What Does the Historical and Current Retail Sourcing And Procurement Market Size Trend Indicate?
The retail sourcing and procurement market has seen considerable growth due to a variety of factors.
• The market size of retail sourcing and procurement has experienced swift expansion in the past few years. With a compound annual growth rate (CAGR) of 13.6%, it's projected to expand from $5.61 billion in 2024 to $6.37 billion in 2025. Factors contributing to the growth during the historical period include the ascending trend of digitalization in the retail industry, the upsurge in automation for procurement, and a heightened level of funding and investment into platforms for retail sourcing and procurement.
What Is The Forecast For The Retail Sourcing And Procurement Market By 2029?
The retail sourcing and procurement market is expected to maintain its strong growth trajectory in upcoming years.
• In the coming years, the market size for retail sourcing and procurement is anticipated to experience a rapid upsurge, eventually reaching a valuation of $10.83 billion by 2029. This can largely be linked to an impressive compound annual growth rate (CAGR) of 14.2%.
The substantial growth within this period is ascribed to the escalating reliance on cloud-based platforms, increased implementation of blockchain within procurement and sourcing, and the advancement of digital technologies like automation, analytics, and artificial intelligence (AI). Key trends for the forecasted period incorporate a greater focus on the localization of suppliers, the adoption of procurement-as-a-service (PaaS) models, leveraging artificial intelligence and digital transformations, initiating groundbreaking products, executing mergers and acquisitions, and offering sustainable procurement software solutions.
What Are The Leading Drivers Of Growth In The Retail Sourcing And Procurement Market?
The rise in digitalization is predicted to foster expansion in the retail sourcing and procurement sector. This term is described as generating a digital duplicate of physical characteristics. The introduction of digitalization in retail sourcing and procurement provides market beneficial digital solutions. For instance, figures from the Germany-based European Central Bank from November 2023 indicate that the sheer number of non-cash transactions in the European area in the latter half of 2022 saw an 8.8% surge to 65.9 billion, compared to the preceding six months. The total worth of such transactions experienced a 2.8% growth, hitting €118.8 ($128.55) trillion. Consequently, this boost in digitalization is contributing to the growth of the retail sourcing and procurement market.
How Is The Globa Retail Sourcing And Procurement Market Divided Into Key Segments?
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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What Trends Are Reshaping The Retail Sourcing And Procurement Market?
Providers of retail sourcing and procurement solutions are introducing innovative products to maintain their competitiveness in the market. For instance, in September 2022, Craft, a prominent supplier intelligence platforms provider, unveiled three new product offerings – Craft Risk Hub, Craft N-Tier Mapping, and Craft Alerts. These products offer real-time risk assessment powered by objective data and advanced machine learning algorithms. The Craft Risk Hub, in particular, provides data-driven benchmarking that presents procurement professionals and supply chain experts with contextualized insights about various suppliers.
Who Are the Key Players in 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 are the Regional Insights into 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.
