PUBLISHER: Global Market Insights Inc. | PRODUCT CODE: 1570881
PUBLISHER: Global Market Insights Inc. | PRODUCT CODE: 1570881
Retail Sourcing and Procurement Market, Opportunity, Growth Drivers, Industry Trend Analysis and Forecast, 2024-2032
The Global Retail Sourcing and Procurement Market, valued at USD 4.1 billion in 2023, is projected to grow at a CAGR of over 10% from 2024 to 2032. Digital transformation and supply chain globalization drive this growth, increasing demand for comprehensive sourcing and procurement solutions. Technologies like AI, machine learning, and blockchain optimize these operations. Major players continuously innovate to provide efficient and intelligent solutions. Sustainability and ethical sourcing are gaining importance. Retailers emphasize environmentally friendly supply chains, creating demand for advanced procurement solutions that track and verify compliance with sustainability standards. Supply chain resilience and risk management are reshaping the retail landscape. Retailers diversify their supply chains to mitigate risks from geopolitical tensions and disruptions. They adopt advanced risk assessment tools to identify vulnerabilities and proactively address potential challenges, ensuring operational continuity.
The overall retail sourcing and procurement industry is classified based on the component, deployment model, organization size and region.
The market is segmented into solutions and services. In 2023, the solution segment was valued at over USD 2.5 billion. Retailers seek to streamline procurement processes, reduce costs, and improve efficiency. AI and machine learning integration enhances procurement solutions, providing real-time insights and predictive analytics. For instance, in May 2024, Oracle introduced AI-driven features in its procurement cloud solutions, including predictive analytics and automated supplier performance management, to enhance efficiency and decision-making.
Based on organization size, the market is categorized into SME and large enterprises. The large enterprises segment is anticipated to register a CAGR of over 8.5% from 2024 to 2032. Large enterprises require robust procurement solutions to ensure compliance with stringent regulatory requirements and manage risks associated with supplier performance, fraud, and geopolitical factors. They have extensive supply chains that demand scalable and sophisticated procurement solutions. In December 2023, Amazon expanded its procurement technology capabilities by adapting advanced tools in data analytics to optimize supplier selection and inventory management, enhancing its supply chain management.
North America dominated the global retail sourcing and procurement market with a major share of over 35% in 2023. The region has numerous large enterprises with complex supply chains that require advanced procurement solutions. Strict regulatory frameworks necessitate the use of high-tech procurement platforms to ensure compliance, driving demand for technologies that manage and track regulatory adherence efficiently. Additionally, North America's strict regulatory environment plays a pivotal role in the adoption of high-tech procurement systems. Companies in industries such as retail, manufacturing, and healthcare are subject to stringent regulations that govern everything from ethical sourcing and environmental compliance to labor practices and data security.
Table of Contents
Chapter 1 Methodology and Scope
- 1.1 Research design
- 1.1.1 Research approach
- 1.1.2 Data collection methods
- 1.2 Base estimates and calculations
- 1.2.1 Base year calculation
- 1.2.2 Key trends for market estimation
- 1.3 Forecast model
- 1.4 Primary research and validation
- 1.4.1 Primary sources
- 1.4.2 Data mining sources
- 1.5 Market definitions
Chapter 2 Executive Summary
- 2.1 Industry 360° synopsis, 2018 - 2032
Chapter 3 Industry Insights
- 3.1 Industry ecosystem analysis
- 3.2 Supplier landscape
- 3.2.1 Software provider
- 3.2.2 Technology provider
- 3.2.3 Distribution channel
- 3.2.4 End users
- 3.3 Profit margin analysis
- 3.4 Technology and innovation landscape
- 3.5 Patent analysis
- 3.6 Key news and initiatives
- 3.7 Regulatory landscape
- 3.8 Impact forces
- 3.8.1 Growth drivers
- 3.8.1.1 Digital transformation and automation
- 3.8.1.2 Globalization and market expansion
- 3.8.1.3 Increased focus on sustainability
- 3.8.1.4 Rising use of advanced analytics and big data
- 3.8.2 Industry pitfalls and challenges
- 3.8.2.1 Supply chain disruptions and volatility
- 3.8.2.2 Supplier relationship management
- 3.8.1 Growth drivers
- 3.9 Growth potential analysis
- 3.10 Porter's analysis
- 3.11 PESTEL analysis
Chapter 4 Competitive Landscape, 2023
- 4.1 Introduction
- 4.2 Company market share analysis
- 4.3 Competitive positioning matrix
- 4.4 Strategic outlook matrix
Chapter 5 Market Estimates and Forecast, By Component, 2021 - 2032 ($Bn)
- 5.1 Key trends
- 5.2 Solution
- 5.2.1 Strategic sourcing
- 5.2.2 Supplier management
- 5.2.3 Contract management
- 5.2.4 Spend analysis
- 5.2.5 Others
- 5.3 Service
- 5.3.1 Implementation
- 5.3.2 Consulting
- 5.3.3 Support and maintenance
Chapter 6 Market Estimates and Forecast, By Deployment Model, 2021 - 2032 ($Bn)
- 6.1 Key trends
- 6.2 On-premises
- 6.3 Cloud
Chapter 7 Market Estimates and Forecast, By Organization Size, 2021- 2032 ($Bn)
- 7.1 Key trends
- 7.2 SME
- 7.3 Large enterprises
Chapter 8 Market Estimates and Forecast, By Region, 2021 - 2032 ($Bn)
- 8.1 Key trends
- 8.2 North America
- 8.2.1 U.S.
- 8.2.2 Canada
- 8.3 Europe
- 8.3.1 UK
- 8.3.2 Germany
- 8.3.3 France
- 8.3.4 Italy
- 8.3.5 Spain
- 8.3.6 Russia
- 8.3.7 Nordics
- 8.3.8 Rest of Europe
- 8.4 Asia Pacific
- 8.4.1 China
- 8.4.2 India
- 8.4.3 Japan
- 8.4.4 Australia
- 8.4.5 South Korea
- 8.4.6 Southeast Asia
- 8.4.7 Rest of Asia Pacific
- 8.5 Latin America
- 8.5.1 Brazil
- 8.5.2 Mexico
- 8.5.3 Argentina
- 8.5.4 Rest of Latin America
- 8.6 MEA
- 8.6.1 UAE
- 8.6.2 Saudi Arabia
- 8.6.3 South Africa
- 8.6.4 Rest of MEA
Chapter 9 Company Profiles
- 9.1 Basware Corporation
- 9.2 Blue Yonder Group, Inc.
- 9.3 Coupa Software Inc
- 9.4 Determine, Inc. (a Corcentric company)
- 9.5 Epicor Software Corporation
- 9.6 GEP Smart
- 9.7 IBM Corporation
- 9.8 Infor Inc
- 9.9 Ivalua Inc
- 9.10 Jaggaer (formerly SciQuest)
- 9.11 Kinaxis Inc.
- 9.12 Manhattan Associates Inc
- 9.13 Mercateo AG
- 9.14 Oracle Corporation
- 9.15 Proactis Holdings PLC
- 9.16 RELEX Solutions
- 9.17 SAP SE
- 9.18 SynerTrade (Econocom Group)
- 9.19 Tradeshift Inc
- 9.20 Zycus Inc.
