Global Retail Sourcing & Procurement Market to Exceed $5.4 Billion by 2023 - Need for Increased Visibility in Supply Chain Drives the Market - ResearchAndMarkets.com

DUBLIN--()--The "Retail Sourcing and Procurement Market by Offering, by Deployment Type, by Organization Size, by Geography - Global Market Size, Share, Development, Growth and Demand Forecast, 2013-2023" report has been added to ResearchAndMarkets.com's offering.

The global retail sourcing and procurement market is expected to reach $5,418 million by 2023, growing demand for centralized procurement, need for increased visibility in supply chain, and increasing focus on digital transformation, are some of the factors driving market growth.

On the basis of offering, the retail sourcing and procurement market has been categorized into service and solution, where the solution category is projected to continue to hold a larger revenue share through 2023, owing to the surging demand for effective sourcing and procurement services, in order to optimize an organization's operations and reduce operational costs.

Globally, small and large organizations (SMBs) are increasingly adopting methods to analyze their expenditures, management of contracts, evaluate purchasing activities, and to understand the risks involved. Attributed to these factors, the retail sourcing and procurement solutions are experiencing significant growth across the globe.

Based on solution, the market for spend analysis is expected to witness the fastest CAGR of over 12%, during the forecast period. This is attributed to the increasing focus of organizations to improve efficiency of their operational activities, especially purchasing process. Spend analysis solution offers a detailed cleansing, grouping, categorizing, and analyzing spend data, which further assists them to scrutinize future expenses and help them devise corporate strategies.

On the basis of deployment type, the retail sourcing and procurement market is categorized into cloud and on-premises, wherein the cloud-based deployment category is projected to register the faster CAGR, during the forecast period. This is attributed to the fact that a larger number of businesses and organizations are beginning shift toward on cloud technology, in terms of its secured storage and monitoring of their solutions. Owing to this, the market for cloud-based retail sourcing and procurement solutions expected to record potential growth in the coming years.

The market for retail sourcing and procurement in APAC is projected to witness fastest growth during the forecast period, owing to rapid growth of retail industry, and increasing awareness among regional retailers to improve operational activities, in terms of procurement expenses, supplier management, contact management, and efficient tactics for continuous development of business optimization.

Moreover, training, support and consulting services are increasingly being adopted by retail store owners and businesses of the region; primarily in order to enhance their corporate strategies, and evaluate risk management and customer relationships. As a result, APAC retail sourcing and procurement market is expected to post a CAGR of over 14%, during the forecast period.

With increasing globalization and growing business complexities, the need for efficient and effective sourcing and procurement solutions is increasing year-over-year. The retail industry has always been prone to constant changes owing to shifting customer preferences. Despite increasing footprint, some retailers face declining profits due to rising business complexities, which can impede customer experience.

Managing complexities requires a holistic view of an organization's end-to-end operations, in order to create business consistency. Also, with growth in e-commerce, the need for effective delivery, centralized procurement, and better sourcing and procurement visibility arises, which in turn provide opportunities for procurement and sourcing vendors. Also, the emerging B2B marketplace such as Amazon Business and Alibaba's 1688.com are making purchasing easy for businesses posing growth opportunities for retail sourcing and procurement vendors.

The retail sector is registering intense competition coupled with rising operational costs. To sustain in the highly competitive market, retailers are focusing on standardizing their sourcing processes and increasingly adopting sourcing and procurement solutions to automate their business processes, streamline operations, manage suppliers and contracts as well as strategically source their products.

Software vendors are increasingly focusing on partnerships and new product launches and enhancements to cater to diverse needs of retailers. With increasing digital transformation, the ability to synchronize data across the enterprise is critical for business success.

Some of the key players operating in the global retail sourcing and procurement market are Oracle Corporation, Proactis Holdings PLC, Zycus Inc., Ivalua Inc., GT Nexus, JAGGAER, Epicor Software Corporation, SAP SE, JDA Software Group Inc., and IBM Corporation.

Key Topics Covered

Chapter 1. Research Background

Chapter 2. Research Methodology

Chapter 3. Executive Summary

Chapter 4. Introduction

4.1 Definition of Market Segments

4.1.1 By Offering

4.1.1.1 Solution, by type

4.1.1.1.1 Strategic Sourcing

4.1.1.1.2 Supplier Management

4.1.1.1.3 Contract Management

4.1.1.1.4 Procure-to-Pay

4.1.1.1.5 Spend Analysis

4.1.1.2 Service, by type

4.1.1.2.1 Implementation

4.1.1.2.2 Training and Support

4.1.1.2.3 Consulting

4.1.2 By Deployment Type

4.1.2.1 Cloud

4.1.2.2 On-Premises

4.1.3 By Organization Size

4.1.3.1 Large Business

4.1.3.2 Small and Medium Business

4.2 Value Chain Analysis

4.3 Market Dynamics

4.3.1 Trends

4.3.1.1 Automation in procurement activities

4.3.1.2 Growing interest of retailers in predictive analytics

4.3.2 Drivers

4.3.2.1 Rising demand for centralized procurement

4.3.2.2 Need for increased visibility in supply chain

4.3.2.3 Increasing focus on digital transformation

4.3.2.4 Impact analysis of drivers on market forecast

4.3.3 Restraints

4.3.3.1 Unwillingness to adopt new platform/technology

4.3.3.2 Lack of technical expertise

4.3.3.3 Impact analysis of restraints on market forecast

4.3.4 Opportunities

4.3.4.1 Retailers increasingly adopting omnichannel strategy

4.3.4.2 Rapid economic growth and disposable income in emerging economies to pose growth opportunities

4.3.4.3 Increasing business complexities and globalization

4.4 Porter's Five Forces Analysis

Chapter 5. Global Market Size and Forecast

5.1 By Offering

5.1.1 Retail Sourcing and Procurement Solution Market, by Type

5.1.2 Retail Sourcing and Procurement Service Market, by Type

5.2 By Deployment Type

5.3 By Organization Size

5.4 By Region

Chapter 6. North America Market Size and Forecast

Chapter 7. Europe Market Size and Forecast

Chapter 8. APAC Market Size and Forecast

Chapter 9. RoW Market Size and Forecast

Chapter 10. Competitive Landscape

10.1 Market Share Analysis of Key Players

10.2 Competitive Benchmarking of Key Players

10.3 Recent Activities of Major Players

10.4 Strategic Developments of Key Players

10.4.1 Mergers and Acquisitions

10.4.2 Product Launches

10.4.3 Partnerships

10.4.4 Geographic Expansions

10.4.5 Other Developments

Chapter 11. Company Profiles

  • Oracle Corporation
  • Proactis Holdings PLC
  • Zycus Inc.
  • Business Overview
  • Ivalua Inc.
  • GT Nexus
  • AGGAER
  • Epicor Software Corporation
  • SAP SE
  • JDA Software Group Inc.
  • International Business Machines (IBM) Corporation

For more information about this report visit https://www.researchandmarkets.com/r/rxocwi

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Contacts

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
press@researchandmarkets.com
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900