The global procurement outsourcing market is poised for significant growth over the next several years, according to a new report by market research firm, Fior Markets. The report forecasts that the market will reach a value of USD 28.6 Billion by 2032, growing at a compound annual growth rate of 17.10% from 2023 to 2032.
The report identifies several factors driving this growth, including the increasing need for companies to streamline their procurement processes, reduce costs, and improve operational efficiencies. Additionally, the rise of digital technologies such as cloud computing, artificial intelligence, and robotic process automation is creating new opportunities for procurement outsourcing providers to offer more advanced and sophisticated solutions to their clients.
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The report also highlights some of the key players in the procurement outsourcing market, including Accenture Plc, Infosys Ltd, Capgemini SE, International Business Machines Corporation, Genpact Ltd, Tata Consultancy Services Limited, DXC Technology Company, and GEP. These companies are leveraging their expertise in digital technologies, strategic sourcing, and category management to deliver more value to their clients and gain a competitive edge in the market.
Global Procurement Outsourcing Market Analysis and Forecast, Type: Consulting Service, Business Process Outsourcing Service
Global Procurement Outsourcing Market Analysis and Forecast, Application: Government, HR Related Services, Marketing Related Services, IT Related Services, Facilities Management Office Services, Others
The report further notes that the Asia-Pacific region is expected to be the fastest-growing market for procurement outsourcing services, driven by the increasing adoption of digital technologies and the growing demand for cost-effective procurement solutions in countries such as China and India.
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Commenting on the report, a spokesperson for Fior Markets said: "The procurement outsourcing market is experiencing significant growth as companies look for ways to optimize their procurement processes and reduce costs. With the rise of digital technologies, procurement outsourcing providers have an opportunity to offer more advanced and sophisticated solutions to their clients, driving further growth in the market."
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