PUBLISHER: Grand View Research | PRODUCT CODE: 1587837
PUBLISHER: Grand View Research | PRODUCT CODE: 1587837
The global retail sourcing and procurement market size is expected to reach USD 13.69 billion in 2030 and is projected to grow at a CAGR of 16.2% from 2025 to 2030. Increasing centralization in procurement processes and better visibility in sourcing related data has been a major factor driving market growth. In addition, recent development of Artificial Intelligence (AI), cloud computing, and Internet of Things (IoT) and its implementation across retail procurement processes also paved the way for greater development of retail software and solutions.
With rise of internet shopping and major shifts in consumer buying patterns, different trends are re-shaping the retail industry in the last few years. With a cutthroat competition, retailers are struggling to maintain and find profitability, thus, initiating them to take a defensive stance. Rising expenses, loss of sales productivity, and real-time buying trends are indulging retail businesses to adopt sourcing and procurement tools in order to cope up with the customer demand. Moreover, retailers need to look at their cost structures in order to decide their staffing, pricing, and operations.
The cloud segment accounted for a significant revenue share in 2024 and is expected to advance rapidly during the forecast period. Procurement cloud helps to streamline source-to-pay process through social collaboration and automation, thus, achieving high margins by controlling costs. Additionally, cloud based software supports seamless accessibility without additional IT effort to the device.