Procurement Outsourcing Services Market To Grow With Increasing Focus On Better Customer Experience Worldwide

According to a new market research report published by Credence Research “Procurement Outsourcing Services Market (Product – Business process outsourcing, Consulting ; Application – Manufacturing, BFSI, Retail, IT and Telecom ) – Growth, Future Prospects and Competitive Analysis, 2019 – 2027”, the overall procurement outsourcing services market worldwide is set to grow with a CAGR of 15% during the forecast period.

Market Insights

The overall procurement outsourcing services market is highly driven by the rapidly increased focus on better customer experience worldwide. Owing to increased adoption of regulatory compliances across various industries companies are widely adopting procurement outsourcing services. Procurement outsourcing services enable industries and businesses to align their processes in a better way and thus improve their operational efficiencies. Further, the services help the companies to augment the customer experience, work on strategic ingenuities and handle other business activities. Growing demand for procurement outsourcing services in various segments all over the globe will drive the growth for procurement outsourcing services during the forecast period.

Based on product, business process outsourcing segment led the market with a significant contribution in procurement outsourcing services market revenue. The segment offers services across various end-user segments. Backed by introduction of new technologies and cost effective solutions, the business process outsourcing segment shall continue to grow. Further, adoption of developing technologies like cloud computing, process automation, CRM outsourcing and human resource outsourcing, the demand business process outsourcing segment shall grow. This shall further drive the growth of procurement outsourcing services market. On account of all these factors, we are expecting business process outsourcing segment to continue led the procurement outsourcing services market throughout the forecast period.

Based on the geography, North America dominates the market for procurement outsourcing services. On the other hand, Asia Pacific is set to demonstrate 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. Further, expansion of IT & telecom sector at a rapid pace in the economies of Asia Pacific shall drive the demand for procurement outsourcing services. As a result, Asia Pacific is expected to grow with the highest growth rate during 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.

 

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