail Sourcing And Procurement Market, Conclusions And Recommendations
29. Appendix
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