Market Overview

Global Procurement Outsourcing Market 2018-2022 to Post a CAGR of 17% | Technavio

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Technavio
analysts forecast the global procurement outsourcing market to grow at a
CAGR of over 17% during the forecast period, according to their latest
market research report.

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Technavio has published a new market research report on the global procurement outsourcing market fr ...

Technavio has published a new market research report on the global procurement outsourcing market from 2018-2022. (Graphic: Business Wire)

The emergence of nearshore and offshore outsourcing locations is one of
the major trends being witnessed in the global
procurement outsourcing market 2018-2022
. APAC is the preferred
outsourcing center because of the presence of key outsourcing countries
in the region such as India, China, Australia, Malaysia, the
Philippines, and Vietnam. India has traditionally been a favored
destination for the outsourcing of business processes because it has a
good combination of key factors such as skilled labor and proficiency in
the English language among the workforce. Moreover, it is also a
low-cost location. The increase in nearshore destinations for BPO
services in Europe has attracted companies to outsource their BPO
services to locations such as Poland, Romania, and Hungary due to
cultural and language proximity.

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According to Technavio analysts, one of the key factors contributing to
the growth of the global procurement outsourcing market is the need to
adhere to regulatory guidelines and ensure compliance:

Global procurement outsourcing market: Need to
adhere to regulatory guidelines and ensure compliance

Regulatory compliances are increasingly being implemented across
industries. Therefore, industries are adopting procurement outsourcing
services to improve operational efficiencies and help businesses align
their processes in a better manner. The services facilitate end-users to
focus on internet and mobile banking strategies, enhance customer
experience for competitive differentiation, and create new business
opportunities to reach the unbanked population. Some of the compliance
standards are International Organization for Standardization (ISO),
Federal Information Security Management Act (FISMA), and the National
Institute of Standards and Technology (NIST). These organizations seek
to ensure transparency and security among organizations. Companies must
follow the guidelines of regulatory bodies while securing their
confidential data using the network security processes.

"Regulatory bodies also make it compulsory for organizations to keep
a record of the log data from digital devices and other sources for
auditing purposes. Companies face severe consequences if they fail to
follow the protocol for their auditing and other business processes.
Therefore, most organizations are adopting procurement outsourcing
services which is expected to drive the growth of the market during the
forecast period,"
says a senior analyst at Technavio for research on
ITO and BPO.

Global procurement outsourcing market:
Segmentation analysis

The global procurement outsourcing market research report provides
market segmentation by end-user (manufacturing, BFSI, Retail, IT and
Telecom, others), and by region (the Americas, EMEA, and APAC). It
provides an in-depth analysis of the prominent factors influencing the
market, including drivers, opportunities, trends, and industry-specific
challenges.

The manufacturing segment held the largest share of the market in 2017,
accounting for close to 29% share, followed by the BFSI and retail
segment respectively. Although the manufacturing segment held the
highest share of the market, the BFSI segment is expected to witness the
maximum increase in its market share, followed by the retail segment.

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Market Landscape

  • Market ecosystem
  • Market characteristics
  • Market segmentation analysis

Market Sizing

  • Market sizing
  • Market size and forecast

Five Forces Analysis

Market Segmentation

Geographical Segmentation

  • Regional comparison
  • Key leading countries

Market Drivers

Market Challenges

Market Trends

Vendor Landscape

  • Vendors covered
  • Vendor classification
  • Market positioning of vendors
  • Competitive scenario

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