Retail Sourcing And Procurement Market Overview 2024-2033 – Competitive Landscape and Strategies

Uday Kiran

Retail Sourcing And Procurement Market Overview 2024-2033 – Competitive Landscape and Strategies

The Retail Sourcing And Procurement by The Business Research Company provides market overview across 60+ geographies in the seven regions - Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Retail Sourcing And Procurement, The retail sourcing and procurement market size has grown rapidly in recent years. It will grow from $5 billion in 2023 to $5.71 billion in 2024 at a compound annual growth rate (CAGR) of 14.2%. The growth in the historic period can be attributed to increasing digitalization in the retail sector, rising automation in procurement and increased funding and investments for retail sourcing and procurement platforms..

The retail sourcing and procurement market size is expected to see rapid growth in the next few years. It will grow to $9.57 billion in 2028 at a compound annual growth rate (CAGR) of 13.8%. The growth in the forecast period can be attributed to the increasing use of cloud-based platforms, increasing adoption of blockchain in procurement and sourcing and growth in digital technologies such as automation, analytics and ai (artificial intelligence) . Major trends in the forecast period include focus on localization of suppliers, focus on adoption of procurement-as-a-service (paas) model, focus on deploying artificial intelligence and digitization, focus on launching new, innovative products, focus on mergers and acquisitions and focus on offering sustainable procurement software solutions..

The increasing digitalization is expected to propel the growth of the retail sourcing and procurement market going forward. Digitalization is referred to as creating a digital representation of physical attributes. Digitalization in retail sourcing and procurement helps the market by providing digital solutions. For instance, according to NASSCOM’s (National Association of Software & Services Companies) strategic review, in 2021, India's technology sector reached $194 billion estimating a 2.3% YoY increase on the back of rapid digital transformation and adoption in the country. NASSCOM has also noticed that the country’s digital talent pool exceeded 1.17 million employees in 2021, with a 32% YoY surge. Therefore, the increasing digitization is driving the growth of the retail sourcing and procurement market.

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The retail sourcing and procurement market covered in this report is segmented –

1) By Solution: Strategic Sourcing, Supplier Management, Contract Management, Procure-to-Pay, Spend Analysis

2) By Service: Implementation, Consulting, Training and Support

3) By Deployment: On-Premise, Hybrid, Cloud

4) By End-User: Small and Medium Enterprise (SME), Large Enterprise

Retail sourcing and procurement solution providers are launching new, innovative products to stay competitive in the market. For example, in September 2022, Craft, a leading provider of supplier intelligence platforms, announced the launch of three new product offerings – Craft Risk Hub, Craft N-Tier Mapping, and Craft Alerts – which provide real-time risk assessment with objective data and cutting-edge machine learning algorithms. Craft Risk Hub, for instance, offers supply chain and procurement experts contextualized insights on suppliers through data-driven benchmarking.

The retail sourcing and procurement market report table of contents includes: