Retail Sourcing and Procurement Market to Record an Exponential CAGR by 2024

Sourcing and procurement processes is designed to evaluate and engage suppliers for acquiring goods and services. It includes processes such as outsourcing, insourcing, global sourcing and strategic sourcing among others. The retail industry is expanding and rapidly shifting towards automated, industrialized and cloud based solutions for consumer retention and enhance consumer experience. Also, the retail industry is focusing on adoption of cloud and mobile technologies in sourcing and procurement activities so as to increase the sales and bussiness in order establish themselves in the global market.

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The automation in procurement activities is witnessed during the past few years and is expected to continue due to high adoption of cloud based applications and mobile applications supporting procurement and sourcing processes. The technological adoption in sourcing and procurement process for retail industry is leading to increased competition in retail industry due to low barrier for small niche companies to enter in the market and rising online sourcing and procurement services due to geographic proximity. To maintain the market position with evolving technological advancement, large retailers poses opportunities to become industry infrastructure providers due to high demand for, inventory management and store operations in near future.

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The demand for centralized procurement processes, better visibility in sourcing related data and improved collaboration between suppliers and retails is expected to drive the growth of retail sourcing and procurement market. The development and innovation in mobile and cloud technologies increasing efficiency of processes and customer satisfaction is further contributing to the growth of retail sourcing and procurement market. Additionally, retail sourcing and procurement market is growing as end-users are becoming more informed about resources as product choices are proliferating rapidly due to globalization. However, inappropriate management and reluctance to adopt new technology is hampering the growth of this market. The adoption of sourcing and procurement processes by food and beverages and aerospace suppliers are further expected to enhance the market of retail sourcing and procurement during the forecast period.

The retail sourcing and procurement market is segmented on the basis of deployment type, solution, enterprise, services and geography. On the basis of deployment type, the retail sourcing and procurement market is segmented into cloud based retail sourcing and procurement and on-premises retail sourcing and procurement. In terms of solution, the retail sourcing and procurement market is segmented into contract management solutions, supplier management solutions, spend analysis solutions, strategic sourcing solutions and procure-to-pay solutions. Based on the type of enterprise, the retail sourcing and procurement market is segmented into large enterprises and small and medium enterprises (SMEs). In terms of services, the retail sourcing and procurement market is classified into training and support services, implementation services and consulting services. Moreover, on the basis of geography the retail sourcing and procurement market is segmented into North America, Europe, Middle East and Africa, Asia Pacific and Latin America. North America is expected to lead the market due to constant technological advancement in the region along with increasing use of automation for sourcing and procurement processes.

Zycus Inc. is one of the leading provider of sourcing and procurement for industry verticals such as retail, energy and utilities, chemical, electronics and oil and gas. Some of the other key players in retail sourcing and procurement market are Oracle Corporation, Zycus Inc., Sciquest, Ivalua Inc., JDA Software Group, SAP SE, GT Nexus, IBM Corporation, Proactis and Epicor Software Corporation.

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Transparency Market Research (TMR) is a U.S.-based provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materia