Retail Sourcing And Procurement Market Growth Forecast: Exploring Trends and Opportunities for the Next Decade
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How has the retail sourcing and procurement market grown in recent years?
The size of the retail sourcing and procurement market has been expanding at a fast pace in the recent past. It is projected to increase from $5.61 billion in 2024 to $6.37 billion in 2025, experiencing a compound annual growth rate (CAGR) of 13.6%. The substantial growth during the historical period is largely credited to the growth of digitalization in the retail industry, the surge in procurement automation, and the escalation in funding and investments towards retail sourcing and procurement platforms.
How is the retail sourcing and procurement market size expected to evolve during the forecast period?
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Which key drivers are propelling the retail sourcing and procurement market’s growth?
Advancement in digital technology is anticipated to expedite the progress of the retail sourcing and procurement sector. This digitization process essentially involves translating physical features into a digital form, which proves beneficial for the market by offering digital solutions. To demonstrate, details from the European Central Bank, a German financial institution, in November 2023, show the total count of non-cash transactions in the European region rose 8.8% to 65.9 billion in the latter half of 2022, as compared to the prior six months. The overall value of these transactions saw a 2.8% growth, hitting an estimated €118.8 ($128.55) trillion. Thus, this surge in digitalization is fueling the development of the retail sourcing and procurement market.
What are the market segments in the retail sourcing and procurement industry?
The retail sourcing and procurement market covered in this report is segmented –
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
Subsegments:
1) By Strategic Sourcing: Category Management, Supplier Selection And Evaluation, Sourcing Analytics
2) By Supplier Management: Supplier Risk Management, Supplier Performance Management, Supplier Collaboration
3) By Contract Management: Contract Creation, Contract Compliance, Contract Renewal And Amendment
4) By Procure-To-Pay: Purchase Order Management, Invoice Management, Payment Processing
5) By Spend Analysis: Spend Data Management, Spend Visibility And Reporting, Savings Analysis
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Which leading companies are shaping the growth of the retail sourcing and procurement market?
Major companies operating in the retail sourcing and procurement market include IBM Corporation, Oracle Corporation, SAP SE, Coupa Software Incorporated, Ivalua Inc, Zycus Inc, GEP Worldwide, Epicor Software Corporation, Basware Corporation, Vroozi Inc, ET2C International, Alibaba, Supreme Group, Infiniti Research, Proactis, Accenture, GEODIS, PwC, Jumia, KPMG, Dragon Sourcing, EDS International, Blue Yonder, Protiviti, Honeywell International Inc., Bain & Company, Theodor Wille Intertrade, Boston Consulting, Cayena, Linkana, Coletar, Dukkantek, Conektr, Lawazem, EPCM Holdings
What key trends are currently impacting the retail sourcing and procurement market’s development?
Makers of retail sourcing and procurement solutions are introducing ground-breaking products to maintain an edge in the market. Craft, a premier provider of supplier intelligence platforms, in September 2022, unveiled three new products – Craft Risk Hub, Craft N-Tier Mapping, and Craft Alerts. These tools provide immediate risk evaluation using objective data and advanced machine learning algorithms. For example, supply chain and procurement specialists are given nuanced analysis on suppliers with data-backed comparisons by Craft Risk Hub.
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Which geographic areas are influencing the growth of the retail sourcing and procurement market?
North America was the largest region in the retail sourcing and procurement market in 2024. 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.
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