DUBLIN--(BUSINESS WIRE)--Research and Markets (http://www.researchandmarkets.com/research/d8z47h/global) has announced the addition of the "Global Procurement Outsourcing Market 2015-2019" report to their offering.
Growing adoption of IT in BPO effectively drives the adoption of procurement outsourcing services, and the market is likely to reach a CAGR of approximately 14.97% by 2019. There is a visible inclination toward automating BPO operations, which allows service providers to significantly improve their sustainability in the market. Importance is being given to building reusable service delivery platforms and increasing scalability and automation by leveraging new software tools that quantify, manage, and control the implementation of a process within as well as between organizations.
This report predicts, due to volatile economic conditions, companies often have to deal with declining budgets and CPOs are often forced to accomplish more with fewer resources. Budgetary restrictions are thus moving more CPOs to seek low-cost delivery solutions such as outsourcing. Procurement outsourcing service providers have invested significantly in their procurement offerings, enhancing their capabilities in a number of areas including new offerings such as risk analytics and value engineering, contract drafting, spend analytics, and SCM such as logistics support and inventory analysis.
The majority of the market is occupied by the standalone procurement outsourcing segment with a market share of 52%, and the remaining 48% of the market is held by the procurement outsourcing as a portion of BPO services offered segment. It is expected that the standalone procurement outsourcing segment will witness rapid growth during the forecast period.
The manufacturing and BFSI sectors are the early adopters of procurement outsourcing services, followed by the rest of the industry verticals. Global uncertain economic pressure requires organization to adapt cost-efficient solutions to boost up their procurement process. Strategic procurement management system can help an organization achieve the following: cost control, increased procurement approach, visibility in the entire procurement process, and process innovation.
Social, mobile, analytics, and cloud adoption for outsourcing services are the next big thing in procurement outsourcing. Social media networking sites are creating awareness at three levels: creating awareness about the outsourcing services, influencing clients' opinions, and eventually leading to action. Social media is in effect, acting as an intermediary where stakeholders of procurement outsourcing can connect together for information sharing and settle procurement outsourcing contracts.
- ATS Group
- CGI, Corpus
- Optimum Procurement
For more information visit http://www.researchandmarkets.com/research/d8z47h/global