Retail Sourcing and Procurement Industry
Summary:
- The global retail sourcing and procurement market size reached US$ 5.1 Billion in 2023.
- The market is expected to reach US$ 13.3 Billion by 2032, exhibiting a growth rate (CAGR) of 10.9% during 2024-2032.
- Region-wise, the market has been segmented into North America (United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and the Middle East and Africa.
- Based on the solution, the market has been divided into strategic sourcing, supplier management, contract management, procure-to-pay, and spend analysis.
- On the basis of service, the market has been categorized into implementation, consulting, and training and support.
- Based on the deployment, the market has been classified into on-premise, hybrid, and cloud.
- On the basis of end-use, the market has been divided into small and medium enterprise (SME) and large enterprise.
- The rising adoption of artificial intelligence (AI) and cloud-based procurement solutions is a primary driver of the retail sourcing and procurement market.
- The increasing focus cost optimization among retailers is reshaping the retail sourcing and procurement market size.
Industry Trends and Drivers:
- Increasing Adoption of Digital Platforms:
The ongoing shift towards digital transformation is one of the major factors boosting the market growth. Moreover, the rising adoption of cloud-based and artificial intelligence (AI)-driven procurement solutions by retailers to streamline sourcing, inventory management, and supplier relationship processes is fueling the market growth. These digital tools offer enhanced data analytics, helping retailers make more informed decisions and minimize supply chain risks. Additionally, real-time visibility into procurement activities allows for better demand forecasting and inventory optimization, which reduces costs and improves operational efficiency. Along with this, the increasing integration of digital procurement platforms with online storefronts to enable faster and more efficient procurement workflows is contributing to the market growth.
- Rising Focus on Cost Optimization and Efficiency:
The rising need among retailers for cost optimization is positively impacting the market growth. Along with this, the heightened adoption of procurement solutions that enable cost-effective sourcing and streamline supplier management are contributing to the market growth. These tools provide retailers with the ability to negotiate better terms with suppliers, reduce unnecessary expenditures, and gain greater control over inventory levels. Besides this, the burgeoning utilization of analytics-driven insights, boosting the need for procurement departments that can identify patterns, thereby cutting waste is creating a positive outlook for the market. Apart from this, the heightened emphasis on minimizing the costs associated with procurement, such as transportation, warehousing, and labor, as profit margins tighten is fostering the market growth.
- Growing Sustainability and Ethical Sourcing Initiatives:
The heightened consumer demand for sustainable and ethically sourced products is positively influencing the market growth. Moreover, the rising pressure on retailers to ensure that the products they offer are sourced responsibly, in terms of environmental impact and labor practices, is fostering the market growth. Besides this, the escalating focus on sustainable procurement strategies that align with corporate social responsibility (CSR) goals, leading to the inclusion of features, like tracking the sustainability of suppliers and products, is enhancing the market growth. Additionally, the ongoing shift towards responsible sourcing practices that strengthen brand loyalty and help retailers comply with government regulations and standards is fueling the market growth.
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Retail Sourcing and Procurement Market Report Segmentation:
Breakup By Solution:
- Strategic Sourcing
- Supplier Management
- Contract Management
- Procure-to-pay
- Spend Analysis
Based on the solution, the market has been divided into strategic sourcing, supplier management, contract management, procure-to-pay, and spend analysis.
Breakup By Service:
- Implementation
- Consulting
- Training and Support
On the basis of service, the market has been categorized into implementation, consulting, and training and support.
Breakup By Deployment:
- On-premise
- Hybrid
- Cloud
Based on the deployment, the market has been classified into on-premise, hybrid, and cloud.
Breakup By End Use:
- Small and Medium Enterprise (SME)
- Large Enterprise
On the basis of end-use, the market has been divided into small and medium enterprise (SME) and large enterprise.
Breakup By Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Region-wise, the market has been segmented into North America (United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and the Middle East and Africa.
Top Retail Sourcing and Procurement Market Leaders:
The retail sourcing and procurement market research report outlines a detailed analysis of the competitive landscape, offering in-depth profiles of major companies.
Some of the key players in the market are:
- Basware Corporation
- Blue Yonder Group Inc. (Panasonic Corp.)
- Epicor Software Corporation
- International Business Machines Corporation
- Infor Inc. (Koch Industries Inc.)
- Ivalua Inc
- Kinaxis
- Oracle Corporation
- Proactis Holdings Plc
- SAP SE
- JAGGAER Inc. and Zycus Inc.
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