LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global procurement outsourcing market to grow at a CAGR of over 17% during the forecast period, according to their latest market research report.
The emergence of nearshore and offshore outsourcing locations is one of the major trends being witnessed in the global procurement outsourcing market 2018-2022. APAC is the preferred outsourcing center because of the presence of key outsourcing countries in the region such as India, China, Australia, Malaysia, the Philippines, and Vietnam. India has traditionally been a favored destination for the outsourcing of business processes because it has a good combination of key factors such as skilled labor and proficiency in the English language among the workforce. Moreover, it is also a low-cost location. The increase in nearshore destinations for BPO services in Europe has attracted companies to outsource their BPO services to locations such as Poland, Romania, and Hungary due to cultural and language proximity.
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According to Technavio analysts, one of the key factors contributing to the growth of the global procurement outsourcing market is the need to adhere to regulatory guidelines and ensure compliance:
Global procurement outsourcing market: Need to adhere to regulatory guidelines and ensure compliance
Regulatory compliances are increasingly being implemented across industries. Therefore, industries are adopting procurement outsourcing services to improve operational efficiencies and help businesses align their processes in a better manner. The services facilitate end-users to focus on internet and mobile banking strategies, enhance customer experience for competitive differentiation, and create new business opportunities to reach the unbanked population. Some of the compliance standards are International Organization for Standardization (ISO), Federal Information Security Management Act (FISMA), and the National Institute of Standards and Technology (NIST). These organizations seek to ensure transparency and security among organizations. Companies must follow the guidelines of regulatory bodies while securing their confidential data using the network security processes.
“Regulatory bodies also make it compulsory for organizations to keep a record of the log data from digital devices and other sources for auditing purposes. Companies face severe consequences if they fail to follow the protocol for their auditing and other business processes. Therefore, most organizations are adopting procurement outsourcing services which is expected to drive the growth of the market during the forecast period,” says a senior analyst at Technavio for research on ITO and BPO.
Global procurement outsourcing market: Segmentation analysis
The global procurement outsourcing market research report provides market segmentation by end-user (manufacturing, BFSI, Retail, IT and Telecom, others), and by region (the Americas, EMEA, and APAC). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
The manufacturing segment held the largest share of the market in 2017, accounting for close to 29% share, followed by the BFSI and retail segment respectively. Although the manufacturing segment held the highest share of the market, the BFSI segment is expected to witness the maximum increase in its market share, followed by the retail segment.
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